Hurricane Maria Relief Loan/ Rise & Restore

NCCU is pleased to offer the following new loan product to assist members in recovering from Hurricane Maria. Members can access this special loan up till May 31, 2018

Rise & Restore Loan  

Purpose:  To 

  • Repair homes
  • Repair Motor Vehicles 
  • Retrofit houses 
  • Replace furniture, appliances and equipment 

 which were damaged during the passage of Hurricane Maria

     Loan Maximum 

  •          $50,000  (this is not an entitlement but based on member's needs) 

         Interest Rate 

  •        5% per annum on the reducing balance 

       Repayment Period 

  •        15 years (180 months)  

      Security

  • Compulsory and Security Savings are waived 
  • Loans must be secured if member's loans exceed the 'Character Loan" facility of $10,000
  • Member must provide the  assessors' report and, where necessary, the most recent  valuation of the house 
  • A mechanical report is required for motor vehicle repair loans, 

  General Conditions

  •  To qualify for this special loan facility, the member must demonstrate that he/she was affected by Hurricane Maria,
  • All other conditions as set out in the Loans Policy approved by the Board of Directors on January 4, 2017 apply.