Loan Features

• This applies to members of the SACCO who have contracts to provide services.
• A member should be a principle shareholder in the company contracted for services. This is verified by providing copies of the company documents.
• The disbursement shall be phased according to the nature of the contract (Top up be given after repayment of the first payment).
• A bank statement for the last 6 months on the account for the company contracted for services must be presented.
• A signed contract between the member and the contractor shared with the Cooperative.
• Repayment amount will vary depending on the payment terms outlined in the contractual agreement and will not be monthly.
• Repayment period shall not exceed one month after the expiry of the contract period stated in the contractual agreement between the member and the contractor.
• The loan applicant should have a guarantor who is a member of the SACCO
• The loan applicant together with the guarantor should have at least 60% in shares of the amount requested for.
• One can only access to a maximum of 30,000,000
• Interest rate at 16% per annum