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Loans

Our loan products are aimed at providing our valued members with the opportunity of bringing their dreams to a reality, while keeping their pockets in mind with our competitive low interest rates.

Are you finding it difficult to meet your monthly commitments? Then come in or call our office and find out about our Debt Consolidation Facility! Yes, we can settle credit cards, loans at other financial institutions, hire purchase. Check your Credit Union today and be one step closer to your dreams.

Vehicle Loans

Vehicle LoansTATECO CREDIT UNION offers its members the opportunity to purchase new or used vehicles with up to SIX YEARS to repay. Our vehicle loan facility can be approved and funds issued in as little as 3 to 7 days dependent on the time in which the said application was made.

Members who qualify for vehicle loans are entitled to as much 3 times their existing share balance, at an interest rate of .83% per month. The maximum repayment for this loan depends on whether the car is pre-owned or brand new. Whereas, a new vehicle will require a repayment period of 60 months, a pre-owned vehicle will only be granted 48 months.

Listed below are the necessary documents, which must accompany the loan application:

New Vehicle Foreign-used Local pre-owned/Foreign-used
  • Invoice
  • Fully comprehensive Insurance quote
  • Invoice
  • Evaluation of Vehicle
  • Fully comprehensive insurance quote
  • Letter of sale (Local Pre Owned)
  • Invoice (Foreign Used)
  • Evaluation of Vehicle
  • Certified copy
  • Fully comprehensive insurance quote

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Share loans

A share loan is regarded as a loan within your Share Savings This loan carries a low interest rate of .75% per month on the reducing balance and can be obtained either by visiting the credit department, through our Phone-a-Loan Facility (PAL) or via a Member Service Representative.

A valid form of identification is all that is needed for this loan. Payment of share loans is made on the same day of the application.
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A 20% loan

A 20% loan is regarded as a loan, which once added to your total existing loan balance, does not exceed 120% of shares savings.

This loan carries a low interest of 1% per month on the reducing balance rate and can be obtained either in person, at our offices or via our Member Relations Representative. Supporting documents for the purpose of the loan, such as: Invoices, estimates, quotes, etc are required.

Normal lending criteria do apply, and disbursements are made on the same day of the application.
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A 50% loan

50% LoansA 50% loan is regarded as a loan, which once added to your total existing loan balance, does not exceed 150% of share savings.

This loan carries a low interest rate of 1% per month on the reducing balance rate and can be obtained either at our offices or via our Member relations representative.

Please provide supporting documents for the purpose of the loan, such as: Invoices, estimates, quotes, etc.

Normal lending criteria do apply, with disbursements being made on the same day of the application.
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2:1 Loans

Permanently employed members of are entitled to a 2:1 personal loan twice the value of their shares, and carries an interest rate of 1% per month on the reducing balance and is approved by the Credit Committee.

Once approved, the application will be processed for payment by Friday of the same week, if deferred or declined the applicant will be notified by the following day.

Please provide supporting documents for the purpose of the loan, such as: Invoices, estimates, quotes, etc.

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