What is the difference between a Full member and an Associate member?
Full Members of the Association has 100 permanent shares or more. This is a loan requirement for mortgage loan clients.
Associate Members have 25 permanent shares or less. Having 25 permanent shares is a loan requirement for consumer loan clients.
What are the benefits of the Permanent Shares?
Permanent shares allow you to benefit from the payments of dividends.
Full Members can:
Vote at Annual General Meetings
Apply for Secondary School Scholarships (Terms and conditions apply)
Access to all products
What is required to join St. Vincent Building & Loan Association?
For Personal applications:
The Personal Application form
Two pieces of Proof of identification – A valid passport, driver’s license or national identification card. If you only have one piece of valid photo I.D, your birth certificate will be used as well.
Proof of address in the form of a utility bill or bank statement.
Proof of income in the form of a job letter of salary slip.
For Business applications:
Personal documents listed above will be required for all directors.
Certificate of Incorporation or Certificate of Business name Registration.
Memorandum and Articles of Association/Incorporation or Articles of Incorporation and Bylaws.
Share and Director Registry, Notice of directors, Notice of secretary , Notice of address.
Can I withdraw my Permanent Shares?
Permanent Shares make you a member of the Association, if you no longer wish to be a member of the Association those shares must be sold or transferred to someone sourced by you and we will facilitate the transfer after the necessary transfer agreement is completed.
An individual must be a member of the Association to have a loan, to be a member one must have Permanent Shares. An appointment is made with one of our Loans Officers to complete the application process. However, if you’re not a member your Permanent Shares can be bought once you meet the necessary requirements and your loan is approved.
How old do I need to be to apply for a Loan?
You must be 18 years or older in order to be eligible for a loan. As per the legislation this is the legal age whereby you are able to enter into such contractual agreements.
Is it possible for me to obtain a loan if I reside overseas?
Yes absolutely. You will be required to meet the full criteria and provide all the financial information that would be requested if you were on island however some of these documents may need to be notarized before they are sent via post or electronically.
Are there any fees for submitting a Loan application?
Processing fees may apply in most cases, inclusive of legal fees and processing fees etc. however the cost varies depending on the amount that is being requested.
What are the maximum number of applicants for a Loan?
A maximum of X applicants can apply for any one loan with the Association.