Classic Loan Scheme

  1. Only members who have made contributions to the society consecutively for six (6) months shall qualify for this loan package.
  2. Loan applications shall be treated on a first-come-first-serve basis subject to availability of funds.
  3. The maximum loan amount accessible by any member is 100% of his/her total cumulative contribution as at the end of the month prior to the month in which application is made.
  4. Interest shall accrue on the monthly unpaid balance of the loan at an all-in rate of 14.0% per annum.
  5. Interested and qualifying members should visit the ESMCS portal to fill the necessary forms and follow other stipulated instructions.
  6. For effective management, loans will be disbursed only once in a month for the time being. Applications will be received from the 1st to the 10th of each month, or the last work day previous where 10th falls on a work free day. 
  7. Approval (or otherwise) of loan applications shall be communicated to all applicants via email.
  8. All loan disbursements shall be made within the 11th-15th of the month and shall be by direct transfer into the member’s account. Loan repayment shall be over a maximum period of 24 calendar months and shall commence in the month following the month of application.
  9. Loan repayment shall be by direct payroll deduction throughout the agreed repayment period of the loan. However, an indebted member shall be at liberty to liquidate the outstanding balance on his/her loan account in full at any time via cash/cheque payment or any other off-payroll instrument.
  10. Monthly deductions from members’ salaries in respect of a loan repayment shall not exceed 33% of their regular monthly take-home pay.
  11. Notwithstanding that the minimum monthly contribution required of each member is N5,000.
  12. Members shall qualify to apply for a new loan provided that a minimum period of one month has lapsed since the liquidation of a previous loan.
  13. Any member applying for the second loan in one financial year shall always queue behind a member applying for the first loan in the same financial year irrespective of which loan application is received first.
  14. Loan applications shall be supported by a number of guarantors, who must be financial members of the Society, as stipulated below:
    • Loan amount equal to or less than N1,000,000 3 guarantors
    • Above N1,000,000 and up to N3,000,000 4 guarantors
    • Above N3,000,000 5 guarantors
  15. Any member that is indebted to the society at the point of leaving EMTS either by resignation, dismissal or termination of appointment shall be required to settle the outstanding balance on his/her loan immediately. The accumulated contribution and saving (if applicable) of such a member may also be appropriated towards the settlement of the loan.
  16. Where an indebted member leaves EMTS without settling his/her outstanding loan, and is not able to reach an acceptable settlement agreement with the management committee, the obligation of immediate settlement shall fall on the loan guarantors jointly and severally. 
  17. No member shall be allowed to guarantee more than 3 members’ loans/applications for loan at any given time.
  18. No member shall be allowed to guarantee his/her own guarantor on an existing loan/application for loan.
  19. The financial year of the society runs from January 1 to December 31 of every year.

Standard Loan Scheme

  1. Only members who have contributed to the society for six (6) months consecutively shall qualify for this loan package.
  2. Loan applications shall be treated on a first-come-first-serve basis subject to availability of funds.
  3. Maximum loan amount accessible by any member shall be limited to 100% of his/her total cumulative contribution as at the end of the month prior to the month in which application is made.
  4. Interest shall accrue on the monthly unpaid balance of the loan at an all-in rate of 12% per annum.
  5. Interested and qualifying members should visit the ESMCS portal to fill the necessary forms and follow other stipulated instructions
  6. For effective management, loans will be disbursed only once in a month for the time being.  Applications will be received from the 1st to the 10th of each month, or the last work day previous where 10th falls on a work free day. 
  7. Approval (or otherwise) of loan applications shall be communicated to applicants via email.
  8. All loan disbursements shall be made within the 11th-15th of the month and shall be by crossed cheques drawn on any of the Society’s bank accounts. Cheques shall only be opened upon specific request by the applicant.
  9. Loan repayment shall be over a maximum period of 12 calendar months and shall commence in the month following the month of application
  10. Loan repayment shall be by direct payroll deduction throughout the agreed repayment period of the loan. However, an indebted member shall be at liberty to liquidate the outstanding balance on his/her loan account in full at any time via cash/cheque payment or any other off-payroll instrument.
  11. Monthly deductions from members’ salaries in respect of a loan repayment shall not exceed 33% of regular monthly take-home pay.
  12. Notwithstanding that the minimum monthly contribution required of each member is N5,000.
  13. Members shall qualify to apply for a new loan provided that a minimum period of one month has lapsed since the liquidation of a previous loan.
  14. Any member applying for the second loan in one financial year shall always queue behind a member applying for the first loan in the same financial year irrespective of which loan application is received first.
  15. Loan applications shall be supported by a number of guarantors, who must be financial members of the Society, as stipulated below:
    • Below member’s cumulative contribution to date – No guarantor
    • Loan amount equal to or less than N1,000,000 – 2 guarantors
    • Above N1,000,000 and up to N2,500,000             – 3 guarantors
    • Above N2,500,000                                                 – 5 guarantors
  16. Any member that is indebted to the society at the point of leaving EMTS either by resignation, dismissal or termination of appointment shall be required to settle the outstanding balance on his/her loan immediately. The accumulated contribution of such a member may also be appropriated towards the settlement of the loan.
  17. Where an indebted member leaves EMTS without settling his/her outstanding loan and is not able to reach an acceptable settlement agreement with the management committee, the obligation of immediate settlement shall fall on the loan guarantors jointly and severally.
  18. No member shall be allowed to guarantee more than 3 members’ loans/applications for loan at any given time.
  19. No member shall be allowed to guarantee his/her own guarantor on an existing loan/application for loan.
  20. The financial year of the society runs from January 1 to December 31 of every year.

