Services
The GTCS offers a range of services to her members, including :
Savings and Credit Services
Savings and credit services are GTCS’s key offerings.These services help members save money and access loans to meet their entrepreneurial and financial needs.
Savings services allow our members to deposit money into their accounts where it earns interest. Members can make deposits on a regular basis or make one-time deposits. Credit services, on the other hand, allow members to access loans from GTCS. Members can apply for loans to cover a variety of expenses, such as home repairs, education, or business expansion.
By offering these services, GTCS provides her members with a range of financial options, and helps to promote financial stability and economic growth in the community.
Loan Services
As a member of the cooperative, you are eligible for loan services. We offer six main types of loans, each with its own terms and conditions.
- Soft Loan : This loan option carries an interest rate of 3%. The maximum amount that can be borrowed is five hundred thousand naira (N500,000) The repayment period for a soft loan is four months.
Soft loans are accessible within twenty-four (24) hours of membership, if needed.
- Regular Loan : This loan option has a one-time interest rate of 8% and is available to members who have saved with the cooperative for at least six (6) months. The maximum amount that can be borrowed is two times the amount saved and the repayment period is up to one year.
The Loan Acquisition Process
To apply for a loan, members must complete a loan application form and secure the signature of two guarantors. The guarantors assume responsibility for repaying the loan in the event that the borrower defaults.
To serve as a guarantor, one must be a cooperative member for a minimum of three months and must not have a history of defaulting on loan repayments.
Loan Repayment Schedule
- Installment Structure
- All loan repayments are made in installments using post-dated cheques, which are submitted at the time of loan disbursement.
- Soft Loan Repayment
- Repayment is spread equally over four months.
- Borrowers may opt for an early refund schedule of one, two, or three months if they wish to complete repayment earlier.
- Regular Loan Repayment
- Repayment is spread in equal installments over a period not exceeding twelve months, as selected by the borrower.
- Early refund options (partial or full) are available at the borrower’s request.
- Other Loan Types
- Early repayment requests are allowed for any other type of loan, upon the member’s request.
- Administrative Fee
- A ₦1,000 administrative fee is added to the first installment. This covers loan application processing and fund transfer costs.
- Repayment Timing
- Loans disbursed between the 1st and 25th of the month must have their first repayment due by the end of that same month.”
Additionally, an administrative fee of N1,000 is added to the first instalment to cover the cost of the loan application and transfer fees.
Loan repayments for loans disbursed between the 1st and 25th of the month are due at the end of that same month.
Other Services
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Agricultural Inputs and Supplies
The GTCS may provide her members with access to essential agricultural inputs such as seeds and fertiliser. This helps to reduce the cost of production for farmers and improve the overall productivity of the sector.
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Housing Services
We may provide affordable housing solutions to our members. This can include the construction of new homes, renovation of existing properties, and management of housing communities.
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Health Services
We may offer health services to interested members, such as access to medical care, medication, and other health-related services. This helps to improve the health and well-being of the community.
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Education and Training Services
We provide educational and training opportunities for members, such as courses on financial literacy, business management, and other relevant topics. This helps to improve the skills and knowledge of the members, which can lead to improved economic outcomes for the community as a whole.