As soon as a person has been a member of KEP for 3 months, he/she qualifies for taking out a loan. Each member can borrow a maximum of 5 times his share. Loan applications are handled very quickly; the process is simple and is not troublesome at all. As the conditions are flexible, the percentage of loan applications rejected is also very low.
A flat interest rate of 7% is applicable to all loans taken out at KEP. This is the most favourable option here in Curaçao.
Documents required to be presented are the 2 latest salary or pension slips, the 2 latest bank statements and the latest credit card statement. As payments are deducted from your salary, no O.B., i.e. turnover tax, is levied on the amounts involved and, in addition, KEP charges neither administrative costs nor risk insurance. KEP does not require any down payment either. Taking out a loan at KEP you qualify to receive part of your interest that you pay back, in the form of dividend. No financial institute offers a more favourable deal.
KEP stands for providing ample opportunities for its members to continue developing.
In order to meet this purpose, KEP practices collective buying of various types of products, appliances and other educational instruments. In this way, members get a price benefit and at the same time a development opportunity for themselves and their families.
Members can also make use of the so-called “guarantee letter” to make purchases at several establishments, e.g. Wimco, Polytronica, Better Deals, Omni and various others. For both types of purchases, members can make repayments in a maximum period of 12 months.
Applications can be made for a maximum amount of ƒ2000.= and a repayment period of a maximum of 15 months.
An application can be made while an existing loan is maintained which is duly related to the amount of shares. In case of a Small Loan, it will not be permitted to change the loan, so repayment of the loan should be made in full before another loan can be applied for. All other rules for loans related to shares are applicable to Small Loans as well, among other things, calculation of a third part, loan insurance, submission of the 2 latest salary slips, the 2 latest bank statements and the latest credit card statement.