Emergency Loan Scheme

  1. Only members who have contributed to the society consecutively for six (6) months shall qualify for this loan package.
  2. Loan applications shall be treated on a first-come-first-served basis subject to availability of funds.
  3. Maximum amount accessible by any member shall be limited to 200% of his/her total cumulative contribution as at the end of the month prior to the month in which application is made.
  4. Interest shall accrue on monthly unpaid balance of the loan at an all-in rate of 14.0% per annum.
  5. Single obligor limit shall not exceed N20M.
  6. Loan applications must be supported by insurance and guarantors as stipulated below:
    • Loan amounts up to 1,000,000                                                 1 guarantor and insurance.
    • Loan amounts between 2,000,000 and 5,000,000:            2 guarantors and insurance.
    • Above 5,000,000                                                                           3 guarantors and insurance.
  1. Insurance premium shall be 0.769% deductible upfront on each loan application.
  2. The loan shall only be open to only EMTS staff members in the meantime.
  3. There shall be no top up on this loan scheme.
  4. Loan repayment shall be over a maximum period of 36 calendar months and shall commence in the month following the month of application.
  5. Loan repayment shall be by direct payroll deduction throughout the agreed repayment period of the loan. However, any indebted member shall be at liberty to liquidate the outstanding balance on his/her loan account in full at any time via cash or direct transfer into any of the society’s bank accounts.
  6. Monthly deductions from members’ salaries in respect of a loan repayment shall not exceed 33% of regular monthly take-home pay.
  7. Notwithstanding that the minimum monthly contribution required of each member is N5, 000, any member who has taken a loan shall be required, in addition to the monthly repayment of the loan, to make a minimum monthly contribution of not less than 10% of the monthly repayment amount throughout the duration of the repayment. This amount shall be rounded up to the nearest N1, 000.
  8. Members shall qualify to apply for a new loan provided that a minimum period of one month has lapsed since the liquidation of a previous loan.
  9. No member shall be allowed to guarantee his or her own guarantor on an existing loan/application for loan.
  10. The financial year of the society runs from January 1st of to December 31st of every year.

Super-Classic Loan Scheme

  1. Only members who have made contributions to the society consecutively for six (6) months shall qualify for this loan package.
  2. Loan applications shall be treated on a first-come-first-serve basis subject to availability of funds.
  3. The maximum loan amount accessible by any member is 100% of his/her total cumulative contribution as at the end of the month prior to the month in which application is made.
  4. Interest shall accrue on the monthly unpaid balance of the loan at an all-in rate of 14.0% per annum.
  5. Interested and qualifying members should visit the ESMCS portal to fill the necessary forms and follow other stipulated instructions.
  6. For effective management, loans will be disbursed only once in a month for the time being. Applications will be received from the 1st to the 10th of each month, or the last work day previous where 10th falls on a work free day. 
  7. Approval (or otherwise) of loan applications shall be communicated to all applicants via email.
  8. All loan disbursements shall be made within the 11th-15th of the month and shall be by direct transfer into the member’s account. Loan repayment shall be over a maximum period of 24 calendar months and shall commence in the month following the month of application.
  9. Loan repayment shall be by direct payroll deduction throughout the agreed repayment period of the loan. However, an indebted member shall be at liberty to liquidate the outstanding balance on his/her loan account in full at any time via cash/cheque payment or any other off-payroll instrument.
  10. Monthly deductions from members’ salaries in respect of a loan repayment shall not exceed 33% of their regular monthly take-home pay.
  11. Notwithstanding that the minimum monthly contribution required of each member is N5,000.
  12. Members shall qualify to apply for a new loan provided that a minimum period of one month has lapsed since the liquidation of a previous loan.
  13. Any member applying for the second loan in one financial year shall always queue behind a member applying for the first loan in the same financial year irrespective of which loan application is received first.
  14. Loan applications shall be supported by a number of guarantors, who must be financial members of the Society, as stipulated below:
    • Loan amount equal to or less than N1,000,000 3 guarantors
    • Above N1,000,000 and up to N3,000,000 4 guarantors
    • Above N3,000,000 5 guarantors
  15. Any member that is indebted to the society at the point of leaving EMTS either by resignation, dismissal or termination of appointment shall be required to settle the outstanding balance on his/her loan immediately. The accumulated contribution and saving (if applicable) of such a member may also be appropriated towards the settlement of the loan.
  16. Where an indebted member leaves EMTS without settling his/her outstanding loan, and is not able to reach an acceptable settlement agreement with the management committee, the obligation of immediate settlement shall fall on the loan guarantors jointly and severally. 
  17. No member shall be allowed to guarantee more than 3 members’ loans/applications for loan at any given time.
  18. No member shall be allowed to guarantee his/her own guarantor on an existing loan/application for loan.
  19. The financial year of the society runs from January 1 to December 31 of every year.