This is a loan secured by shares and character 😊 in accordance with our loan policy and normal lending criteria policies. Normal lending criteria apply, and therefore the member must be in good standing with the Society 🏦 with respect to their current obligations to the Credit Union.
🌟 This loan is ideal for those members who wish to borrow, but currently do not have sufficient available* shares to allow them to borrow enough to meet their needs.
📊 Available Shares or "Unencumbered Shares" 😇 refers to the shares that you have that are not already being used as collateral for an existing loan.
✅ Maximum Loan Amount: 💲45,000 ✅ Maximum Loans to Share is 2:1 – the total value of Loans owed to the Credit Union must be less than or equal to 2 times the value of the member's shares after the loan is disbursed. ✅ Each member is mandated to contribute at least one-third of the total amount to shares. 💰
If you borrow 💲45,000 and have 💲5,000 in Shares available, then the loan would be disbursed as follows:
💲17,500 to Shares and 💲27,500 for your use.
The Loan of 💲45,000 is secured by your existing 💲5,000 in shares plus the additional 💲17,500 from the Loan proceeds = 💲22,500 Shares + Character 😊
Character is built with the Society based on your good payment history of previous loans 📜, and/or your savings activity. Your willingness to set up a Salary Deduction will be considered a positive factor. 👍
And have less than 💲5,000 in available shares (e.g., 💲2,000 in available shares) then the loan would be disbursed as follows:
💲20,500 to Shares and 💲24,500 for your use.
The Loan of 💲45,000 is secured by your existing 💲2,000 in shares plus the additional 💲20,500 from the Loan proceeds = 💲22,500 Shares + "Character" 😊
📈 Interest Rate: 1% Monthly on Reducing Balance. The 1-2-3 Loan would be added to your existing Personal/Mortgage loans –and these loans would be re-calculated/ rescheduled into one monthly payment.
REQUIREMENTS 📄 Documents
• Two (2) forms of valid ID
• Utility Bill not older than 3 months (N.B if the utility bill is not on the applicant's name, written consent and valid identification are required from the bill owner to use the bill)
• Proof of loan purpose (based on the purpose of the loan) e.g., Invoices, quotations, estimates, itinerary etc.
• Pay slip – not older than 1 month & Job Letter - not older than 3 months. Job letter
• For Self-employed members o Evidence of Income/Expenditure (Self Employed) o Bank Statements – 12 – 18 months (Self Employed)
For Further Details: 📞 Call: 624-1244 📧 Email: loans@textelcu.com 📩
Complete the following forms below and either sign, scan and email to loans @textelcu.com or drop them off at our office at #85 Henry Street Port of Spain.
Loan Form
Credit Bureau Authorization
Please also include:- TWO FORMS OF VALID PHOTO ID
- INVOICE, RECEIPT OR ESTIMATE (WITH COMPANY STAMP) to show funds allocation.
- MOST RECENT PAYSLIP/ PENSION SLIP/LETTER
- MOST RECENT UTILITY BILL (LESS THAN 3 MONTHS)
FESTIVE 1-2-3 Loan Calculator
Results:
New Loan Total$:
Total Shares Needed to Secure Loan:$
Additional Shares Needed to Secure Festive 1-2-3:$
Cash in Hand Available from Festive 1-2-3:$
Monthly Installment:$
Total Interest to be Paid:$
