Savings-based loan
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Savings-based loan
A loan tied to your savings with the cooperative, applied for and signed entirely online.
- Members can borrow up to 3 times their total savings with the cooperative (monthly savings plus any term deposits). For example, if your savings total M1,000 you can borrow up to M3,000.
- Repayment is flexible: choose a repayment period of up to 36 months that suits you.
- Loans are applied for online by signing in to your member account. No paperwork is required, so you can apply from anywhere at any time.
- Once your loan is approved and you have signed the online loan contract in time, the funds are paid out to your bank account.
Loan terms at a glance
These figures are read live from the cooperative’s current loan settings.
- Interest
- 5% per month on the outstanding balance
- How much you can borrow
- Up to 3× your total savings
- Repayment period
- Up to 36 months
- Monthly fees
- Service fee M20 + bank charge M16.25
- Loan insurance
- 1.36% of the loan amount plus M110 flat, charged once
- Signing your contract
- Sign within 30 days of approval
Ready to start saving with PSCCS?
Contact the office to join, or sign in if you are already a member.