(718) 806-1519 • info@everestfcu.org • 7418 37th Rd. Jackson Heights, NY 11372

Loan Accounts

auto loans

Drive Away with a New Loan!


Loan Types We Offer:

Personal Unsecured Loan

EFCU will offer personal unsecured loan (also called signature loan) to the members based on their credit report and relationship with EFCU. The loan amount will be offered for the amounts of $1,000 to $10,000 and for 6 months to 60 months term. The interest rate may vary based on current market rate, credit report, and other factors.

Personal Secured Loan

EFCU will offer collateral backed loans to the members regardless of credit worthiness. The loan amount will be on the basis of value of collateral, and should be repaid in fixed term in equal monthly installment. Members may deposit gold or any valuables as collateral to receive such loans. The loan may also be based on collateral of regular share or share certificate account. The pass-book loan is also secure personal loan which can be provided based on their saving account balance.

Motor Vehicle Loan

EFCU will offer motor vehicle loans with lean on existing or a new vehicle. The vehicle loan amount will vary based on cost of vehicle and the existing policies. The interest rates will vary based on credit report and relationship of a member with EFCU. The field of membership survey shows that the potential members are interested for new and used vehicle loans as well as refinancing existing vehicles. About 2,400 potential members have shown interests for a new motor vehicle, and about 200 to 300 members are interested for used motor vehicle loans and refinancing existing motor vehicle. EFCU will ensure that the motor vehicles are properly inspected and certified before granting the loans. EFCU gives preferences to Uber driver and other cab driver to provide vehicle based collateral loan because people in the community can generate income from driving services. This will help community members to uplift their financial situation. These members then direct deposit their income to EFCU checking account. EFCU will ensure that the installment payments are directly withdrawn from their checking accounts. The vehicle loan is purely for new and existing vehicle but, this loan is not for medallion loan.

Credit Cards (Coming soon)

EFCU will offer credit cards to its members on the basis of their credit report and relationship. Since it may not be possible to offer credit cards in first year of operation, EFCU aims to offer credit cards at the end of first year of operation as a pilot program. The credit cards may range from $500 to $10,000, and the amount may be gradually increased from lower to higher amount based on payment record and credit reports. The interest rate and payback terms and conditions will be based on members’ credit report, existing market rate, and EFCU policies. Nevertheless, the interest rates will be lowered in compare to average market rate considering the members’ needs of building their credits. As EFCU members are fairly newly migrated people, they are willing to expose into the credit market to build their credit. Therefore, this product is in very high demand in EFCU membership base.

Chitto / Quick Loans

EFCU will offer Chhitto/Quick Loans are loans under $1,000 made to members of the credit union with emergency liquidity needs. A decision on an Chhitto/Quick Loan is made on the same day of application. The maximum amount of an Chhitto/Quick Loan is $1,000 and maximum timeline to maturity of this loan is up to 12 months. Only those who have been members of the credit union for at least three months are eligible to apply for an Chhitto/Quick Loan. A member may apply for an Chhitto/Quick Loan with the following documents:
a. completed application;
b. verification of income;
c. recent proof of address.

Because proof of rent is not required, a debt-income ratio worksheet will not be filled out for an Chhitto/Quick Loan. However, a credit report will be pulled and examined for delinquency.

Additional Loan Types


  • New Auto
  • Used Auto
  • Indirect New Auto
  • Indirect Used Auto
  • New Recreational Vehicle
  • Used Recreational Vehicle
  • New Motorcycle
  • Used Motorcycle
  • Share Secured
  • Certificate Secured
  • Other Secured
  • Business Secured
  • Overdraft LOC
  • Chhito (Quick) Loan
  • Consumer Loan
  • Small Dollar Loan
  • Deficient Balance
  • Business Unsecured