Riya Mala 
The Fiji Teachers Union Cooperative Thrift and Credit Limited is offering a wide range of affordable loan options to support its more than 4,500 members, all of whom are also members of the Fiji Teachers Union.
This was highlighted by the General Secretary of the Fiji Teachers Union, Muniappa Goundar, who said the cooperative plays a vital financial role in helping teachers access affordable credit.
He added that the assistance includes housing and motor vehicle loans offered at significantly lower interest rates than those provided by commercial lenders.
“We provide housing loans at a fixed interest rate of 5.5% and motor vehicle loans with zero deposit,” said the cooperative’s representative.
“For a brand-new vehicle, we offer 6% for seven years, and the same rate for secondhand vehicles over five years.”
Goundar noted that due to the recent exodus of teachers, which has significantly affected the cooperative’s membership, the housing loan ceiling remains at $150,000.
However, he said that if the situation improves later in the year, the Cooperative may consider increasing the ceiling to $200,000 per member, an amount that could help couples afford a decent home in urban centers.
He also reaffirmed the cooperative’s commitment to supporting all teachers, especially those newly posted to islands and remote areas who may need financial assistance.
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