Purpose of Loan

To purchase vehicles for Public transport operators (Taxi Drivers, Bus Operators) and Operators of other commercial vehicles ( Goods Truck, Refrigerated Trucks)

  1. Borrow up to $2,500,000.00 
  2. Financing available for Vehicles up to 8 years old
  3. Up to 5 years to repay
  4. Minimum Share Requirement 15%
  5. Weekly and Monthly payments allowed
  6. Builds savings while loan is being repaid.

 

 

Documentation Required

  • Income Verification Documents Required:
    • If Employed : Last three months payslips & Job Letter

Or

  • If the income from the commercial activity will be source of repayment:
  • Profit & Loss statement for the last twelve months and one (1) year cash flow projections to be prepared by a qualified accountant
  • Evidence of having at least one (1) year experience in operating the commercial activity.
  • Motor Vehicle Documents Required:
    • Copies of Fitness, Registration & Title
    • C87 Form (If Just Imported)
    • Pro-Forma Invoice
    • Proof of ownership from registered owner
    • Valuation Report
    • Insurance Quotation

Disclaimer: The terms and conditions of the products are subject to change from time to time. Please confirm the current terms and conditions with a Member Service Representative.

The Small Business Loan was established by the Manchester Credit Union to foster and support the spirit of entrepreneurship among its members.

  1. 10% Share Requirement
  2. Up to 18 months to repay
  3. Flexible Repayment Cycle ( weekly, fortnightly or monthly)
  4. Affordable interest rates
  5. Maximum loan amount per member  $100,000.00  
  6. Purpose: Any business related activities
  7. Up to three (3) members may be granted separate loans towards the same project

Conditions apply

Requirements For All Loan Application

-Job Letter
-Last three (3) month’s payslips
-Financial Statements (self-employed individuals)
-Verification of purpose
-Id (Passport, Driver’s Licence or National ID)
-Taxpayer’s Registration Number (TRN)
-Credit Union passbook

You may need one or more of the following depending on the type of loan being applied for

-Valuation Report
-Motor Vehicle Title, Fitness & Registration/ C87
-Quotation of Comprehensive Insurance
-Registered Title
-Surveyor’s Id Report
-Certificate of Payment of Taxes
-Character Reference
-Credit Reference
-Guarantor(s)

Disclaimer: The terms and conditions of the products are subject to change from time to time. Please confirm the current terms and conditions with a Member Service Representative.

Now you can have ongoing access to credit in a timely, hassle free and affordable way. With the Moni-Tree Line of Credit you gain easy access to credit without the need to make multiple applications.

This is how it works!!

  1. Pledge your available funds as collateral for the loan

OR

  1. Access ‘Equity’ from your  Motor Vehicle or Real Estate
  2. A Credit Limit will be established for you
  3. Based on your Credit Limit, you will be placed in one of the following categories:

 Gold Members

Credit Limit: Up to 4 times the amount pledged within an excess limit of $200,000.00

Silver Members

Credit Limit: Up to 1 ½ times the amount pledged within an excess limit of $50,000.00 

Bronze Members:

Credit Limit: Up to 95% of the amount pledged

  1. As a Silver or Bronze member you can graduate up to a higher category once all the requirements are met
  2. Once your loan is approved, you can access the funds using your Access Plus ATM Card or by making a withdrawal at any of our branches.
  3. Repay your loan by making regular monthly payments as determined in the terms and conditions of the loan.
  4. Enjoy continuous access to funds that fall within your credit limit.      

Conditions apply

Disclaimer: The terms and conditions of the products are subject to change from time to time. Please confirm the current terms and conditions with a Member Service Representative.

 

  1. Loan available for purchase of vehicles up to 10 years old
  2. Repayment term of up to 8 years
  3. Competitive loan rates
  4. Motor Vehicle insurance coverage available.
  5. Free Life Savings & Loan Protection Insurance*
  6. Loan Protection insurance up to 1,200,000.00*

*Conditions apply

 

Motor Vehicle Checklist

Please provide the following:

- Proof of Income: - Payslips/check stubs/job letter OR - Financial statement (for self-employed)
- If the vehicle is imported, take in a copy of the C-87 form and Certificate of Fitness from car dealer.
- If the vehicle is registered to an individual or company, car dealer must provide copies of purchase receipt, Vehicle Title, Certificate of Fitness and Registration.
- Take in a valuation report, which should not be older than six (6) months, from a valuator approved by the Credit Union e.g. MSC McKay, Trans Jamaica Loss Adjusters, or Automet (subject to change).
- Letter from insurance company stating the cost of comprehensive insurance for one year and their willingness to note the Credit Union’s interest in the vehicle.
- Upon approval of the Loan, proof of insurance, by way of the cover note and receipt, in an amount adequate to cover the value of the vehicle.
- Open a Premium Builder Account at the Credit Union to cover annual insurance premiums (optional)
- Your TRN

NB- To apply for the loan one MUST be a member of the Credit Union

Disclaimer: The terms and conditions of the products are subject to change from time to time. Please confirm the current terms and conditions with a Member Service Representative.

  1. Purposes include: to purchase a home on the open market, to build on own land, to improve an existing home or to acquire land.
  2. Only 5% share requirement.
  3. Loan amounts up to $15,000,000.
  4. Repayment term: Up to 20 years
  5. Competitive loan rates on the reducing balance
  6. Free Life Savings & Loan Protection Insurance.

Conditions Apply

Requirements For All Loan Application

-Job Letter
-Last three (3) month’s payslips
-Financial Statements (self-employed individuals)
-Verification of purpose
-Id (Passport, Driver’s Licence or National ID)
-Taxpayer’s Registration Number (TRN)
-Credit Union passbook

You may need one or more of the following depending on the type of loan being applied for

-Valuation Report
-Motor Vehicle Title, Fitness & Registration/ C87
-Quotation of Comprehensive Insurance
-Registered Title
-Surveyor’s Id Report
-Certificate of Payment of Taxes
-Character Reference
-Credit Reference
-Guarantor(s)

Disclaimer: The terms and conditions of the products are subject to change from time to time. Please confirm the current terms and conditions with a Member Service Representative.