Product Features:

– The maximum Loan is Kshs 2 million.

– Loan issued up to 4 times one’s savings deposits.

– The loan is payable within a maximum period of 36 months.

– Interest rate- 1% p.m or 12% p.a on reducing balance.

– Must be fully guaranteed by self and another member (s)’ withdrawable shares

– Disbursed within 3-5 working days

– If using collateral e.g. title deed:

• The Sacco will loan 70 % of the value. The valuation is done by independent company. The process of charging the title is very lengthy and rigorous which can take up to 2 months or more more depending on the various factors
• The  borrower bears the cost of charging the title deed including, search, valuation, legal fee, stamp duty and registration

Requirements

1. To qualify, one must have completed at least 6 months of membership and must be up to date with their monthly contributions.

2. Ensure contributions have been consistent for at least 6 months prior to the loan application.

3. Ensure that savings contributed in a lump sum for the purpose of taking a loan have been in the Sacco for at least 6 months

4. Show proof of ability to repay the loan.

5. A member who transfers shares from another society will only be eligible for a loan after 3 months.

6. All loans shall be insured by a reputable insurance company against death or permanent disability.