Product Overview

The cash secured loan allows savers to borrow an amount of no more than 80% as a loan using the holdings in either a share or deposit account as collateral.

Cash Secured Loans are extended for tenures not over 10 years.

Product Details

Target Groups

• Age range: 18 – 55 years
• Gender: No restriction to gender
• Characteristics:
  • Employed Individuals or business owners with unencumbered cash saved in a VMBS account
  • Consistent savers with interim needs
  • Persons saving towards a  long term goal but wish to cover existing expenses without disrupting savings
• Income level: None defined

Features

• Borrow up to a maximum of 80% of the available funds in your savings or deposit account
• Fixed interest rate on amounts using share account holdings as collateral
• Repayment rate of +4% interest rate on interest earned on amounts held in time accounts
• Up to 10 years to repay
• Loan repayments can be made at any VMBS ATM or Branch island wide
• Processing fee is applied

Selling Points

• Loan may be used for any purpose
• Savings remain intact and continue to earn interest on the full amount while being used as collateral
• Fast same day loan processing
• Lower interest than most loans available in the market