NEFCCU LOANS
NEFCCU offers a variety of loan products tailored to meet the diverse needs of its members. Whether you’re looking to finance a car, house, education, or personal needs, NEFCCU has a solution for you. Follow these steps to apply for a loan:
Explore our Loan Options
Personal Loans
We offer personal loans to our members for personal benefits either than investing into a business.
Housing Loan
This is a loan taken by an individual member or a group for the acquisition of land, renovation of an existing building, acquisition of a personal house and constructing of a personal building .
- Active NEFCCU membership with a regular income.
- Required documents: Valid ID and passport-sized photo.
- Minimum shareholding requirement.
- Loan tenure: Up to 3 years.
- Attach purchase & sale agreement and invoice.
- Guarantor (Must be a member)
Educational Loan
This loan finances education-related expenses, including tuition, hostel fees, and study materials. Education loans that are adequately supported shall enjoy a 40% discount on the prevailing interest rate on loan.
- Active NEFCCU membership with a regular income.
- Required documents: Valid ID and passport-sized photo.
- Sufficient proof of school fees /prospectus
- Loan tenure shall not exceed two years
- Guarantor(must be a member)
Auto Loan
This is a loan taken by an individual member for the acquisition of a personal vehicle .
- Active NEFCCU membership with a regular income.
- Required documents: Valid ID and passport-sized photo.
- Minimum shareholding requirement.
- Loan tenure: Up to 3 years.
- Attach purchase & sale agreement and invoice.
- Guarantor (Must be a member)
Welfare Loan
The Welfare Loan at NEFCCU offers short-term financial support for essential life events such as accommodation, medical emergencies, marriage, or funerals.
- Active NEFCCU membership with a regular income.
- Required documents: Valid ID and passport-sized photo.
- Minimum shareholding requirement.
- Loan tenure: Up to 3 years.
- Sufficient proof to confirm the upcoming activity within a month.
- Guarantor (Must be a member)
business loans
We have business loans to support the financial needs of its members’ businesses. Whether you’re looking to expand your operations, purchase inventory, or invest in new equipment, NEFCCU provides flexible loan options to help you achieve your business goals.
Working Capital Loan
This is a loan taken by an individual member to start or expand his/her business.
- Active NEFCCU membership with a regular income.
- Required documents: Valid ID and passport-sized photo.
- Minimum shareholding requirement.
- Loan tenure: Up to 3 years.
- Provide collateral.
- Guarantor (Must be member)
GROUP LOANS
NEFCCU offers group loans to support collaborative financial efforts among its members. These loans provide the necessary capital for group ventures, enabling shared growth and mutual financial support.
Group Loan
Group loans are ideal for cooperatives, small business groups, churches, institutions or any collective that pools resources for a common goal.
- Active NEFCCU membership with a regular income for all group members.
- Required documents: Valid ID and passport-sized photo.
- Minimum shareholding requirement.
- Loan tenure: Up to 3 years
- Group’s welfare contribution policy.
- Guarantor (Must be member)
other loans
We also have other loan options that we offer, such as overdraft, hire purchase, loan refinancing, and others.
Overdraft
NEFCCU offers overdraft protection for qualifying members. Overdraft protection allows you to overdraw your account up to a specified limit.
- Active NEFCCU membership with a regular income.
- Required documents: Valid ID and passport-sized photo.
- Minimum shareholding requirement.
- Loan tenure: Up to 3 years.
- Guarantor (Must be member)
Hire Purchase
NEFCCU offers hire purchase for the acquisition of consumer items with a maximum duration of twelve months
- Active NEFCCU membership with a regular income.
- Required documents: Valid ID and passport-sized photo.
- Minimum shareholding requirement.
- Loan tenure: Up to 12 months.
- Attach invoice.
- Guarantor (Must be member)
Loan Refinancing
We provide our members with additional loans when they need funds for a different purpose and to cater for emergencies.
- At least half payment of existing loan.
- Required documents: Valid ID and passport-sized photo.
- Refinancing amount must be less than existing loan.
- Loan tenure: Not exceeding twice of existing loan.
- Guarantor (Must be member)
Loan Topup
To support members who need additional funds to support the aim at which they acquired a loan, we offer top ups to enable our members achieve their purpose of applying for loan.
- Required documents: Valid ID and passport-sized photo.
- Minimum shareholding requirement.
- Guarantor (Must be member)