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SPECIAL BENEFITS FOR ALL MEMBERS AS GUARANTEED BY OUR CONSTITUTION


Group life insurance policy for all members in case of death or permanent disability

The sum insured for the life cover per member would range from N250,000 to N1million - A function of size of contribution per member

Basic healthcare insurance would be available for every member

You must be a consistent paid member for 2yrs

At least 2 Years membership required to qualify for all the special benefits listed above.

Offerings and Products


Monthly Cooperative Contribution


Features

  • Compulsory monthly savings of at least N5,000 per month. No upper limit.
  • Members are advised to leave if they fail to make any contribution in 6-straight months  
  • Total contribution for the year ranks for dividend (or surplus) sharing by year end
  • Loan to members is a function of how much contribution each member has made.

Loans to Members


Features: 

  • Cooperative members can access loans after making six (6) months contributions 
  • Loan amount is not capped but disbursement is subject to recommendations from Risk Management Unit.
  • Loan amount is maximum of 2times the amount the member has contributed
  • Loans attract single interest rate of ≤ 9% per annum for 12-month repayment period
  • Loans attracts interest rate of ≤ 15% per annum for 18-month repayment period
  • Members to provide 2 guarantors for loans to be disbursed
  • Guarantors must be members of the cooperative

Soft Loans


Features: 

  • Soft loans are to assist members to meet unplanned, small amount expenses/contingencies
  • Soft Loan amount is capped at N70,000 per member
  • Soft loans attract interest at ≤ 5% per annum
  • Maximum repayment period is 6months

Target Savings


Features

  • Members can make committed savings for future reasons or purpose 
  • Target savings is for a maximum of 12months; with roll overs
  • No withdrawal is allowed from target savings except by way of soft loans (see 3 above)
  • Target savings of 3-to-5yrs without withdrawals may attract additional special dividend

Household Item Financing


Features: 

  • Stockman cooperative finances household items for its members
  • Electronics, laptops, phones, food stuffs, furniture & fittings come under this product line
  • Household items financing attracts interest rates to be determined by prevailing market rates
  • The amount is repayable within 12months
  • Amount of item is capped at a maximum of N100,000 only

Assets Financing


Features: 

  • Stockman cooperative finances purchase of assets for its members
  • Cars, luxury household items, etc 
  • Assets amount is from N100,000 and above
  • Assets finance attracts interest charges. This  to be determined by prevailing market rates
  • Maximum repayment period is 24 months

Land Sales


Features: 

  • Stockman cooperative plans to acquire acres of land for its proposed Stockman Estate within Lagos suburb  
  • This Land can be purchased by members only with long-term repayment plan 
  • Payment plan would be within 36-month period
  • Members can make savings specifically for land acquisition