Seychelles Credit Union Loan Criteria

SEYCHELLES CREDIT UNION LOAN CRITERIA

SME INCENTIVE LOAN PRODUCT

Financing of up to R 3,000,000/-

  • Interest rates at 5% on the 1st SCR 1 million, 7% on amount in excess of SCR 1 million and weighted average rate is applied for loans exceeding SCR 1 million.
  • From 7 -10 years to repay the Loan
  • 6months grace may be granted but up to 18 months’ grace for construction purposes only

 

CONDITIONS

Please note that eligibility is also subject to:

    • 5% cash collateral frozen from borrower’s shares and/or savings accounts
    • Proof of monthly income (new account must have @ least 3 months’ regular savings)
    • Submission of latest Profit and Loss account and Cash Flow
    • Submission of Business Plan for New Venture
    • One or two guarantors (from 10,000/- to 50,000/- one guarantor and 50,000/- to 100,00/- two guarantors-must be employed)
    • Pledge of assets or mortgage of property

 

SCU BUSINESS LOAN

Financing of up to 100% of the value of the investment

  • Interest rates at 12.5% per annum on a reducing balance basis
  • Up to 10 years to repay the Loan
  • 6months grace may be granted but up to 18 months’ grace for construction purposes only

 

CONDITIONS

Please note that eligibility is also subject to

    • 20% cash collateral frozen from borrower’s shares and/or savings accounts
    • Proof of monthly income (new account must have @ least 3 months’ regular savings)
    • Submission of latest Profit and Loss account and Cash Flow
    • Submission of Business Plan for New Venture
    • One or two guarantors (from 10,000/- to 50,000/- one guarantor and 50,000/- to 100,00/- two guarantors-who must be employed)
    • Pledge of assets or mortgage of property

 

START-UP BUSINESS LOAN

Financing of up to R 3,000,000/-

  • Interest rates at 9.5% per annum on a reducing balance basis
  • From 7-10 years to repay the Loan
  • 6months grace may be granted but up to 18 months’ grace for construction purposes only

CONDITIONS

Please note that eligibility is also subject to:

    • 10% cash collateral frozen from borrower’s shares and/or savings accounts
    • Proof of monthly income
    • Submission of latest Profit and Loss account and Cash Flow
    • Submission of Business Plan for New Venture
    • One or two guarantors (from 10,000/- to 50,000/- one guarantor and 50,000/- to 100,00/- two guarantors-must be employed)
    • Pledge of assets or mortgage of property

 

 

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