Loan eligibility criteria
- A member must have completed six (6) months of membership and contributed a minimum of Kshs.18,000.00 in deposits and fully paid-up share capital of Kshs 35,000.00.
- Member’s eligibility and approval of loan shall be guided by an assessment of character, capital, collateral, capacity to repay, and adherence to the conditions of the loan.
- The conditions for minimum monthly deposit contributions shall apply
Short term Products
Short term loan
- Repayable in a maximum period of 24 months.
- Interest charged at the rate of 1.25% p.m.
- The maximum mount granted shall not exceed Ksh2 M
Holiday Yolo Loan
- Targeting to help members meet their holiday expense.
- The product shall be available for holiday purposes only.
- Maximum of Ksh 250,000
- Interest rate of 1.167% PM
Product Loan
- This loan is tailor made for acquisition for home or office appliances e.g electronics and other value chain products like Solar power solutions, Water tanks furniture etc.
- 2 Guarantors needed.
- Interest rate of 1.08% PM
- Repayable on 24 months
School fees Loan
- This loan is for school fees purpose
- Fees structure should be attached on the application
- Repayable in 12 months
- Interest rate of 1.08% PM
Emergency Loan
- This loan is available for emergencies including hospitalization, funeral expenses, court fines, and/or any other unforeseen circumstances beyond the members’ control.
- Application should be accompanied by prove of emergency need
- Repayable in 12 months
- Interest rate of 1.08% PM
Kadogo Loan
- To be within a maximum period of six (6) months at an interest rate of 3.5% p.m.
- The Maximum amount of the loan shall be Kshs.250, 000.00.
- Post-dated cheques for the repayment shall be provided to be deposited on respective due dates.
- Other payment methods payment should be supported by proof of ability to pay.
Salary Advance 3 months 7.5% monthly
- Repayable in 3 monthly instalments
- Interest rate of 7.5% monthly
- Maximum amount will be subject to ability to repay
- Employer’s approval for deduction is a must
Mobile Loan
- Member must register for mobile banking services
- Must have been a member of the Sacco for at least 3 months
- Maximum loan shall be up to 15% of member deposits subject to a maximum of Kshs 100,000.00
- Loan shall be payable as follows; 1 month interest is 7% monthly, 2 months interest is 8.5% per month, 3 months interest is 10% per month
- Defaulted loan for more than three months shall be recovered from member deposits and the member shall not access any loan until the recovered deposits are restored.
- Any member who defaults on this product shall be disqualified from accessing the product in future.
Long Term Products
Normal Loan
- Repayable in 60 months at the rate of 13% p.a
- The maximum amount loan shall be up to 3 times members deposits subject to a limit of Kshs 15 million
- Repayment from Salary shall not, in addition to the other deductions, exceed 2/3rd of a member’s basic salary.
- Loan must be fully guaranteed by own deposits, other members’ deposits, or acceptable security.
- For Guarantorship against deposits, the guarantor’s liability shall not exceed Kshs one million (Kshs 1,000,000)
- A member may refinance the initial loan at a 1 % refinancing fee after repaying the loan for at least one year
Super Loan
- Repayable in 72 Months at the rate of 15% p.a
- The maximum amount of loan granted shall be up to 4 times members deposits subject to a limit of Kshs 18 million. Repayment from Salary shall not, in addition to the other deductions, exceed 2/3rd of a member’s salary.
- Repayment from other sources of income shall be supported by six (6) months certified bank statements.
- Loan must be fully guaranteed by own deposits, other members’ deposits, or acceptable Security.
- For Guarantorship against deposits, the guarantor’s liability shall not exceed be Kshs one million (Kshs 1,000,000)
- All loan refinancing or top-ups shall be charged a refinancing fee of 1 % on the outstanding loan balance which shall be recovered at the source.
- Loan must have been repaid for at least 1-year (12) months before it can be refinanced.
Plot loan
Designed to help members to purchase land for commercial and residential purposes.
- Repayable in 60 Months at interest rate of 14% P.a
- Maximum loan shall be up to 100% of the price of the plot and 3 times members deposits.
- The plot shall secure up to 70% of the market value whereas 30% shall be secured by member’s free deposits or, guarantors or any other acceptable collateral.
- Maximum repayment period shall be 60 monthly instalments.
Asset Financing loan
This product is tailored to assist members in the acquisition of income-generating assets other than for personal use.
This includes machine/Equipment acquisition for business start-ups or expansion, farm machinery, dairy equipment, Motorbikes for business etc.
- It is repayable in 60 months at interest rate of 14% p,a
- The maximum amount of loan granted shall not exceed 100% of the cost of the Asset.
- The Asset will secure up to 70% of the market value of the asset whereas 30% shall be secured by either own free deposit, other acceptable collateral or by at least 2 guarantors.
- Member to attach business proposal and income projections where applicable.
- All incidental costs arising out of this loan processing shall be borne by the borrowers.
- Comprehensive insurance cover and tracking system in case of public transport vehicles
Car Loan
This loan is to assist members to acquire cars for personal use only.
Car Loans are available to members who need finances for car purchases to be repaid over a maximum period of Sixty (60) months and charged Interest at 1.17% p.m. or at a premium above the cost of funds whichever is higher.
Sacco will finance 100% of the price of the car and should be upto 3 time member’s deposits
- The car should be 8 years and below
- It is repayable within 60months at the rate of 14% pa
- Car shall secure up to 60% of the car market value and 40 % shall be secured by own free deposits or at least qualifying 2 guarantors.
- All incidental costs arising out of this loan processing shall be borne by the borrowers; Valuation fees for the car, transfer fees, etc
- The car must always have Comprehensive Insurance Cover and 24hrs tracking system.
- The car shall be co-owned by the Sacco and the member until the loan is fully repaid.
Makao Loan
This is long-term financing to enable members for home ownership or house construction.
Is offered for home ownership by purchase.
- Deposit multiplier shall be up to 6 times of member deposit subject to a maximum of Kshs 15,000,000.00.
- 70% of the market value of the house shall be used as the security for the loan, 30% will be secured by guarantors, another acceptable collateral or member’s free deposits.
- The minimum amount of the loan shall be Kshs 2,000,000.00.
- The interest rate shall be 1.17% p.m. on a reducing balance basis.
- The repayment period is up to a maximum period of 120 months / 10 years.
- Legal, valuation, Stamp duty, and fire insurance fees shall be borne by the member.
- Loan must have been repaid for at least 1-year (12) months before it can be refinanced.
- Applicable refinancing fees will be 1% of the outstanding loan.