GCCU Products & Services

GCCU Products & Services

Qualifying Shares

A member must purchase ten (10) shares when signing up for membership and an additional thirty (30) shares within the first six (6) months of membership. These forty (40) shares represents your qualifying shares.  This is saying that you are a part owner of the Gateway Co-operative Credit Union Limited (GCCU).   This also presents your permanent capital and therefore they cannot be withdrawn.  However, they can be transferred to the qualifying shares of a new or existing member of the Credit Union upon termination of your membership. 

Regular/Equity Shares

This account is intended for long term savings.  We encourage you to save regularly in this account as it can be used to secure any future expenses that you may have.  The cost per share is only $5.00.  Shares earn dividends which are usually paid every year unless otherwise specified.

 For more information regarding purchasing shares please contact our office.

 

Regular Deposits/Savings

It is intended for savings to meet your everyday expenses; as such, you are free to deposit and withdraw as you wish. If you unable to come into our office you can always send a salary deduction as a sure way to save. When you save with us, 3% interest is paid semi-annually.  We encourage you to take advantage of this opportunity and save with us.

 

Fixed Deposits

A fixed deposit allows you to save a money for when you really need it.  It could be a vacation or cruise. To open a fixed deposit with us, you must deposit a minimum of $1,000.00.  Fixed Deposits invested for 1 year earns 3% interest; 2 years 3.5%; 3 years 4%; 4 years 4.25%; 5 years 4.5%; 6 years 4.75% and 7 years 5%.  How every long you choose to stay, and the end of the specified period you earn interest and the original amount of your deposit.  You can also choose to reinvest or transfer you funds.

 

Loans

 

Share Loans

We offer share loans for whatever situation that may arise in your life.

 

Requirements for Share loans:

  1. You must have the equivalent in either regular shares or regulary savings of the amount that you want to borrow.
  2. Share loan form filled out in entirety.
  3. One 1% loan processing fee.
  4. Signed promissory note.

Other Loans

We offer loans for:

     Mortgage

  • Loan form filled out in entirety
  • 10% deposit, placed on hold until loan is repaid in full
  • Job letter from current place of employment of proof of earnings if self employed.
  • 2 recent pay slips
  • Statement of existing liabilities (Loan accounts, credit cards, hire purchase, any other debts).
  • Sale Agreement from vendor
  • Copy of certificate of title for land
  • An up to date valuation/appraisal from a professional valuator for land/house or both.
  • Estimates for materials to be purchased and cost of Labor etc (If members wish to begin construction right away).
  • Approved plan if member intends to build
  • Vehicle Purchase
  • Loan form filled out in entirety
  • 10% deposit placed on hold until loan is repaid in full
  • Job letter from current place of employment or proof of earning if self employed
  • 2 recent pay slips
  • Invoice or sale agreement from the company or individual selling the vehicle showing cost.
  • If the vehicle being purchased is a used one, a report indicating the vehicle’s age, performance and condition of the body is required from a recognized mechanic.
  • Proof of ownership from vendor which must indicate whether or not there is any third party interest (owing any other institution or individual).
  • Holder of a valid driver’s license or copy of the person in whose possession the vehicle will be.
  • Quote for comprehensive motor vehicle insurance.
  • If you are entitled to concession on the vehicle, you would need to provide a letter indicating such.
  • Medical
  • Loan form filled out in entirety
  • 10% deposit placed on hold until the loan is repaid in full
  • Job letter from current place of employment or proof of earnings if self employed
  • 2 recent pay slips
  • Letter from qualified medical practitioner giving sound medical diagnosis.
  • Security needs to be offered for your loan: Cash, Co maker, Bill of Sale, Life Insurance etc.
  • Educational Loan
  • Loan form filled out in entirety.
  • 10% deposit placed on hold until loan is repaid in full
  • Acceptance letter from school/learning institution.
  • Documents in support of tuition fees and living and other expenses at institution.
  • Job letter from current place of employment or proof of earnings if self employed
  • 2 recent pay slips
  • A letter from employer regarding approval of study leave, if necessary.
  • Security for the loan which can take the form of Bill of Sale, cash, co-maker, life insurance etc.
  • Vacation
    • Loan form filled out in entirety
    • 10% deposit placed on hold until loan is repaid in full
    • Job letter from current place of employment or proof of earning if self employed
    • 2 recent pay slips
    • Invoice highlighting cost of plane tickets and/or accommodation.
    • Security needs to be offered for your loan: Co maker, Bill of Sale, Life Insurance etc.
  • Business Loan (Take in Member’s Name)
  • Certificate of Registration for Business/Certificate of incorporation.
  • Applicants entering into new business venture should satisfy the Credit Union that they have experience in the area of business that they are venturing into.  He/she should present a statement of his/her assets and liabilities and a projected cash flow statement for the first five (5) years of business.
  • Applicants who already have existing business should present a statement of their assets and liabilities for the first five (5) years of business.
  • Job letter from company indicating monthly salary and length of employment if applicable.
  • If business supplies goods to other business, letters indicating the earnings per month.
  • Suitable security needs to be offered for your loan: Co maker, Bill of Sale, Life Insurance etc.
  • Estimates/invoices for item/s being purchased.

Contact

Telephone: 439-5637
Cell: 534-5637
Email: gccu@gatewaygda.org

Where to find us

Gateway Assembly

Contact Us

3 + 4 =

Gateway Assembly,
P.O. Box. 1452,
Grand Anse,
St. George,
Grenada,
W.I.

Phone: (473) 439-2909

Email: office@gatewaygda.org

The church office Opens

Monday- Friday

8:00 a.m. - 1:00 p.m.

Sunday Morning Services begins at 9:00 a.m.