Credit Guidelines
Credit guideline Review highlights
Eligibility Requirements
- One should be a fully paid up member of the SACCO (member has 64 shares)
- One should have saved with the SACCO for at least 3 consecutive months and a minimum balance on general saver’s account of 1,000,000/= (one million shillings) before accessing the credit product.
- Interest rate is on reducing balance of 16% for all credit facility products except short term loans.
- Minimum loan amount is 100,000 and maximum loan amount is Shs. 200,000,000. Any loan above 200,000,000 a waiver shall be sought from EXCO and SUPCO; Must be secured with collateral with a forced sale value above the required loan.
- Repayment period is as stipulated per product.
- All loan processing fees are met by the member either by cash or authorization of withdraw from the savings.
- Loan Processing fee varies between 5,000/= and 60,000/=. Loan processing fee chargeable on all loans.
- Insurance fee 1% of principle (Insurance company 0.9% and SACCO reserve 0.1%)
- Guarantors (1 guarantor for 20Million and below, 2 guarantors for above 20 Million but below 50 Million, 3 guarantors above 50 Million). One of the guarantors should be a current workmate for those in formal employment or a family member and a member of the SACCO.
- No staff or member of the executive shall be a guarantor to any member.
- Search, valuation and boundary opening fees are to be paid by the client.
- Securities-Letter of undertaking from employer, registered land titles for land, and Log books are to be paid by the client.
- Loans shall only be issued after the land titles have been verified by the SACCO lawyer.
- One can only access a top up loan after repaying the current loan up to 60% of the loan amount.
- Turnaround time is 5 working days after receipt of all necessary documents.
- Maximum repayment period is 60 months.
Our Services
Our range of innovative products and services is designed to meet the diverse financial needs of our members
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Savings
With competitive interest rates and easy access to funds, saving with us is a step towards financial stability.
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Loans
We provide Flexible financing solutions tailored to meet the needs of our members
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Investments
KHASAKH is currently investing in loans, fixed deposits, treasury bills, real estates