LOANS

CONDITIONS:

Have insurance coverage for the building and the policy assigned to GBCCU Ltd.
Loan installments to include Insurance Premium
Disbursement will be made only after a progress report by a qualified valuator approved by the Society is received and evaluated.
All the fees and expenses in connection with the said loan will be paid by the borrower.

REQUIREMENTS:

Proof of ownership of land (Certificate of Title)
Valuation of Property
Approved plan from Housing Division
5% of the loan amount on savings
Minimum of twelve (12) shares ($600.00)
Two (2) recent salary slips/Income Statements
Proof of employment
Detailed estimates – bills of quantity
Credit reports from other Financial institutions
Copy of Construction Contract
Building Insurance (can be added to the loan)

Building or buying a home is the dream of many people. It is also the largest investment you may ever make in your lifetime.

The Grand Bay Co-operative Credit Union is committed to turning your dream into a reality.

Apply Now >

MORTGAGE &

MORTGAGE BUNDLE

MORTGAGE

FEATURES:

6.5% interest rate per annum charged on the reducing balance of the mortgage
Borrow up to $500,000
Repayment period up to 30 years

FEATURES:

7% interest rate per annum charged on the reducing balance of the loan for new vehicles
9% interest rate per annum charged on the reducing balance of the loan for used vehicles
Repayment period is 3-9 years

REQUIREMENTS:

Income Statement/Salary slip
Proof of employment (job letter)
Two (2) forms of valid government-issued identification
20% of the loan amount on savings
Bill of Sale on vehilcle if model is 10 yrs or less
Certificate of Title if model is older than 10 yrs
Credit Reports from other financial institutions
Letter of intent to sell from owner of vehicle and proof of ownership of vehicle
Purchase invoice/quote for vehicle if being ordered or purchased from a local company
Details of customs clearance duties if vehicle is being ordered
Valuation of property if using Certificate of Title
Mechanical Report of vehicle
Verify whether any outstanding license fee is due on the vehicle if being purchased from an individual

VEHICLE LOAN

Have you seen the car you want but don't think you can afford it? Are you tired of standing hopelessly at the bus stop waiting to get to your destination? Need to repair your vehicle after an accident? With our vehicle loan, we can help you get the vehicle that you need to regain your independence. Let us help you repair your vehicle to get you back on your wheels.

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CONDITIONS:

The vehicle must be insured with full comprehensive coverage
The Insurance Policy must be assigned to GBCCU Ltd.

Debt Consolidation

At GBCCU, our debt consolidation loan can help you to combine all your loan facilities into one. Lessen the sum of your monthly salary deductions, Apply Today!

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Quickie Loan

Need a quick loan for emergencies? Our Quickie Loan can allow you to meet your financial needs in a flash. Contact us to learn more or Apply Today!

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Single Payment

This loan is payable three (3) month after it was issued to the member. The maximum amount that can be disbursed is two thousand dollars ($2000.00). Apply Today!

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Open-Ended Loan

Members of the GBCCU can receive this special type of loan, in an amount of up to $5,000 which can be extended at any time once regular payments are made. Need more information? Contact us today.

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Home Repair & Improvement Loan

Running low on funds, but need to Improve your home and furniture? At GBCCU, we offer a special loan facility for home repair and improvement. Call us for more information and begin your application process today.

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Share Cover Loan

A Share Cover Loan can be obtained by a member whose loan requirement amount is within his /her savings. With the Share Cover Loan you do not have to tap into your hard earned savings to buy the things you need. Use your savings to secure your loan.

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Not a Member Yet? Apply Today >

We also offer the following loan facilities:

Mortgage Bundle Loans
Home Repair & Improvement Loan
Debt Consolidation
Quickie Loan
Single Payment Loan
Open-Ended Loan
Secured Loans
Savings Covered Loan
Comfort Loans
Character/Unsecured Loans

Learn More

FEATURES:

Borrow up to $50,000
7% fixed interest rate charged on the reducing balance of the loan.
Up to ten(10) years repayment period.

PRASH LOAN

The PRASH Loan is offered to fund projects or purchases (local or imported) that support resilient and sustainable lifestyles and ventures of our existing and new members. This loan targets members of “green” eco-friendly and resilient products/methods providing low cost and easy financing, which will benefit our members through reduced utilities and other normal expenses.

These projects and purchases include but is not limited to;

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REQUIREMENTS FOR NEW MEMBERS:

Proof of employment (Job letter)
Two forms of valid government-issued identification
Two (2) salary slips
Credit reports
Invoice or contract
20% of loan amount on savings account

REQUIREMENTS FOR EXISTING MEMBERS:

Proof of employment (Job letter)
Two forms of valid government-issued identification
Two (2) salary slips
Invoice or contract
20% of loan amount on savings account

CONDITIONS:

The loan will be done only on the condition of SALARY DEDUCTION payments.

REQUIREMENTS:

Recent Valuation of Property
Two (2) recent salary slips/Income Statements
Proof of employment
Two forms of valid government issued identification
10% of loan amount on savings
Credit reports from other Financial Institution
Copy of existing Certificate of Title for the property
Letter of intent to sell from owner of property and proof of ownership of property
Letter from lawyer stating transfer, legal and caveat fees

FEATURES:

9% interest rate per annum charged on the reducing balance of the loan
Repayment period up to 15 years

Ready to build your dream home but don't have the land yet? Have you seen the ideal piece of land to fulfill your wishes but just can't afford it? At GBCCU, we offer land purchase loans to help you achieve your dreams. Also ask about our Mortgage Bundle if you need a financial jump to build your dream home.