Dear SESLA Member,
Due to continued regulatory and market volatility, your Association had to review its loan product interest rates, and has made a rational decision to increase the following with effect from September 1, 2019:
Loan Products | New Rates | HSF | Terms |
1. Consumption Loans | |||
a. Regular Salary Loan with co-makers |
15.00% | 2.0% | 3 Years Max |
b. Regular Salary Loan without co-makers | |||
I. One-month salary loan | 15.00% | 2.0% | 1 Year Max |
II. Educational Assistance | 15.00% | 2.0% | 1 Year Max |
III. Retirement Loan | 15.00% | 2.0% | 3 Years Max |
c. Special Salary Loan with co-makers |
|||
I. Calamity Loan | 6.00% | 2.0% | 1 Year Max |
II. Medical Assistance Loan | 8.00% | 2.0% | 3 Years Max |
lll. Educational Assistance | 12.00% | 2.0% | 1 Year Max |
d. Back-to-back Loan | 15.00% | 2.0% | 3 Years Max |
2. Chattel Mortgage Loans | |||
a. Car | 15.00% | 2.0% | 5 Years Max |
b. Motorcycle | 15.00% | 2.0% | 5 Years Max |
3. Housing Loan | *** for further study *** |
We regularly review our rates to ensure they reflect current market conditions. From time to time we rationalize our pricing to continue to operate sustainably and competitively while servicing our member’s savings and loans requirements. We’re committed to the long-term stability and security of the Association for our members, and this ultimately drives every decision we make.
Thank you for your continued patronage.