The GICS Savings and Loans
The GICS Savings & Loan supports and takes the financial responsibility of maintaining a financial system geared toward the support of GICS members via issuance of loans and management of recurrent expenditure within the system and other conventional operations of a Cooperative Society permitted by the laws of the federal republic of Nigeria. Based on the Cooperative's "Save and Borrow Model," members will have access to funds on merit to grow and expand either their own existing businesses or to set up new businesses and support their different communities.
Not limited by geographic installment of the banking facility, and being an online Savings & Loan, access and participatory privileges are given members to enjoy all the services offered by the GICS Savings & Loan from all states of the federation; managed by experienced and seasoned financial experts who are also members of the GICS.
Irrespective of Membership Category a member belongs (CoopLite, Amethyst, Jacinth, Topaz, Berl, or Emerald), members have opportunity of saving and accessing loan after Six (6) months of consistent saving. There are two types of Savings Account available for members: "General Business Account" and the "EduCoop Savings Account."
The Business Savings Account is the general Savings Account available to members, while the EduCoop Savings Account is specially designed for Students in the higher institutions of learning to promote Cooperative and Entrepreneurial Culture among them.
Features of the Business Savings Account
- Minimum Monthly Savings of N2,000
- Ability to withdraw part of savings once in a quarter.
- Low interest on loan (5% per Annum).
- Ability to obtain loan up to twice of the member's Business Savings Account Balance.
- Uncollateralised Loan up to a particular amount.
- Annual Dividend (interest) on savings.
Members interested in obtaining loan on their Business Savings Account is required to present three suitable guarantors, one of which must be a member of the GICS. One of the other two guarantors must be a family member of the loan applicant. All loans exceeding N500,000.00 requires collateral coverage up to half of the loan requested.
HOW TO BENEFIT FROM BUSINESS SAVINGS ACCOUNT LOAN
1. Become a member of GICS by opening a free member's account at www.gics.biz
2. Select your desired membership Category (CoopLite, Amethyst, Jacinth, Topaz, Beryl, Emerald) while making membership registration payment.
1. Become a member of GICS by opening a free member's account at www.gics.biz
2. Select your desired membership Category (CoopLite, Amethyst, Jacinth, Topaz, Beryl, Emerald) while making membership registration payment.
3. Pay your applicable membership registration fee online or by direct deposit to the Global Investment Cooperative Society's Guaranty Trust Bank (GTB); Account Number: 0165294194
4. If payment is made by direct bank deposit, text your Full name, amount paid, desired membership category, and Teller Number to: 08175504568
4. If payment is made by direct bank deposit, text your Full name, amount paid, desired membership category, and Teller Number to: 08175504568
5. Pay your monthly saving into the above account and follow step four after each deposit to have the amount paid posted to your Business Savings Account.
6. Access loan after 6 months of consistent savings (if loan is required).
Features of the EduCoop Savings Account
- Minimum Monthly Savings of N1,000
- Savings Withdrawal not available.
- Low interest on loan (5% per Annum).
- Ability to obtain loan up to twice of the member's EduCoop Savings Account Balance.
- Uncollateralised Loan up to a particular amount.
- Annual Dividend (interest) on savings.
The idea behind the EduCoop Saving Account is to help students save money to start a business or achieve a plan after graduation. In view of this, the savings can't be withdrawn until graduation but there is access to loan, which must be fully paid back before graduation.
Members interested in obtaining loan on their EduCoop Savings Account is required to present one suitable guarantor, sign their loan application form with their Head of Department (HOD) and sign their loan application form with their School's Bursar. All loans exceeding N500,000.00 requires collateral coverage up to half of the loan requested.
HOW TO BENEFIT FROM EDUCOOP
1. Become a member of GICS by opening a free member's account at www.gics.biz
2. Select the CoopLite Membership Category while preparing to make payment.
1. Become a member of GICS by opening a free member's account at www.gics.biz
2. Select the CoopLite Membership Category while preparing to make payment.
3. Pay your membership registration fee of N2,000 to the Global Investment Cooperative Society's Guaranty Trust Bank (GTB); Account Number: 0165294194
4. Text your Full name, amount paid, and Teller Number to: 08175504568
4. Text your Full name, amount paid, and Teller Number to: 08175504568
5. Pay your monthly saving into the above account and follow step four after each deposit to have the amount paid posted to your EduCoop Savings Account.
6. Access loan after 6 months of consistent savings (if loan is required).
