Make your dream wedding a reality with our microfinance wedding loans. From the perfect venue to the dress of your dreams, our flexible financing options ensure every detail of your special day is perfect, without compromising on your vision or budget. Say 'I do' to a stress-free wedding planning experience.
Wedding Loan Features:
1. Maximum Loan Amount: Secure up to Kshs 1 million, providing substantial financial support for your dream wedding.
2. Loan-to-Savings Ratio: Borrow up to 4 times your savings deposits, leveraging your financial resources to create the wedding you've always envisioned.
3. Flexible Repayment Period: Enjoy a maximum repayment period of 12 months, allowing you to manage expenses comfortably while celebrating your special day.
4. Competitive Interest Rate: Benefit from a competitive interest rate of 16% per annum on reducing balance, ensuring affordability throughout the loan term.
5. Guarantor Requirement: Ensure the loan is fully guaranteed by both yourself and another member(s) who can pledge their withdrawable shares, providing security for the financing.
6. Quick Disbursement: Experience swift access to funds with disbursement typically completed within 3-5 working days, enabling you to proceed with your wedding plans without delay.
7. Collateral Option: If opting to use collateral such as a title deed, our microfinance offers loans equivalent to 70% of the collateral's appraised value. Please note, the collateral evaluation process may take up to 2 months or more, and the borrower bears associated costs including search fees, valuation costs, legal fees, stamp duty, and registration expenses.
Requirements:
1. Membership Duration: Qualify for a wedding loan after completing a minimum of 6 months of membership with our microfinance and maintaining up-to-date monthly contributions.
2. Consistent Contribution: Ensure a consistent contribution history of at least 6 months prior to the loan application, demonstrating financial stability and commitment.
3. Savings Stability: Savings intended for wedding loan purposes must have been held within the microfinance for a minimum of 6 months, reflecting prudent financial planning and stability.
4. Financial Capability: Provide proof of your ability to repay the loan, demonstrating a sound financial position and sufficient income sources.
5. Membership Transfer: Members transferring shares from another society will become eligible for a loan after a probationary period of 3 months, ensuring compliance with membership guidelines and regulatory requirements.
6. Insurance Coverage: All loans are mandated to be insured by a reputable insurance company against death or permanent disability, providing essential protection for both the borrower and their wedding plans.
With our comprehensive wedding loan solutions and stringent eligibility criteria, our microfinance is committed to helping you celebrate your special day in style while ensuring financial stability and peace of mind.
