What is Credit Union?
A Credit Union is an organization formed by a group of people joining together to save money and make loans to one another at reasonable rates of interest.
I want to become a member, what do I need to do?
Get in touch with the Credit Union Office/Branch to obtain an application form or download the application form from our website.
What services does SCU offer?
SCU offers shares,savings, loans (including emergency loans), fixed deposits and life savings & loan protection coverage.
What is the minimum amount of money I am allowed to have on my accounts?
The sum of Rs100/- is mandatory to obtain a full membership as well as a minimum of Rs100/- in a deposit account.
I want to apply for a loan, what are the criteria?
You must have a minimum of 25% of the amount you want to borrow in your account plus additional securities such as guarantor, pledge or mortgage. Please visit SCU’s Loan department for more information.
What is the maximum amount of loan can I apply for?
Any amount as long as it does not exceed 10% of SCU’s total funds.
What is the current loan interest rate?
The current interest on loans is 12% per annum calculated on a reducing balance basis.
If I am a member, is it compulsory to attend AGM? Why?
No, it is not compulsory but however by attending an AGM you can exercise your rights as a member including voting of Directors as well as present your views and ideas.
Are all members allowed to vote at AGM elections?
Yes, any member who owns the minimum share of Rs100/- can exercise voting rights at AGM. What is a share? A share is the minimum requirement in monetary term owned by a member.
What is the current share price?
The current share price per value of ownership share is currently Rs100/-.
How will I know how much dividends I will get?
Dividend is not fixed. It is based on the net surplus obtained by the Credit Union in a financial year. Dividends are proposed by the Board of Directors at the AGM for members’ approval.
What is the current savings interest rate?
The current interest rate is 2% and it is payable every 3 months.
How long after I have opened my account will I be eligible for a loan?
Loans are issued to members based on their needs. There is no fixed or set waiting period, they are calculated on a case by case basis.