Types of Loan

Normal/Development Loans

  • Normal Loans shall be guaranteed three times member’s savings.
  • This loan to be disbursed once a month and upon availability of funds in the SACCO.
  • 2/3 rule to be observed.

  • The rate of interest for normal loan,  shall be 1.15 % rate per month on reducing balance.

  • Maximum repayment period is 36 months


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Emergency Loan

  • This shall include sudden hospitalization, Funeral expenses, court fines and other unforeseen circumstances beyond member’s control.
  •  The maximum amount will be Kes.200,000 subject to review by general Members from time to time.
  • 2/3 rule to be observed.
  • This loan to be disbursed at most within one week from and upon receipt of the form subject to availability of funds in the SACCO.
  • Repayment period is at most 12 months


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Refinancing Loan

  • A member may be refinanced provided he/she has paid 2/3 of previous loan i.e. 75 %
  • The payment will be done when funds are available.
  • The interest of the remaining amount shall be charged at 6 %.
  • The outstanding balance and the interest thereof shall be deducted from refinancing loan
  • 2/3 rule to be observed


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ASSET FINANCE LOAN

  • Members shall propose what asset to be financed.
  • An interest of 3 % per month on reducing balance shall be charged.
  • Repayment period is 12 months.
  • To be applied through prescribed loan form.
  • To observe 2/3 rule.
  • The society may acquire asset on behalf of a member or pay money in lieu of the same.


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School Fees Loan

  • The applicant must provide a proforma invoice/ School fees structure from the institution.
  • The applicant will fill in the prescribed loan form and attach the required documents.
  • The repayment period will be utmost 12 Months.
  • The 2/3rd rule to be observed.
  • The cheque will be drawn in favour of the School/Institution. No funds shall be paid to the individual member.
  • The interest rate will be charged at 1.15% on reducing balance.


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Instant Loan

  • Maximum repayment period of (6) six months and a limit of Kshs.100,000 subject to review by general members.
  • Disbursement to be made at most within three (3) days from receipt of the application form.
  • 2/3 rule to be observed


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Salary Advance

  • Repayment period will be within one month on the immediate Month’s salary.
  • The immediate month’s salary to be considered as guarantee.
  • Open for both members & non- members charged at 3 % & 10 % respectively.
  • A simple loan form to be filled by the applicant.


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