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Loans for retired members

Conditions

The Mutual Association grants retired members two types of loans, the ordinary loan and the housing loan, as long as the granted amount and the interest to be paid until maturity are blocked as a guarantee in the CHF current and/or deposit account, or USD account.

  • Interest rate and duration

The interest rates as well as the duration of the loans are the same as for active members.

  • Minimum amount granted

The minimum amount that may be requested for a jousting and an ordinary loan is CHF 5,000,

  • Guarantee with the USD current account

If a member wishes to borrow against its USD current account, the counter value of the amount of the amount granted and interest to be paid until maturity does not exceed 65% of the blocked sum in USD.

  • Monthly repayments

The monthly repayments can be made by cash, by wire transfer or by withdrawal from the CHF current or deposit account only,

Monthly repayments must be received by the last monthly working day of the month at the latest, failing which accrued interest will be charged. If the payment is not done on time the Mutual Association will deduct the instalments from the blocked sums.

  • Death

In case of death, the Mutual Association will repay the capital due and interest from the memberÔ??s account(s).

Early loan repayment

A loan may be partially or totally reimbursed in advance as long as a minimum of 6 montly salary deductions have been done,

Early loan repayment is done free of charge,

A partial reimbursement is allowed only once during the duration of the loan,

Members who wish to repay their loan partially or totally in advance must send a request by email or by mail to the Mutual Association for agreement. Repayments made without prior approval from the Mutual Association are refused,

As a partial or total repayment can be made only between the 1st and the 15th of each month, members must submit their request to the Mutual Association at the beginning of the month,

Early loan repayment can only be done by bank transfer or withdrawal from the members account(s) with the Mutual Association. Repayment by cash is not authorized,

If a member effects an early repayment by bank transfer, the funds can only be accepted from the following sources:

  1. an external bank account in the name of the member,
  2. an external bank account in the name of persons holding a power of attorney previously registered by the Mutual Association,
  3. a member organization,
  4. the pension fund of a member organization.

Any deposits originating from other sources are refused.

In case of early loan repayment the Mutual Association may request members for additional information or documents in order to justify the source of funds and tax compliance. If the source of funds and tax compliance cannot be clearly established by the usual procedures, the Mutual Association reserves the right to request additional information or refuse the early repayment,

After having received the approval by the Mutual Association, members will have to strictly follow the instructions provided by the Mutual Association, notably the period of repayment, otherwise the funds will be refused and the early loan repayment cancelled,

For members who have repaid a loan in advance and submit a new loan application within six months from the date of repayment, the approval by the Board of Directors is required. The latter is entitled to request information or documents in order to decide on the request.