General Employees Co-Operative Credit Union Limited

Major Loans

Learn while you Earn









Loan Coverage

Members are covered up to a maximum of $65,000 for a consumer Loans up to age 69. In the event of death or disability CUNA will repay loans.


Mortgage Loans are available at GECCU LTD for the purpose of dwelling house construction, house purchase or the renovation and/or extension of a dwelling house. These loans may be approved up to a maximum of four hundred thousand dollars ($400,000.00) at an interest rate of 7.75% per annum on the reducing balance.

To ensure one's eligibility for a GECCU LTD Mortgage Loan, provided is a check list of all the items/standards with which one must comply.


Am I a Member of GECCU LTD?  
Have I been making regular savings to my shares account for the last 6 months  

Do I have the maximum 8% of the loan request saved in my Shares Account? E.g.
Loan Request = $300,000.00 then
Shares Account = $24,000.00

Have I scheduled an appointment to discuss my options with a GECCU LTD Loans Officer  
Do I have the following documents to accompany my Loan Application Form?
1. Title of Land/Property  
2. Surveyor Plans (Land)  
3. Approved Plans (House)  
4. A qualified Bill of Quantities or scope of work  
5. Valuation of land / properties by an approved valuator  
6. Copy of construction contract  
7. Proof of income / Job letter salary slip  

Benefits of a GECCU Loan

  • We always put our members first.
  • Loan repayments allow for entire loan to be paid off by the time the member reaches retirement, (this may be extended on consideration of the member's earning power beyond that age).
  • Maximum repayment period for purchase / renovation / construction of property is twenty five (25) years.
  • Lump sum payments can be made at anytime without notice or penalty.
  • Professional cost / fees incidental to the granting of the loans may be lent in exceptional cases and may be included in the amount requested.

Securities that may be used

  • Lien on Shares Deposits
  • Co-Makers - members signing on behalf of others
  • Insurance Policies - Cash surrender value
  • Bill of Sale with comprehensive insurance policy
  • Land Title

Five C's of Credit

  • Character - Applicant's pattern of saving and relationship with the Society are very important.
  • Capacity - Applicant must show that he / she has the ability to repay the loan.
  • Conditions - There must be a clear purpose for the loans. Adequate information must be given.
  • Credit - A good repayment history is vital. One must show that he / she is worthy of credit.
  • Collateral - Adequate security is necessary.

For what purpose can I apply for a loan?

  • Property Purchase
  • Land
  • Computer
  • Education
  • Business
  • Construction / Renovation
  • Travel
  • Medical
  • Debit Consilidation
  • Agriculture
Other Loans
  • Weddings
  • Funerals
  • Weathering the storm
  • Christmas in October

How can I be eligible for a Loan?

  • Membership
  • Ability to repay
  • Regular savings on shares

What are some of the documents required when applying for a Loan?


  • Proposal

Education / NIS Student Loan

  • Letter of Acceptance from a named University
  • Approval application from the Ministry of Education
  • Education (Loan) Booklet of listing of school supplies


  • Invoice from the agent
  • Valuation of (used / reconditioned vehicle) from a recognized mechanic.

Computer Loan

  • Invoice from supplier

Furniture / Appliance

  • Invoice from supplier

Construction & Renovation

  • An approved estimate from the contractor / builder
  • Approved Plan - (Ministry of Planning)
  • House insurance
  • Valuation / Quantity Surveyors report
  • Mortgage / Life Insurance

Low Income House

  • Approval letter from Housing and Land Department Corperation

Property Purchase

  • Deed of Property
  • Sale Agreement
  • Valuation Report
  • Mortgage / Life Insurance


  • Deed of conveyance
  • Survey Plan
  • valuation
  • Sale Agreement


  • Referal Letter from Doctor

Debt Consolidation

  • Invoice / Statement showing amount owing


  • Proposal

Other Loans

  • Wedding - Copy of invitation
  • Funerals - invoice from Funeral Home
  • Weathering the storm
  • Christmas in October