Loan Products

Ausiken Co-op shall give loans and advances of tenure ranging from one month to 60 months or such other tenure as may be determined by the board. The amount granted to any one individual will depend on one’s savings

Normal Loan

  • Anybody who is a member can get this loan
  • Maximum is $ 15,000
  • Repayment period is 12 months
  • Interest rate will be 1% per month reducing balance

       Basic Requirements

  • You must have saved consistently for six months
  • You must have 3 guarantors
  • There will be no waiver on monthly contribution

Emergency Loan

  • Will cap these loans up to $ 7,000
  • The interest rate will be 2% per month reducing balance
  • This loan will be given at the discretion of the Directors
  • We will need a proof for the emergency

      Basic Requirements

  • You must have saved consistently for six months
  • You must have 3 guarantors
  • There will be no waiver on monthly contribution

Education loan

  • Student loans will be up to $ 15,000
  • The monthly contribution will be reduced for those on student loans from $ 200 to $ 50 per month.
  • It will be given for 12 months
  • Interest rate will be 1% per month reducing balance

       Basic requirements

  • You must have saved consistently for six months
  • The fees structure must be authenticated
  • The applicant must have guarantors to sufficiently cover the loan
  • The guarantors will not be eligible for a loan until the loan they have guaranteed is paid up to 3/4

Benevolent loans

  • You can only qualify for this loan if it a member of the nuclear family affected and your mother or Father in law
  • This loan will be capped to $ 7,000
  • It will be issued for 12 months
  • Interest rate will be 1% per month reducing balance
  • The loaned will be given one month’s grace period to pay

      Basic Requirements

  • You must have saved consistently for six months
  • You must have 3 guarantors
  • There will be no waiver on monthly contribution