Personal/Character Loans
Loans are available to eligible members of the Society. A Personal/Character Loan can be given for any purpose and is based primarily on the character and integrity of the Member. The Member’s Shares are usually used as collateral. Maximum Loan limits will be established by the Board of Directors from time to time.
The Deposit Account
Personal/Character Loan Requirements:
- Applicant must be a member of the Society for one (1) month for Personal Loans and three (3) months for Character Loans
- Security/Collateral – unpledged Shares, Deposits, Special Shares, Co-maker
- Interest on Personal/Character Loans – 1% on the reducing balance
- Maximum repayment period – four (4) years
- Ability to repay
Personal/Character Loan Criteria:
- A valid form of Identification (National Identification Card, Driver’s Permit or Passport)
- Recent Utility Bill – no older than 3 months
- Evidence of income – Pay slip as per last paid OR recent Job Letter (addressed to Antilles Employees’ Credit Union and dated not older than 1 month)
- Supporting documentation specific to the purpose of the loan may be required to complete the application
Vehicle Loans
A Vehicle Loan is a loan used to purchase a new, locally-used or foreign-used vehicle and equipment, inclusive of insurance.
- Applicant must be a member for six (6) months
- 10% of the required amount in un-pledged Shares
- Interest on Vehicle Loans – 0.75% on the reducing balance monthly
- Maximum repayment period – six (6) years
- Ability to repay
- Vehicle must be licensed and insured in the Owner’s name with the Credit Union as part of the Mortgage Agreement.
- Legal fees are to be paid by the Member
- Legal Advisors to Antilles Employees’ Credit Union: Daltons Attorneys-at-Law
- A Mortgage Bill of Sale will be held for all mortgaged vehicles.
- Two (2) valid forms of Identification (National Identification Card, Driver’s Permit or Passport)
- Recent Utility Bill showing current address – no older than 3 months
- Evidence of income – Pay slip as per last paid AND recent Job Letter (addressed to Antilles Employees’ Credit Union and dated not older than 1 month)
- Valid Invoice/Quotation for vehicle, which should include chassis number, engine number, make, model, colour
- Fully Comprehensive Insurance Quotation
- Member’s BIR Number Advice
- Two (2) valid forms of Identification (National Identification Card, Driver’s Permit or Passport)
- Recent Utility Bill showing current address – no older than 3 months
- Evidence of income – Pay slip as per last paid AND recent Job Letter (addressed to Antilles Employees’ Credit Union and dated not older than 1 month)
- Sale Agreement Letter
- Valuation Report from RICS certified valuator
- Certified Copy from owner/Licensing Authority indicating ownership
- Fully Comprehensive Insurance Quotation
- Member’s BIR Number Advice
Home Mortgage Loans
Mortgage Loans are granted for the following purposes:
- Construction & repairs
- Purchase of Land
- Purchase of Property (house & land)
Home Mortgage Loan Criteria:
- Applicant must be a member for six (6) months
- 10% of the required amount in un-pledged shares
- Interest on Home Mortgage Loans – .75% on the reducing balance monthly
- Maximum repayment period – twenty (20) years
- Legal fees are to be paid by the Member
- Legal Advisors to Antilles Employees’ Credit Union: Daltons Attorneys-at-Law
- A Mortgage Bill of Sale will be held for all mortgaged properties.
- Maximum repayment period – twenty (20) years.
Home Mortgage Required Documents:
- Two (2) valid forms of Identification (National Identification Card, Driver’s Permit or Passport)
- Recent Utility Bill showing current address – No older than 3 months
- Evidence of income – Pay slip as per last paid AND recent Job Letter (addressed to Antilles Employees’ Credit Union and dated not older than 1 month)
- Copies of Land Titles (Freehold or Leasehold)
- Current WASA receipt and WASA Clearance certificate
- Sale Agreement Letter (where applicable)
- Member’s BIR Number Advice
- Up-to-date Land and Building Tax receipt (2009)
- Comprehensive Estimates from builder/contractor
- Comprehensive Home & Fire Insurance Quotation (to be maintained during the duration of the loan) – offered by CUNA Caribbean Advance Protector
- Valuation Report from RICS certified valuator
All Mortgage Loans are subject to approval by the Credit Committee AND the Commissioner for Co-operatives.
