A member will be entitled to a loan from the Credit Union after six (6) months fully paid shares are made and must have two guarantors, who are in good standing. Guarantors must be members of the Police Credit Union.
Interest of one percent (1%) is charged on the monthly reducing balance of a loan. To obtain a loan, application must be made on a loan form and two (2) persons who are members of the credit union must sign as guarantors.
Loans are approved for a variety of purposes:-
A member can borrow a loan equivalent to three (3) times his/her unencumbered shares not exceeding one million dollars ($1,000,000.00).
All first loans must be paid off or ¾ of the encumbered loan must be paid off before members can access any loan.
Guarantor loans must be guaranteed by two guarantors who must be in good standing with the Credit Union and who must sign the Loan Application Form and the Loan Bond at the appropriate places.
Guarantors must be members of the Guyana Police Co-operative Credit Union, in good standings with the requisite unencumbered saving to qualify.
A member is eligible to receive a character loan without the member having to provide guarantor, where the amount required on their loan form is less than his/her shares.
The Committee of Management may delegate authority to the manager to approve emergency loans for the purpose such as funeral expenses and medical expenses.
The present membership of the Guyana Police Co-operative Credit Union is Two thousand eight hundred and ninety eight (2,898) members
Why all ranks should become a member of the Guyana Police Co-operative Credit Union Limited Reg.1066.
