Every rate, term and requirement is published here. No hidden conditions, no product you need an appointment to understand.
Within the ceiling set by your shares and savings
What you need
Business, housing, car and agriculture
What you need
When the unexpected happens
What you need
| LOAN TYPE | MAXIMUM PERIOD | KEY REQUIREMENT | HOW TO APPLY |
|---|---|---|---|
| Normal Loan | 36 Months | Six months' savings, the minimum shares and member guarantors for the full amount | Download the loan form |
| Special Loan (Business, Housing, Auto & Agriculture) | 60 Months | Unanimous Loans Committee approval; housing loans based on the property's value | Download the loan form |
| Lipo Lipo Short-Term Loan | 12 Months | Up to GH¢20,000 for funeral, compassionate and wedding needs | Download the loan form |
| Special circumstances | 84 Months | An extended repayment period, reviewed by the Board of Directors | Talk to a loan officer |
[ NORMAL LOAN CEILING ]
Your normal-loan ceiling depends on the shares you hold and your savings balance. The Loans Committee evaluates every normal loan, and the Board reviews the ceilings from time to time.
| SHARES | SAVINGS BALANCE | YOU QUALIFY FOR |
|---|---|---|
| Minimum GH¢500 | GH¢1 – GH¢2,000 | Double your savings (GH¢10,000) |
| Up to GH¢800 | GH¢2,001 – GH¢5,000 | Up to GH¢20,000 |
| GH¢800 – GH¢1,500 | GH¢5,001 – GH¢8,000 | Up to GH¢40,000 |
| GH¢1,500 – GH¢2,000 | GH¢8,001 – GH¢10,000 | Up to GH¢60,000 |
| Above GH¢2,000 | Above GH¢10,000 | Up to GH¢100,000 |
Double your savings (GH¢10,000)
Up to GH¢20,000
Up to GH¢40,000
Up to GH¢60,000
Up to GH¢100,000
A lump sum paid in to secure a loan only counts after three months with the union. A second loan needs the first repaid in full, or at least 75% of it. Members who retire from the common bond can borrow up to their total shares and savings.
[ LOAN INTEREST ]
Loans carry one of three interest rates, depending on how the loan compares with your savings. The tiers are there to encourage saving and uphold the union's co-operative culture.
Lowest rate
12%
The loan is less than your savings balance.
Moderate rate
20%
The loan is more than your savings, but no more than double.
Commercial rate
Highest
The loan is more than double your savings.
Rates as at July 2020. The Board of Directors fixes loan interest rates from time to time — ask a loan officer for today's rates.
Talk to a loan officer before you apply — they will check which product and ceiling fit your shares and savings.
[ PILLAR 01 — ACCUMULATION ]
[SV-01 SAVINGS]
Regular monthly savings from GH¢100, with a minimum balance of GH¢300. Interest is set by the Board and computed on your minimum balance each June and December.
KEY ADVANTAGES:
*SUBJECT TO GRACCU OPERATIONAL POLICY
[SV-02 CHILDREN]
An account in your child's name from birth to 17, opened with GH¢100. You may withdraw on their behalf; at 18 the account becomes theirs.
KEY ADVANTAGES:
*SUBJECT TO GRACCU OPERATIONAL POLICY
[SV-03 SHARES]
Buy at least GH¢500 in shares to become a co-owner of the union. Shares build its capital, fund its projects and earn dividends once interest on savings is paid.
KEY ADVANTAGES:
*SUBJECT TO GRACCU OPERATIONAL POLICY
[SV-04 FIXED]
Invest idle funds of GH¢5,000 or more for 91, 182 or 365 days at a fixed rate comparable to bank deposits, negotiable on larger sums.
KEY ADVANTAGES:
*SUBJECT TO GRACCU OPERATIONAL POLICY
[SV-05 GUARANTEED]
A fixed monthly contribution for at least three years, with a guaranteed amount at maturity — for retirement, starting a business or buying a house.
KEY ADVANTAGES:
*15% PENALTY ON EARLY TERMINATION
[ PILLAR 02 — CO-OPERATIVE CREDIT ]
[LN-01 NORMAL]
A loan within the ceiling set by your shares and savings — from double your savings — repaid over up to 36 months.
ELIGIBILITY BASELINE:
Six months of uninterrupted membership and savings, and at least the minimum shares
WHAT YOU'LL NEED TO APPLY:
[LN-02 SPECIAL]
For business, housing, a car or agriculture, repaid over up to 60 months. Housing loans are based on the value of the property and your ability to pay.
ELIGIBILITY BASELINE:
Six months of uninterrupted membership and savings, and at least the minimum shares
WHAT YOU'LL NEED TO APPLY:
[LN-04 EMERGENCY]
For sudden hospitalisation, the death of a close relative, a natural disaster, fire or robbery. Only one emergency loan may be outstanding in any twelve months.
ELIGIBILITY BASELINE:
A member in good standing, able to repay
WHAT YOU'LL NEED TO APPLY:
[ PILLAR 03 — PROTECTION ]
[PR-01 LOAN COVER]
CUA insurance on every loan. If a borrower dies or is permanently disabled, the insurer repays the principal to the union, and the union refunds the principal already repaid to the member or their dependants.
KEY ADVANTAGES:
*CUA LOAN PROTECTION PLAN
[PR-02 WELFARE]
GH¢500 on the death of a member, child, spouse or parent; GH¢150 on marriage; GH¢100 on a birth or hospitalisation; GH¢200 after an accident; and help after a natural disaster.
KEY ADVANTAGES:
*SUBJECT TO GRACCU OPERATIONAL POLICY
[PR-03 SECURITY]
Every loan is guaranteed by members for its full amount, and no member may guarantee a second loan while one they guaranteed remains unpaid. Board, committee members and staff may not co-sign.
KEY ADVANTAGES:
*SUBJECT TO GRACCU OPERATIONAL POLICY
[ INVEST IDLE FUNDS ]
Invest GH¢5,000 or more for 91, 182 or 365 days at a fixed rate comparable to bank deposits — and negotiable on larger sums. Take your interest when it falls due, or roll it over with your deposit.
FROM
GH¢5,000
91 · 182 · 365 DAYS
Buy GH¢700 in shares and save from GH¢100 a month. After six months you can borrow, and you share in dividends and welfare benefits as a co-owner.
