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Terms & Conditions

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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:

  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.
  1. 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.
  1. 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
  1. 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.

     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.