We offer a range of flexible personal loans and borrowing options. Our loans can be used for almost any purpose. Also, as a core risk management practice, granting of loans is completely vetted by the Loans Committee. In addition, all loans granted are co-guaranteed by members.
LOAN CATEGORIES
You may apply for one of three loans:
1. Development Loan: Granted for long term development.
- Repayment period maximum 48 months.
- 1% interest on the reducing balance.
2. Emergency Loan: Covering emergency situations such as school fees, accidents, hospital bills, court fines and any other unforeseeable circumstances beyond a member’ s control.
- Repayment period maximum 12 months.
- 1% interest on a reducing balance.
- Loan not exceeding 50% of savings contributions.
3. Refinancing Loan: Enables a member complete the project under which a development loan was granted and satisfactorily utilized.
- Considered as a new loan.
- Repayment period maximum is the remaining period on the principal normal loan.
- 1% interest on a reducing balance.
LOAN CONDITIONS
The below general conditions apply:
1. Qualification for a Loan:
- New Members: After 6 months of joining the Sacco.
- Existing Members: Regular contributions for at least 6 months prior to loan application.
2. Maximum Loan Amount: Three times the member’s total savings contributions subject to sufficiency of guarantee savings amounts.
3. Loan Repayment: Must not exceed two-thirds basic salary and is only by Bank Standing Orders.
4. Application: Duly completed loan application form