Skip to main content
Personal
Goals are different
Everyone's financial goals are different. We’ve got you covered with a range of accounts for all your financial needs link to personal/accounts
Business
Goals Matter
Your business goals matter to us, no matter the size. we’re here to help you with all your financial needs.
About Us
Become a Member
It pays to be a member of the Soil Research Institute Co-operative Credit Union
Our Policy
Every member must subscribe to a minimum share capital. This amount is to build a sound capital base for the credit union and shall be determined from time to time by the Board of Directors as per the economic conditions in the country. This amount can only be withdrawn on resignation and after giving a minimum of ninety (90) days notice in writing of the member’s intention to withdraw according to article 9 of the SRICCU’s bye-laws.
Members may receive dividends on their shares at the end of the financial year.
Savings Policy:
The savings balance of any one member shall not exceed 20% of the total savings of the Union.
- Amounts exceeding the usual cash on hand of the Union can only be withdrawn after a period determined by the Board of Directors.
- Savings cannot be withdrawn if they are frozen to guarantee a loan.
- Neither can savings be withdrawn if the member’s indebtedness is greater than the member’s savings.
- Interest on savings shall be determined by the Board of Directors from time to time.
Loans Policy:
- The Union shall grant loans to its members.
- Loans shall be granted for any worthwhile purpose. Productive or provident.
- Application for loans must be in writing on the prescribed forms.
- Loans shall be granted after six (6) months of consistent savings.
- Maximum repayment for facilities is thirty six (36) months.
- No individual shall be allowed to borrow more than 20% of the total savings of the union.
- Loans shall be secured by the borrower’s own savings and guarantor’s savings
- Members shall be charged an interest on loans at competitive rates. However, the minimum interest rate to be charged shall be determined from time to time by the credit union movement.
- In case a loan is not repaid according to the terms of the loan contract, the borrower shall be liable to pay additional interest on unpaid balance.
