This savings plan captures some of the elements of the original Jamaican “Partner “It gives members the opportunity to save toward a short-term/medium term goal through a consistent monthly installment for various periods.

REQUIREMENTS

Partner Plan Plus Application Form

Deposit first installment

Establish “Method of Payment” for future installments

TERMS AND CONDITIONS Minimum Monthly Investment: $4,000 Tenure: 6 Months, 12 Months, 18 Months, 24 Months Rate: 3.5%

• Interest payable upon maturity
• Installments (hands) are made monthly, weekly, or fortnightly.
• Provides the option to access a Partner loan (the full draw) after saving half of the contracted amount.
  

PARTNER LOAN SCENARIO

• Member saves $10,000 per month for 12 months = $120,000
• After 6 months payment, ($60,000+ interest) member will be able to borrow the full draw ($120,000) for 6 months with a processing fee of 4.2% of the loan or $5,040 and a $10,000 monthly payment.
• The processing fee will be 4.2% of the loan amount granted or a minimum of $4,000.00 for ALL loans.
• The Partner Plan will NOT continue after loan has been granted and will be closed, kept on the Partner Account, and paid over to the loan on maturity.
• The loan will NOT exceed the Partner Plan contracted period.
• The minimum loan amount is $50,000.00
• Subject to Withholding Tax
• Member Partner Plan contract will determine the loan period for e.g.
  

If the member Partner Plan Contract period is 18 months he can borrow after 9 months, and the loan period would be for 9 months only. Similarly, If the member Partner Plan Contract period is 12months he can borrow after 6 months, and the loan period would be for 6 months only. In this case 50% equity from the member and 50% from the loan

• Multiple contracts will be accommodated but only one Partner loan during the contracted period.
• Proceeds can be hypothecated as security for Loans.

Penalties

• Members are permitted 1 missed installment per contract.
• Closure 3 months after the contract will result in no interest payment
• Early encashment/ withdrawal before maturity will result in a 2% penalty.
  

Maturity of the Plan

Matured proceeds will be transferred to an account of the member’s choice Once the member has a loan the proceeds will be held on the Partner Plus account and transferred to the loan on maturity.