LOAN POLICY

To qualify for a loan ...

1. A member must have completed at least six months and contributed not less than Kshs.3,200.

2. Loan applicant is entitled to three (3) times his/her deposits but subject to lending limit of Kshs 1 Million currently.

3. A member who withdraws from the society and rejoins later will be treated as a new member for the purpose of this policy.

4. All loans shall be restricted to members only & shall be approved by the management committee.

5. Savings contributions paid in lump sum for the purpose of securing a loan must remain in the Sacco account for at least three (3) months.

6. Unless the loan applied for is equal to or less than a member’s shares it must be secured by guarantors.

7. To withdraw membership a member will be required to give a written notice of up to 60 days.

8. A member will be required to maintain a monthly share contribution of not less than Kshs.200/=.

LOAN SECURITY

Loan securities may include:-

1. Members’ deposits

2. Guarantors’ deposits

DEVELOPMENT LOAN

Development Loan: Grow Your Dreams with Flexible Financing

The development loan is specifically designed to empower your ambitions, whether you're looking to acquire or develop property, launch an exciting business startup, agriculture or boost your existing venture with enhanced working capital.

Access up to KSh 1,000,000 to fuel your project, with the loan amount determined as three times your total savings. Enjoy an incredibly affordable interest rate of just 1% per month on a reducing balance, making your repayments lighter and more manageable. You'll have a maximum repayment period of twelve (12) months, and for your peace of mind, the loan must be fully secured by at least three (3) guarantors. Let us help you cultivate your next success!

EMERGENCY LOAN

Emergency Loan: Your Quick Lifeline for Unexpected Moments!

Life can bring unforeseen challenges, and our Emergency Loan is here to provide rapid financial assistance when you need it most. Designed to help you navigate sudden, unavoidable situations, this product offers immediate support to get you back on your feet.

You can repay this loan within a convenient period of three (3) months, with an interest rate of 3% per month on a reducing balance, making your installments manageable. To ensure equitable access for all, members can hold one Emergency Loan at a time. Your application will be supported by your existing savings, and the loan must be secured by at least one (1) guarantor.

MEDICARE LOAN

Medicare Loan: Your Direct Path to Affordable Healthcare!

The Medicare Loan is designed exclusively to help you cover medical bills, providing essential financial support precisely when you need it. We aim to streamline the process, allowing you to focus fully on your health and recovery.

To apply, simply attach your medical bill to the application form. Benefit from an extended repayment period of up to twelve (12) months, coupled with an incredibly low interest rate of just 0.33% per month (4% per annum) on a reducing balance. The maximum loan amount is thoughtfully determined by your ability to comfortably repay, ensuring responsible borrowing. For security, the loan must be fully backed by at least three (3) guarantors. Crucially, payments are made directly to the hospital via funds transfer or banker's cheque, ensuring your medical expenses are settled promptly and efficiently.

EDUCATION LOAN

Education Loan: Invest in Knowledge, Secure Their Future!

The Education Loan is precisely crafted to cover school fees ONLY, ensuring your children's academic journey remains uninterrupted. We are committed to empowering the next generation by providing accessible learning opportunities, fostering brighter futures.

To apply, simply attach the official fees structure(s) to your application form. You'll benefit from a comfortable repayment period of up to twelve (12) months, coupled with a highly affordable interest rate of just 0.33% per month (4% per annum) on a reducing balance. The maximum loan amount is thoughtfully determined by your ability to comfortably repay, promoting responsible financial planning. For your security, the loan must be fully backed by at least three (3) guarantors. Crucially, payments are made directly to the school via funds transfer or banker's cheque, guaranteeing prompt and efficient settlement of fees.

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