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Loans

At the ASCU we have a variety of loans accessible to our members at excellent rates. Some lending instruments are based on the amount of shares or savings in the credit union, whereas others are on-demand, bail-you-out-when-you-need-it loans. Some loans can be repaid in as much as 108 months, while others only need you to cover 10%, 25% or 50% of the cost of an item. Let us make it work together.

Share-secured (Personal) Loans

These loans are secured by the member’s shareholding in the Credit Union.

Character (Regular) Loans

These loans would normally be repaid within 108 months. Generally, the Credit Committee may approve loans in excess of shares for up to one and one-half the amount of the member’s shareholdings. Loans up to twice the amount of the member’s shareholdings may be granted at the discretion of the Credit Committee.

Demand Loans

These loans must be fully secured for the amount of the loan and are repayable within six (6) months.

The member may elect to make regular repayments of principal and interest during the loan repayment period or alternatively, make payments of interest only during the period and a lump sum payment of the principal at the end of the period.

More Loans

Education is the most important investment one makes in life. Higher studies and specialization in certain fields call for additional financial support from time to time.

Whether you are planning school education (nursery to form VI) of your child, pursuing a graduate or post-graduate degree, the Aero Services Credit Union Education Loan, can help finance your ambitions and goals.

These loans may be approved based on the member’s capacity to repay.


The maximum repayment period for vehicles is eight four (84) months. However, the value of the vehicle will also determine the length of the repayment period.

For new vehicles, pro-forma invoices must show-make, type and model of vehicle, colour of vehicle, chassis and engine numbers. In the case of used vehicles, proof that the vehicle to be purchased is free from all encumbrances and a certified copy of ownership with a letter of intent to sell must be submitted with the loan application.

A certified copy of ownership showing the new owner (that is, the name of the member) obtained from the Licensing Authority must be submitted to the Credit Union within fourteen (14) calendar days after receipt of the cheque for the loan. The member must provide Full Comprehensive Insurance policy coverage on the vehicle with an assignment in favour of Aero Services Credit Union.



The Life Saver Loan is a discounted loan (i.e. you are required to pay in advance the interest amount based on the loan value). This loan allows you the flexibility to select the amount and payment period that is most suited to your needs. The interest charge varies based on the amount you borrow.

The Plan operates as a type of revolving loan. You may apply for a loan “top-up” within the same range or to a higher range prior to the initial loan being repaid. In such an instance you must pay the interest for the new loan amount in advance. Interest is paid on the “top-up” amount based on the Interest Charges band within which the total new loan falls. Requests for “top-ups” are granted in increments of $500.00. The amount of the New Life Saver Loan will be added to the existing Loan balance.

ALL LOANS ARE SUBJECT TO NORMAL LENDING CRITERIA

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