Loans
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Five Percent Loans:
The five percent loan is available upon application from the member and approval by Central Electric's Board of Directors. The maximum loan amount is the lesser of $20,000 or 80% of the cost of installation for a period of up to 84 months. Collateral for the loan is required to be mortgage on the property. Minimum monthly payment is $50 plus interest.
| Loan Amount | Monthly Payment | Months | Total Payments |
|---|---|---|---|
| $1,000 | $57.78 | 18 | $1,040.04 |
| $2,000 | $55.61 | 39 | $2,171.13 |
| $3,000 | $56.61 | 60 | $3,396.60 |
| $4,000 | $56.54 | 84 | $4,749.36 |
| $5,000 | $70.67 | 84 | $5,936.28 |
| $6,000 | $84.80 | 84 | $7,123.20 |
| $7,000 | $98.94 | 84 | $8,310.96 |
| $8,000 | $113.07 | 84 | $9,497.88 |
| $9,000 | $127.21 | 84 | $10,685.64 |
| $10,000 | $141.34 | 84 | $11,872.56 |
For example: If you wish to receive a $5,000 loan for 84 months, your monthly payment necessary to pay back the loan at 5% interest would be $70.67. Actual payments depend on the amount borrowed and number of months of amortization.
Energy Conservation Home Improvement Loan:
A Consumer home improvement loan program to help you make your home more energy-efficient. Loan rates are competitive, terms are flexible and all loans are unsecured.
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M - F // 8:00am - 5:00pm1420 N. Main Mitchell, SD 57301 // 800.477.2892 // cec@centralec.coop