Motor Vehicle Loan
The Jamaica Civil Service Mutual Thrift Society Limited provides loans to its members to aide with the purchase of Motor Vehicles Eight (8) Years and Under.
The Jamaica Civil Service Mutual Thrift Society Limited provides loans to its members to aide with the purchase of Motor Vehicles Eight (8) Years and under. This loan can be used for the following:
- Interim Financing :- Short Term Financing until other arranged financing is made from either the Accountant General’s Department or other Financial Institutions
- Motor Vehicle Loan :- Where a borrower obtains a loan from the Society to purchase a motor vehicle
- Additional Financing :- Where a borrower has already secured a part of the purchase price in cash or loan and needs additional funds to purchase the motor vehicle.
| Loan Terms & Requirements: | |
|---|---|
| Loan Amount: | $3,000,000.00 (maximum for new vehicles 1-3yrs) $2,000,000.00 (maximum for used vehicles 4-8yrs) |
| Loan Term: | 84 Months (maximum) * Conditions Apply |
| Eligibility: | Two (2) month membership in the Thrift Society. |
| Interest Rate | 9.99% on the reducing balance |
| Collateral | First or Second Lien on Motor Vehicle and One (1) Surety |
| Commitment Fees | 3% of Loan (included in loan) |
| Monthly Payment | $2,000,000 – J$33,205 per month $3,000,000 – J$55,804 per month |
| Minimum Shares Balance | 15% of Required Loan Amount *Conditions Apply |
| Motor Vehicle Companies | New Vehicles, Motor Vehicles bought through Jamaica Used Car Dealers Association and Imported Motor Vehicles |
| Maximum Age | Motor Vehicles up to Eight (8) Years |
| Motor Vehicle Checklist | – Invoice or Sales Agreement – Last Two (2) Payslips – Job letter Confirming Position or Salary – Valid Photo Identification – Copy of Original Certificate of Fitness – Motor Vehicle Valuation – Proof for Other Financing Option – Copy of C87 (Imported Vehicles Only) – Copy of Motor Vehicle Registration (Locally Bought Vehicles Only) |
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