Terms Of Loans
Loans may be short or medium term.
Short Term loans are 6 months and below, while
Medium term loans are from 7 months to 12 months duration.
Note: For Loans listed and explained in our wesite, the purpose for which the Loan is to be given, shall determine the duration of the Loan. Two or more acceptable sureties must be provided who must be members of the SunRise Coop whose Savings with the Cooperative can cover the loan amount.
This is a short term loan with low interest rate extended to self employed individuals and new startups who are members of the Cooperative. Micro Loan may be up to three times your total Savings. To qualify for this loan, you must register as a member of SunRise Coop and make saving for at least 5 months before applying for the loan, unless or otherwise guaranteed by other members.
This is a Loan facility for members who are businessmen/women to enable them grow and expand their businesses. To qualify for this loan, you must register as a member of Sunrise Coop and make saving for at least 5 months before applying for the loan, unless or otherwise guaranteed by other members. Business Loan may be up to three times your total Savings.
This loan is specifically for Farmers. The farmers maybe involved in crops or livestock farming. To qualify for this Loan, the applicant must have training and experience in farming and must have an existing farm. Agric Loan maybe three times your total Savings or guaranteed amount.
This is loan for members for personal purposes. This service is specifically provided for members who are salary Earners who must be a member of the cooperative. Personal Loan can be up to three times your total Savings or the guaranteed amount.
The SunRise Thrift Savings is on Weekly and Monthly Basis. The choice of either monthly savings or weekly savings is to be made by each member. Members are entitled to an interest of 8% per annum on the Thrift.
Thrift Saving is arranged under the Rank of membership savings
This is a savings package for those who have future educational plans in which his/her savings will be spread monthly within a period of 5 -10years to meet up with the expected cost.
Savings under this package will be spread in 5yrs before retirement in order to have sufficient funds to establish your business of choice after retirement. Interest rate shall be placed at 5% annually.
This package permits couples to save 8 months before the day of the marriage ceremony. The Sunrise Coop shall pay 10% interest to the couple on the due date of withdrawal.
This package has two categories which are:
1. RENT PLAN
This category is a savings made monthly or weekly within a period of 12months prior to your next date of rent payment. Interest rate offered shall be placed at 10%.
2. BUILDING PLAN
This is a savings of 12 months before the construction of your property takes off. Sunrise Coop shall offer an Interest rate, placed at 10%.
This is a savings that requires a post dated cheque within a year after 50% deposit of the total sum has been deposited with the Sunrise Coop. 10% shall be place upon total price of Vehicle. It’s advisable that members interested in this package must have plans for commercial vehicles as additional source of income.
SunRise Coop has various investment packages which avail members/investors the opportunity to take advantage of the investment packages and earn 20% interest on their investment per annum.
Investment fund is from N250, 000 per member/investor .Minimum tenor is 6 months with 60 days notice of withdrawal, and 90 days for full withdrawal. Interest, Dividend or Profit may be withdrawn or re-invested to maximize Investment Value.
Our Investment Programme includes:
- Poultry Value Chain
- Fish Value Chain
- Fish and Vegetables Value Chain
- Crops Value Chain
- Rice Value Chain
- Piggery Value Chain
- Distribution Value Chain
- Network Marketing
- House Decoration (Interior and Exterior) Value Chain
- Project Management Services
- Warehousing and Transportation