University of Guyana Cooperative Credit Union Limited (UGCCUL) Recently launched its Online Service
The University of Guyana Cooperative Credit Union Limited (UGCCUL) has recently launched its ONLINE SERVICE, guidelines to access are as follows:
1. Application Forms can be accessed online through HRMIS or UG’s website a.) Print form, fill out completely, scan and email to firstname.lastname@example.org, the completed form must clearly state how you intend to receive your funds (MMG or Bank). Once completed, place the original form along with any supporting documents in the drop box at UG’s Security Lodge, Turkeyen Campus, Greater Georgetown. The deadline for submission of forms is every Tues- day at 14:30 h.
2. Payment of processing and expeditious fees will be deducted from your special savings, if no special savings exist then your ordinary shares will be used. There is NO PROCESSING FEE for withdrawal from your special savings. Payment to members will only be made upon receipt of the completed original form and any supporting documents. Incomplete forms will not be processed.
3. Processing times for Regular and Special loans – is approximately two (2) weeks and withdrawal of special sav- ings is the Friday of the same week.
Loans are currently being offered in the following categories, Education, Computer, Vacation & Refinance Loans, at a maximum total of $500,000 each. Criteria to access a loan are as following 1. Persons must provide a recent pay slip and at least $200,000 in ordinary shares. 2.) For Special and Regular loans - a recent pay slip and sufficient ordinary shares must be provided by Guarantors and borrowing members to cover the value of the loan requested.
Types of loans available:
Special Savings – special savings can be accessed for emergency or planned purposes, it is relatively easy to access your savings for emergency or planned purposes. Contribute monthly to the savings through salary deductions. With- draw cash from available balances through “the savings withdrawal slip”.
Refinancing -this product offers members who have debts at retail stores (Courts and Singers) and other financial insti- tutions the opportunity to transfer those debts to the credit union in order to reduce the interest costs. This can also be used to facilitate land and home ownership and repairs and renovation to member’s property. Maximum repayment for this period is thirty-six (36) months.
Regular Loan- These loans are for productive and providential purposes. Currently, each full member is entitled to loans three (3) times the amount of their ordinary shares balance to the maximum of five hundred thousand dollars ($500,000). Other members (two (2) persons) must guarantee this loan. The total ordinary shares of the borrowing member AND guarantors must be sufficient to cover the loan requested. The repayment period depends on the value of loan requested. The maximum repayment period is thirty-six (36) months.
Special Loan (School Supplies) - The purpose is to alleviate the cost of school uniform and supplies. Loans are given in multiples of five thousand dollars ($5,000) with maximum loan being sixty thousand dollars ($60,000) repayable in six (6) monthly installments from September to February. Loans can be accessed and received in July and August.
Education Loan - The purpose is to alleviate the financial burden of further educational studies for members. Invoices must be obtained from the tuition/educational providers. Cheques will be made out to the tuition/educational providers. Members repay the loan based on the current loan policy. Maximum repayment period is thirty-six (36) months.
Special Loan (Christmas) - The purpose is to defray expenses during the festive season - extravagant spending is not encouraged. These loans are given in multiples of five thousand dollars ($5,000), with maximum loan being sixty thou- sand dollars ($60,000) repayable in six (6) monthly installments from March to August. Loans can be accessed and re- ceived in November and December.
Vacation Loan- The purpose is to defray the cost of planned vacation. The amount of loan can be based on estimated costs before the vacation is taken or actual cost if the vacation had occurred already. The maximum repayment period is usually twelve (12) months. A longer period is permitted depending on the circumstances. Once loans are issued based on the estimated costs a statement of actual cost to justify the loans is expected within one (1) month of conclusion of the vacation. Only cost of travel, hotel stay, meals and directly related vacation costs are allowed/permitted. Ability to repay must be exhibited by borrowing members.
Computer Equipment Loan- The purpose is to alleviate the cost of purchase of computer related equipment for educa- tional or professional use by members. Invoices must be obtained from the product providers. Cheques will be made out to the product providers. The members repay the loan based on the current loan policy. Maximum repayment period is thirty-six (36) months.
ALL FULL MEMBERS of the UGCCUL are entitled to apply for any of the financial products offered. 1.) To become a full member, one must have made at least six (6) monthly contributions in accordance with credit union’s regu- lations. 2) Recent pay slips are requested to facilitate the determination of members’ ability to repay. In addition to monthly deductions through your salary, repayment of loans can be made over-the-counter. Official receipts must be ob- tained for all over-the-counter transactions. Contribution to an ordinary share is compulsory. The recommended mini- mum monthly contribution is one thousand dollars ($1,000).
PROCESSING FEE FOR ALL LOANS IS $500. Additionally, there is an expeditious fee of $1,500.
For additional information and/or clarification, please make contact with (UGCCUL) on telephone number: 624-3550.
Public Relations Division, July 6, 2020
- The University of Guyana