IDB-IIC Federal Credit Union
EspaƱol

Country Office Loans

  • Loan to International Employees

Provide financing to Inter-American Development Bank (IDB) international employees to purchase an automobile while working outside the United States at a Country Office.

Eligibility
Permanent or Fixed-term IDB international employees working at Country Offices with two or more years of continuous service.

Maximum Loan
Up to 50% of employee's annual salary with a limit of $40,000.

Terms of Loan
Loan denominated and disbursed in U.S. Dollars with 7 year amortization schedule and payments in U.S. Dollars.

Interest Rate
Variable rate based on index of 1 year U.S. Treasury obligations. Your starting interest rate will be the index rate in effect at the time your loan is approved plus the required margin of 3.00%.

Rate Adjustments
The interest rate will be adjusted annually on the first day of January. Adjustments will be limited to 2.00% per year with a maximum of 6.00% over the life of the loan.

Security
Irrevocable assignment of IDB termination benefits to the Credit Union.

Other Requirements

  • Irrevocable authorization to IDB to deduct loan payments from your salary and pay U.S. Dollars to the Credit Union.
  • Property insurance for the amount financed with Credit Union listed as loss payee.
  • Full repayment of loan if employment with the IDB is terminated.



Loan Rates

How to Apply

Please send us the following required documents:

  • Loan application with all applicable sections completed.
  • A description of the vehicle to be purchased.
  • Copy of most recent pay statement which includes deductions from salary.

Apply Online or just contact our Lending Department* to get started.

Provide financing to Inter-American Development Bank (IDB) national employees to purchase an automobile or other personal property while working outside the United States at a Country Office.

Eligibility
Permanent or Fixed-term IDB national employees working at Country Offices with two or more years of continuous service.

Maximum Loan
Up to 50% of employee's annual net salary or 75% of employee's termination benefits, whichever is less.

Terms of Loan
Loan denominated and disbursed in U.S. dollars with 7-year amortization schedule and payments in U.S. dollars.

Interest Rate
Variable rate based on index of 1 year U.S. Treasury obligations. Your starting interest rate will be the index rate in effect at the time your loan is approved plus the required margin of 3.00%.

Rate Adjustments
The interest rate will be adjusted annually on the first day of January. Adjustments will be limited to 2.00% per year with a maximum of 6.00% over the life of the loan.

Security
Irrevocable assignment of IDB termination benefits to the Credit Union.

Other Requirements

  • Irrevocable authorization to IDB to deduct loan payments from your salary and pay U.S. dollars to the Credit Union.
  • Property insurance for the amount financed with Credit Union listed as loss payee.
  • Full repayment of loan if employment with the IDB is terminated.

Loan Rates

How to Apply

Please send us the following required documents:
  • Loan application with all applicable sections completed.
  • A description of the vehicle or personal property to be purchased.
  • Certification by the Country Office of your total annual salary (including local currency and U.S. dollar equivalent at the official IDB rate of exchange), length of service with IDB and expiration date of contract.
  • Certification by the Country Office of current level of your termination benefits in local currency and the U.S. dollar equivalent at the applicable official IDB rate of exchange.
  • Copy of most recent pay statement which includes deductions from salary.

Just contact our Lending Department* to get started.

 

 
National Credit Union AdministrationYour savings federally insured to at least $250,000 and backed by the National Credit Union Administration, a U.S. Government agency.