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 three 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
Loan repayments are made in instalments and are structured as post-dated cheques at the time of loan disbursement. The repayment schedule for soft loans is structured as 40:35:25. Regular loans are repaid in equal instalments over a period not exceeding twelve months, as determined by the borrower.
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.