Loans
Loan Terms
- These terms apply across all the loans.
- A member qualifies for a loan after saving for 6 months continuously.
- A loan must be fully guaranteed.
- A member who withdraws from the Society and rejoins later shall be treated as a new member for the purposes of the loan policy.
- All required attachment on the loan form must be attached.
Loan Features
- Maximum three times a member’s deposits, subject to a ceiling of Kshs 7.5 million, or an amount set by the Board of Directors.
- Interest shall be charged at 1% monthly on reducing balance and may be varied from time to time by the BOD.
- The maximum repayment period shall be 60 months which may be varied by the Board of Directors from time to time as the cash flow dictates.
• For purchase of other products, household goods, vehicles or land.
- Interest rate shall be charged at 12% p.a or any other interest to be determined by the Board of Directors from time to time.
- Members to apply for in the normal terms.
- Repayment period is 60 months.
- Maximum amount is Kshs.10million.
- Applicable to members with deposits of at least 15% of the loan applied.
- Members to apply for the loan under the normal terms.
- Member to apply after at least 6 months of servicing the current loan.
- Interest shall be charged at 12% p.a on reducing balance and may be varied from time to time by the BOD.
- These loans are provided depending on the availability of funds in the Society and on a first come first served basis.
- The refinancing fee shall be 1% on the outstanding balance.
- Maximum amount should not exceed Kshs. 7.5 million or an amount set by BOD.
- Maximum repayment period shall be 60 months.
- Maximum amount shall be Kshs 400,000.00 or an amount set by the BOD.
- Interest shall be charged at 13% pa on reducing balance or a rate set by BOD.
- Maximum repayment period shall be 24 months.
• This is a mobile banking facility that allows members the opportunity to access loans via their phones.
- Maximum loan of 50,000 but to be graduated from Ksh. 5,000.00.
- Interest rate of 5% per month on reducing balance.
- Repayment period up to a maximum of 3 months.
- The monthly repayment is facilitated by the member.
- The member can access up to 80% of his free deposits.
- In case of default the loan balance is recovered from the members’ deposit.
- Members to apply for the loan under the normal terms.
- Member must be contributing deposits and repaying their loans consistently.
- Repayment period 12 months.
- Interest shall be charged at 13% per annum on reducing balance.
- Maximum subject to premium payable.
- Cheque is payable directly to the insurance company.
- Maximum amount shall be Kshs. 500,000.00 or an amount set by BOD.
- Interest shall be charged at 12% p.a on reducing balance and may be varied from time to time by the BOD.
- Maximum repayment period shall be 24 months.
- Application for school fees loan should be submitted together with a signed and stamped fee structure.
- This product is designed to help members in their investment and development plans e.g.acquire a plot, renovate, finish or even construct commercial, rental and residential properties.
- Minimum loan shall be Kshs. 1million and Maximum loan amount shall be Kshs.10 million subject to ability to repay.
- Interest rate charged on the loan is 12% p.a. on reducing balance.
- Maximum repayment period of 72 months.
- The loan must be fully secured by guarantors and/or collateral.
- Member must have a good credit history and ability to repay.
- This loan shall not be used to refinance any other loan.
- Applicable to members with deposits of at least 15% of the loan applied
- Maximum amount shall be Kshs. 300,000.00, or an amount determined by the BOD from time to time.
- Interest shall be charged at 14% p.a on reducing balance and may be varied from time to time by the BOD.
- Maximum repayment period shall be 24 months.
- The applicant will be required to state reasons for emergency
- The Sacco will finance at 1.2% per month for a period of up to 12 months.
- Maximum amount shall be Kshs. 100,000.
- The loan should be fully secured by guarantors.
- Items to be purchased include but not limited to; Tank, office furniture, Electronic appliances e.g Mobile, Television, Laptops.
- Partnerships with relevant suppliers to be initiated e.g. safaricom, Hotpoint, top tank