Loan is for the sole purpose of covering yearly vehicle insurance premium.
- Should Members acquire Insurance from Colfire, they would be eligible for an additional 20% special discount.
- Member can apply every year for the facility for insurance renewal.
- Facility can be used for the duration of the vehicle loan.
- Loan will be for a maximum period of 11 months.
- 10% of unencumbered shares will be required per request.
- Loan can be applied for insurance for following type of vehicles: Cars, SUVS, Maxi Taxis, Taxis, Pick Ups, Trucks and Vans.
- Loan is applicable to new, used, roll on/ roll off vehicles.
Required documents for this loan:
- Share requirement based on length of membership and relationship with Credit Union
- Job Letter
- Recent salary slip
- Evidence of Income/Expenditure (Self Employed)
- Bank Statements – 12 – 18 months (Self Employed)
- Quotation from insurance company/ renewal