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AKATUA MPONTU LOAN (AML)
- Category: LOANS
- Interest: 2.15% per month
- Interest Type: FLAT
- Total Interest: 25.8% per annum
- Details: The above loan product is an employee loan scheme meant for salary workers to meet personal and family needs. Target members for this loan shall be:
i. Government / Public Servants paid through CAGD.
ii. Private Company Employees
iii. Government Security Services
Eligibility Criteria for Government / Public Servants paid through CAGD
Applicant must be between the ages of 18-55 years.
Member must provide a current months pay-slip, mandate form and affordability statement.
Eligibility Criteria for Private Company Employees
Applicant must be between the ages of 18-55 years.
He/she must be a confirmed staff from a reputable organization.
Member must provide 3 consecutive months pay slips and Bank statement.
Applicant must provide guarantor(s) who are members of ROAACCU or letter of undertaking endorsed by his/her employer or representative.
Members monthly salary must be routed through ROAACCU where applicable.
Eligibility Criteria for Government Security Services
Applicant must be between the ages of 18-55 years.
Member must provide recent 3 consecutive months pay slips and Bank statement.
Member must submit Letter of Undertaking designed by ROAACCU and endorsed by Commander.
Member must submit a Standing Order from his/her bankers or post-dated cheques where applicable.
Member must provide a colleague staff as a guarantor who will issue post-dated cheques
DIRECT SALES LOAN (DSL)
- Category: LOANS
- Interest: 2.5% per month
- Interest Type: FLAT
- Total Interest: 20% for 8 Months
- Details: This type of loan shall be granted only to members who are into Micro and Small businesses.
The member must have one-third of the loan amount request.
Applicant shall provide guarantor(s) who are also members of ROAACCU.
The maximum loan shall be GH¢ 3,000.00 taking into consideration the capacity to pay.
FARMERS QUICK LOAN (FQL)
- Category: LOANS
- Interest: 8% per month
- Interest Type: FLAT
- Total Interest: 24% for 3 month
- Details: This type of loan shall be granted only to members who are rubber outgrowers and it does not depend on members savings balance.
Applicant shall provide guarantors who are also members of ROAACCU.
The maximum loan shall be GH¢ 3,000.00 taking into consideration the production pattern of the member.
The loan repayment shall not exceed 3 calendar months.
Interest rate on the loan shall be 6% per month on reducing balance method.
The member must produce a current voucher from GREL or Narubiz Ltd. where applicable.
FAST TRACK LOAN (FTL)
- Category: LOANS
- Interest: 5% per month
- Interest Type: FLAT
- Total Interest: 15% for 3 months
- Details: This type of loan shall be granted only to members whose salaries are routed through ROAACCU and it does not depend on members savings balance.
Applicant shall provide guarantor or letter of undertaking from the Employer.
The maximum loan shall be GH¢ 3,000.00 taking into consideration the net salary of the member.
The loan repayment shall not exceed 3 calendar months.
Interest rate on the loan shall be 4% per month on reducing balance method.
Long-Term Loans (LTL)
- Category: LOANS
- Interest: 1.5 per month
- Interest Type: FLAT
- Total Interest: 18% per annum
- Details: Long-Term Loans shall be provided within the limits of the total savings of the member at the time of applying for the loan.
The loan interest rate shall be 1.5% per month on flat rate model.
The loan amount shall be a maximum of two (2) times members savings.
The loan shall be secured with another Members savings as guarantee or collateral.
It is also designed for first-time borrowers of the Society.
Long-Term Loans Special (LTL-1)
- Category: LOANS
- Interest: 1.85 per month
- Interest Type: FLAT
- Total Interest: 22.2% per annum
- Details: Long Term Loans Special shall be provided within the limits of the total savings of the member at the time of applying for the loan.
i. The loan interest rate shall be 1.67% per month on flat rate model.
ii. The maximum loan shall not be more than three (3) times members savings.
iii. The loan shall be secured with another Members savings as guarantee or collateral.
iv. The member must have accessed the LTL at least once.
Mbofra Daakye/Child Savings (MD)
- Category: SAVINGS
- Interest: 1.5 per quarter
- Interest Type: FLAT
- Total Interest: 6% per annum
- Details: Accounts can be opened for children below eighteen years (18) of age with an authenticated document.
The account shall be operated through the guidance of a Trustee on behalf of the child/ward.
After the beneficiary attains age 18 years, the account shall be transferred to him/her with a letter from the Trustee.
The minimum monthly deposit for the child savings account shall be determined by the BOD from time to time.
