FTA Co-operative Thrift Limited

Fijian Teachers Association Co-operative Thrift Limited

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FTACTL Loans

Soft Loan

Member has fully settled all loan balances can apply for a soft loan to an amount of $300 over his/her FTACTL shares.

  • Formula: Total Loan =Total Share FTACTL plus $300
  • A 10% Interest shall be charged for such loans.
  • Soft loan above $10,000 shall be charged an interest of 6.5 %. This interest rate shall not apply for members who have attained soft loan status through refinance.
Surety Loan (other members share)

  • Total Individual Share plus another Member’s (co-maker) FTACTL share.
  • The member that provides the surety shall sign an agreement confirming that he/she has given his/her approval for his/her share to be used by the loan applicant as surety for the loan.
  • The member providing the surety (Co-Maker) shall not be able to take any loan until the amount provided as surety has been recovered.
  • Any member utilizing the surety loan shall not be allowed to take additional loan until all Surety Loan outstanding amount is cleared or when the total Share is above Loan Outstanding.
  • Surety Loan (individual share plus 50% FTAWS retirement benefit) + Co-maker +Total Share FTACTL.
  • A 10% Interest will be charged for Special and Normal Loan, and 2 percent of the interest shall be paid to the Co-maker.

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Normal Loans

    In the event that members seek normal loans during their loan repayment period this can be provided on the following conditions.
  • That the existing loan balance is below $500.
  • The maximum loan will be equal to the total shares less settlement amount.
  • A period between the normal loans shall be 3 months and normal to first special loan be 3 months.
  • A 10% interest shall be charged on all normal loan below $10,000.00.
  • A 6.5% interest shall be charged on Normal loan $10,000 and above. This interest rate shall not apply for members who have attained normal loan status through refinance.

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Secured Loans

  • Secured Loans ($10K or more) preferred securities include Ika ni Yabaki, Vavakada, Compulsory Savings, Kakavaki Total Premium, Na I Lololo investments and land and property are available under the Teachers Village Project & other FTACTL initiatives.
    • Fully secured loans shall incur an interest of 6.5% / annum & partially secured loan interest shall be 7% / annum.
      • However, members who have reached 55 years or retired & no longer employed shall not be allowed to offer property, house & land as security.
        • Applicant must also pay for any legal fees associated with the secured loan.
          • Secured Loan must be endorsed by the Loans Committee and approved by the FTACTL Board and the Supervisory Committee..

           







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Emergency Loans

  • Death of immediate family member– (Father, Mother, Spouse, son or daughter, brother, sister). Maximum Loan of $1000 per annum but application must be submitted with death certificate/notice of death, birth certificates and marriage certificate. This Loan shall be exempted from any charges and interest.
  • Natural Disasters and Fire: Damage incurred through natural disasters such as Tropical Cyclone, flood, earthquake, Tsunami, surge etc. Maximum Loan of $1000 per annum but application must be submitted with damage assessment report from Principal/Head Teacher, Education officer, School Manager, Roko Tui or District Officer. The Natural Disaster Loan shall be exempted from any charges and interest.

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Members drive incentive loan

  • Any member who increases their shares contribution from normal payment of $20.00 to $50.00 per fortnight qualifies for $350 loan.
  • A $50.00 loan for Branch Meetings may be provided to members who attend a Branch Meeting where an FTACTL Board member is part of the visiting team and that prior approval has been obtained by the Board for that particular Branch Meeting. This loan can only be given once a year.
  • First posting incentive loan: New teacher graduates who have been appointed to schools for their first posting may apply for loan as shown in the table below. The loan granted shall be determined by the location of the schools and the payment shall be determined by the amount of loan taken.
  • New member incentive loan: Any member who had joined for the first time are entitled to take $1,000 incentive loan.
  • Rejoining incentive Loan: (Resolution No. 10 Triennial General Meeting 2019-2021)
  • Members who withdraw at will shall wait for a period of 2 years before rejoining.
  • Rejoining members may loan a maximum of $500.
  • All loan repayments shall be directed towards members’ shares and savings, Ika ni Yabaki after loans are fully repaid in concurrence to members’ preference.



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BUCIBUCINI LOANS

  • This is a loan given to members to cover the cost of preparations before, during and after members’ wedding.
  • Members must provide wedding license.
  • A maximum loan of $1000 shall be given.
  • Members’ shares must be above their loan balance by $1000.
  • Interest rate shall be 10%.


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SE NA DURUKA LOANS

  • This is a loan given to female members and male members whose spouse  are about to give birth or have recently given birth.
  • Members’ shares must be above their loan balance by $1000.
  • Interest rate shall be 10%.
  • Members must provide medical documentations.


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Education Loans

  • This is a loan given to members who are;
    1. furthering their studies at any Tertiary Institution.
    2.  In need of purchasing equipment such as laptops to assist them with their studies or work.
  • A maximum loan of $1000 shall be given.
  • Members’ shares must be above their loan balance by $1000.
  • Interest rate shall be 10%.
  • Members must provide proper documentations.

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MICROFINANCE LOAN

  • This is a loan given to members to assist them in creating, small businesses as a source of income.
  • A maximum loan of $1000 shall be given
  • Interest rate shall be 10%.
  • Members must provide proper documentations

 

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SPECIAL LOAN

In the event that members seek special loans during their loan repayment period, this can be approved on the following conditions.

  • That the existing loan balance is above $500.
  • The maximum loan will be equal to the total shares less settlement amount.
  • The interest rate for special loans below $10,000.00 shall be 15%.
  • The interest rate for special loans $10,000.00 and above shall be 7.5 %.
  • A special dual account structure, special loan $10,000.00 above and small loans account will be implemented if the member wishes to take the option.
  • The period between the 2 special loans shall be 6 months. Urgent request with genuine reasons shall be considered on a case-by-case basis on the Discretion of the loans committee or the Board FTACTL Board Chair.

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