A member is eligible for a loan once they have met the requirement. Members may borrow up to 10 times their Shares depending on the loan types. Interest rates on loans are very competitive and vary according to the share ratio. All interest rates are calculated monthly on the reducing balance. Once you are borrowing more than you have saved, collateral (security) may be required for the loan.  

Motor Vehicle Loans

Loan ceiling $1,500,000.00; maximum repayment period 84 months ( depending on age and condition of vehicle); interest rate not less than 1.5% or more than 2% monthly on the reducing balance (depending on the age of the vehicle and will be determined by the Board of Directors from time to time); 

  • Purchase age of vehicle 1-10 years 
  • Vehicle must be comprehensively insured for the life of the loan
  • Vehicle must be used as security for the loan
  • Loan will be granted to cover 80% of purchase price or market value (whichever is less)
  • Member must be in good standing with the Credit Union, that is
    • not delinquent
    • saving continuously for at least 6 months 
  • Member must have 10 % of loan required or at least $50,000.00 saved in shares (whichever is greater) in order to qualify
  • A Valuation Report done by a certified Valuator must accompany application
  • Member must also produce last 3 pay advices/certified proof of income. Amount of loan accessed will be dependent on member’s ability to repay
  • Lump sum placed on shares will attract a service charge, or member will have to wait 3 months to qualify; this is not a add-on loan
  • A service charge 2% of the loan amount will be charged for processing
  • Cheque will be drawn to the vendor; Other conditions may apply.
  Funding for this web site was provided by the Private Sector Development Programme (PSDP), a joint initiative of the Government of Jamaica and the European Union. The views expressed on this web site are those of the Correctional Services Co-operative Credit Union and do not necessarily reflect those of the PSDP  
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