The child savings account shall attract interest quarterly. The interest rate shall be at par with ROAACCU Prime Savings.
Holding of a child savings account shall not qualify a member or account holder for a loan.
Acquiring minimum shares with this account is not mandatory.
No savings withdrawal in the first 12 calendar months.
Partial withdrawal of 50% on each years savings can be withdrawn in the following year on behalf of the child on production of relevant supporting document.
The account can be used as a guarantee for loan.
MEDAAKYE GROUP LOAN (MGL)
- Category: LOANS
- Interest: 3% per month
- Interest Type: FLAT
- Total Interest: 18% for Six Months
- Details: This type of loan shall be granted only to members who are in groups.
The group shall have maximum members of seven (7) and minimum of five (5).
The group shall have an account with ROAACCU and details of group members attached.
The group shall appoint its Chairperson, Secretary and Treasurer as Executives.
The group account shall be operated for a minimum of six (6) weeks.
Members of the group shall serve as guarantors for their loan.
Each member of the group shall have at least one-third of his/her loan request as savings.
The maximum loan shall be GH¢35,000.00 taking into consideration the capacity of the groups contribution.
No individual member of the group can access more than 30% of the disbursed amount.
The loan repayment is on weekly basis and shall not exceed 6 months.
Interest rate on the loan shall be 3% per month on flat rate model.
Member Investment (MI)
- Category: INVESTMENTS
- Interest: 1.5 per quarter
- Interest Type: FLAT
- Total Interest: 6% per annum
- Details:
This is a voluntary savings by members to finance a project such as childrens school fees, festivities and among others.
A member who saves an amount of money for a period of time can make a partial withdrawal once every six months.
This account shall attract an interest on quarterly basis and the rate shall be determined by the BOD.
Member Savings (MS)
- Category: SAVINGS
- Interest: 1.5 per quarter
- Interest Type: FLAT
- Total Interest: 6% per annum
- Details: This savings account allows members to have a regular savings plan.
Savings in this account shall attract interest payment on quarterly basis.
Withdrawal can be made twice (2) in a month. Subsequent withdrawals will attract a fee of GH¢ 2.00 per transaction. d. Minimum savings balance shall be GH¢ 50.00.
Prime Savings/Fixed Deposit (PS)
- Category: INVESTMENTS
- Interest: 10% per annum
- Interest Type: FLAT
- Total Interest: 10% per annum
- Details:
This is the type of savings where a member can place his/her funds for a specific period of time.
Funds placed in this account shall attract an interest higher than all savings accounts.
A member can terminate this contract and the interest shall be proportionally paid.
Rubber Power Loan (RPL)
- Category: LOANS
- Interest: 2% per month
- Interest Type: FLAT
- Total Interest: 24% per annum
- Details: This type of loan shall be granted to members who are rubber farmers and have finished servicing their project loans.
The member must have accessed LTL or LTL 1 (at least twice) with ROAACCU and fully paid all within the stipulated loan duration.
Applicant shall provide guarantors who are also members of ROAACCU.
The maximum loan shall be four (4) times of the members savings balance.
Interest rate on the loan shall be 1.75% per month on flat rate model.
SHORT-SEASON FARMARS LOAN (SFL)
- Category: LOANS
- Interest: 3.33% per month
- Interest Type: FLAT
- Total Interest: 20% for 6 months
- Details: This type of loan shall be granted only to members who are into short-season farming.
The member must have one-third of the loan amount request.
Applicant shall provide guarantor(s) who are also members of ROAACCU.
The maximum loan shall be GH¢ 5,000.00 taking into consideration the capacity to pay.
The loan principal and the interest shall be paid in full on the 6th month.
Interest rate on the loan shall be 20% for the 6 months.
Smart Savings (SS)
- Category: SAVINGS
- Interest: No interest
- Interest Type: No Interest
- Total Interest: No interest
- Details: This savings account allows members to have a daily/regular savings plan.
Savings in this account shall not attract interest.
Withdrawal can be made once (1) in a month. Subsequent withdrawals within the month shall attract a fee of GHS2.00 per transaction.
Daily minimum savings shall be GHS2.00
Short-Term Loans (STL)
- Category: LOANS
- Interest: 0.5% per month
- Interest Type: FLAT
- Total Interest: 6% per annum
- Details: The Short-Term Loans shall be provided within the limits of the savings of the applicant at the time of applying for the loan.
i. The loan interest rate shall be 5% per annum on reducing balance model.
ii. The loan amount shall not be more than the total savings balance.