Barbados Teachers' Co-operative Credit Union
(246) 426-3657 FAX: (246) 437-3499
Mon - Fri 9:00am - 5:00pm
“The John W. Lovell Building”
Lower Collymore Rock,
St. Michael, Barbados.
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Barbados Teachers' Co-operative Credit Union
MENUMENU
  • Home
  • Products & Services
        • Borrowing

        • Loans
        • Vehicle Loan Calculator
        • Mortgage Loan Calculator
        • Forms

          Member Application Form

          View All

        • eKYC
  • News & Media
        • UPCOMING EVENTS

        • View All Events
        • NEWS

        • Annual Reports
        • Notices
        • LOANS FAIR

  • About Us
        • Management

        • Board of Directors
        • Credit Committee
        • Supervisory Committee
        • Staff
        • History

        • History of the Credit Union
        • FAQs
        • By-Laws
        • Organisational Structure
        • Contact

        • Contact Us
        • Feedback
  • Forms
  • Membership
(246) 426-3657 FAX: (246) 437-3499
Mon - Fri 9:00am - 5:00pm
“The John W. Lovell Building”
Lower Collymore Rock,
St. Michael, Barbados.
Barbados Teachers' Co-operative Credit Union > FAQs

FAQs

How do I qualify for a loan?

1.) All loan applicants must be bonafide members of the Credit Union.
2.) All new members must complete a minimum time requirement of membership, with the Credit Union to qualify for a loan in excess of their Savings unless approved by the Board under special circumstances.
3.) A member who has been required to clear arrears resulting from delinquency must observe a waiting period of three months after completion of such payment before a new loan may be approved for that member.
4.) A loan shall not be granted to a still member (that is, a member who is not making contributions to shares) over and above his/her share value, unless that member makes contributions to shares for the last three(3) consecutive months. (By-Law 79)

What is the loan ratio?

A person is eligible to apply for a loan at a ratio of 3:1, after being accepted as a member.
After One Month of membership, the ratio moves to 5:1
After Two Months of membership, the ratio moves to 8:1 
After Three Months of membership, the ratio moves to 10:1

Note
A member must make a contribution to Shares every month, even though her/she might be repaying a loan.

Barbados Teachers' Co-operative Credit Union

"The John W. Lovell Building" Lower Collymore Rock St. Michael, Barbados, W.I. Opening Hours Mon-Fri 9:00am - 5:00pm Tel. (246) 426-3657 | Fax. (246) 437-3499

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