TERMS & CONDITIONS FOR ALL MEMBERS
These terms and conditions hereinafter referred to as T&C shall apply to every member of Stockman Investment Cooperative in their dealings with the cooperative:
- How to Become a Member
- Anyone who shares our Values and Principles and wants to do business with us is welcome to join.
- To become a Member, you have to make a first contribution not less than N5,000 (Five thousand Naira)
- An annual subscription fee of N2,500 (Two thousand Five Hundred Naira Only) is compulsory for every member.
- Annual Fees shall be deducted directly from the account of every member.
- Membership cards
- Once you have registered as a Member, we will send you a Membership card (six months after).
- You can only have one Membership account at a time.
- The membership card proves that you’re a Member – so we may ask to see it when you do things like attend Co-op general meetings.
- Your Membership card can only be used by you, for you
- You can’t give or transfer your rights or duties as a Member to anyone else.
- If you lose it or someone steals it and uses it, we’re not responsible for any losses or damages that happen as a result.
- Membership rewards
- every member shall be eligible to apply for loans after 6months contribution
- The soft loan attracts a maximum of 5% with 6 months repayment plan(this can be reviewed).
- Commercial Loan attracts between 9% to 15% interest rates, with 12months to 18months repayment plan. See details in “Product Offering” section of our website.
- Members can borrow a maximum of twice the unencumbered contribution
- 2 guarantors, who must also be a member of the Co-op needed for loan approval
- Members would sign a direct debit form for loan approval
- Group life insurance policy for all members in case of death or permanent disability. At least 2 Years membership required to qualify for this benefit.
- Basic healthcare insurance would be available for every member. At least 2 Years membership required to qualify for this benefit.
- every member is entitled to a share of the cooperative profit for the year. , which is a function of the member’s contribution for the year
- How to receive dividend
- If you qualify for dividend, we can pay it directly into your bank account or your cooperative account, depending on your instructions.
- If you stop being a Member for any reason before receiving your dividend you won’t get it.
5. Loan policy
- KYC update on the platform
- Handwritten loan application with a passport photo attached.
- Six Months bank statement, preferably salary/income account
- Two guarantors, preferably within the Cooperative
- REMITA Direct-Debit forms must be completed & duly signed
- Purpose & usage of the loan must be provided.
- Loan approval is based on risk assessment and a debt-to-income ratio of 40% max.
- The repayment plan is monthly, the period ranges from 6 to 18months max.
- The loan repayment plan must not exceed 18Months period
- Members would continue to pay Minimum Monthly contribution with loan repayment.
- The interest/Service Charge would be deducted upfront.
- In line with risk assessment, the coop reserves the right to approve, deny or adjust loan amount requested above contribution/savings
- All loan applications must come in on or before the 14th of every month.
- In the absence of two guarantors, 55% of loan amount requested may be approved as concession
6.Termination of Membership
- You can cancel your Membership at any time by telling us.
- We can also remove or expel you from Membership as set out in our constitution.
- When you cease to be a member, all your contributions are refunded to you net all outstanding fees or debt
7. Changes to terms and conditions
- We have the right to change these terms and conditions by giving you reasonable notice – for legal, regulatory, business or policy reasons.
- If you continue to use your Membership card after any change, this will be an acceptance of these new terms and conditions.
- The constitutional rights you have as a Member are governed by our Rules and Regulations which can be amended in accordance with our governance arrangements.