VM Cash Secured Loan

Product Overview

The cash secured loan allows savers to borrow an amount of no more than 80% as a loan using the holdings in either a share or deposit account as collateral.

Cash Secured Loans are extended for tenures not over 10 years.

Product Details

Target Groups
  • Age range: 18 – 55 years
  • Gender: No restriction to gender
  • Characteristics:
    • Employed Individuals or business owners with unencumbered cash saved in a VMBS account
    • Consistent savers with interim needs
    • Persons saving towards a  long term goal but wish to cover existing expenses without disrupting savings
  • Income level: None defined
  • Borrow up to a maximum of 80% of the available funds in your savings or deposit account
  • Fixed interest rate on amounts using share account holdings as collateral
  • Repayment rate of +4% interest rate on interest earned on amounts held in time accounts
  • Up to 10 years to repay
  • Loan repayments can be made at any VMBS ATM or Branch island wide
  • Processing fee is applied
Selling Points
  • Loan may be used for any purpose
  • Savings remain intact and continue to earn interest on the full amount while being used as collateral
  • Fast same day loan processing
  • Lower interest than most loans available in the market

VM Cash Secured Loan

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