AGM Report 2016
The St. Lucia Teachers’ Credit Co-operative Ltd (SLTCC) warmly welcomes all members of the teaching profession back to school and wish all a very successful 2017-2018 Academic Year.
The SLTCC was again the host of another successful annual Depositors’ Camp in July. For the first time, the camp was held simultaneously in the North and the South. The SLTCC would like to thank all the volunteers for giving their time and effort to help promote the work of the SLTCC.
We are also pleased to inform of another successful bursary distribution in 2017. This event is scheduled to take place annually on the third Thursday in July. Members with children who were successful in the common entrance exam received a onetime bursary of $400.
Members are encouraged to continue signing up and utilizing the online banking facility. Please make arrangements for this facility if you are yet to do so.
In an effort to continue to meet the many needs of its members, the SLTCC will work closely with contact persons and school thrift teachers at the schools. In that regard, we thank them for supporting teachers and students and look forward to strengthening the vital link that connects members, the school thrift and depositors to SLTCC.
We all look forward to our AGM in the new term, as well as the observance of Financial Literacy Month in October.
We look forward to your continued support and involvement in all our upcoming activities.
- An applicant for a Loan must be a member for three to six (3-6) months to qualify for a loan.
- Applicant must be 18 years or older.
- Interest is calculated monthly at the rate of 1% on the unpaid monthly balance (Reducing balance method)
- Character Loans:$2000 above share capital - no other security is required.
- Applicant must have equity in the form of shares in the Society.
Points to Note
- Interest rate is 1 % monthly on the reducing balance on loans above shares and 0.83% monthly on share-covered loans and mortgage loans. The Board reserves the right to change these rates from time to time without notification.
- Members will not beallowed to withdraw from their shares if their share balance is below their loan balance.
- Shares used to co-make are not withdrawable.
- Members must continue to purchase shares whilst paying their loan - 10% of loan payment up to, $50.00 monthly.
- Loans in excess of $50,000 must be insured.
- Members needing waivers from the policy may write to the Board of Directors.
Applying for a loan
An appointment must be made in advance unless loan is fully secured by shares. At the interview, member should provide
- Picture ID
- For gov. workers: most recent pay slip; for non-gov. workers, a recent job letter.
- Supporting documents for purpose of loan, for example: Acceptance letters from school; Invoice for purchases; Letter of intent for land; Cost estimates for jobs.