Terms & Conditions
SMEAZ Savings And Credit Cooperative Society
Savings Products | |
|---|---|
Monthly Savings deposits | 24% interest per annum |
Fixed Deposits | |
3 to 6 months | 12% per annum |
6 to 12 months | 18% per annum |
Over 12 months | 24% per annum |
Call/Transaction deposits | 0% interest |
Callable Savings deposits | 6% interest on minimum amount |
IMPORTANT
Please note that interest rates are subject to change, but fixed deposits will retain the agreed interest rate until maturity. Rates for fixed deposits over $5 000 will be agreed upon individually. Long term savings accounts (Monthly contributions) will be treated as Fixed Deposit accounts.
Savings products’ interest rates will be aligned to the indicative rates indicated under Fixed Deposits.
Loan Products | |
|---|---|
Personal Loans (0 to 12 months) | |
Establishment fee: | 5% |
Monthly interest | 5% |
Guarantee Fee* | 5% |
Penalty interest | 7.5% |
Business Loans (0 to 12 months) | |
Establishment fee | 5% |
Monthly interest | 5% |
Guarantee Fee* | 5% |
Penalty interest | 7.5% |
Long Term Loans (Plant & Machinery, Motor Vehicle, Housing) | |
Establishment fee: | 5% |
Monthly interest | 6% |
Guarantee Fee* | 5% |
Penalty interest | 8% |
IMPORTANT
*Guarantee fee applies only where collateral does not meet the requirements for the particular funding.
Interest rates are subject to change in line with changing market conditions. One month’s notice will be given for any change to existing interest rates. Specific details for each loan will be agreed upon at the time of completion of loan processing and drawdown
