Latest Loan Rates

Get more out of your money with our fantastic loan rates.

LOAN TYPE INTEREST RATE (Reducing Balance)
New Vehicle 0.49%-0.6%
Character 1%
RORO/Used Vehicle 1%
1ST Mortgage 0.5%
2ND Mortgage 0.58%
Fully-secured 0.75%

All rates are subject to change without notice.

Character Loans

A character loan is a type of unsecured loan that is made on the basis of the borrower’s reputation and credit.


Interest Rate*

1%

* All Interest rates calculated on reducing balance. All rates are subject to change without notice.

Maximum Repayment Period

5 Years

Loan Ceiling

Like all TECU loans, there is no limit on the amount being requested.

Loan Requirements

  • Two forms of ID
  • Utility Bill
  • Evidence of Income (Payslip / Job Letter)
  • Supporting document for the purpose of loan
  • Required share balance

Loan protection

TECU’s loans are fully insured by our Loan Protection plan. Upon death loans are insured as follows:

AGE COVERAGE
1-75 years $150,000.00
76-80 years $75,000.00
81-85 years $37,500.00
86 years and over $0.00

Call us today for up-to-date rates. Ask for a Loans Officer, who will be more than willing to assist you.

Ready to apply?

Apply for a loan online and get a response within 60 minutes (applicable during working hours).
Apply online

Make an appointment with a Lending Specialist.
Make an appointment

How much can I borrow?

With our borrowing power calculator, you can estimate how much you can borrow and what your repayments would be.

Start calculatingNote: Mobile and tablet users may experience minor usability issues with the calculators.

Helpful hints in securing a loan

Build your borrowing capacity

TECU Credit Union partners with you to make achieving all of life’s goals a reality. Our character and other loans are assessed based on your ability to service a loan in addition to the following credit worthy aspects:

  • Present shareholding and frequency of contribution towards shares
  • Assets such as property, vehicles, savings at other financial institutions and Liabilities i.e. other loans/ debts
  • Employment status and history
  • Your Shareholding and share buildup within the credit union
  • Your Share to Loan Ratio, which is your total shares divided by the total loans that are currently outstanding (Shares/Loans)
  • Your existing loan balance and your indebtedness
  • Savings, Borrowing and Repayment History within the credit union
  • The primary purpose of the loan
  • Your age, current salary, employment status and duration of membership
  • The availability of adequate and marketable security and other assets