Terms & Conditions

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:

1. 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.

2. 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.

3. 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

4. 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.

    8.Your rights

• 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.