Loan Features

• This applies to members within the SACCO who would wish to make joint investments.
• A third of the group should be WV staff, former staff, spouses and children and at least one of the members should be part of the executive of the group.
• A group account shall be opened with the Cooperative.
• The group should have a minimum of 64 shares in order to access the SACCO product.
• The group should have existed for the last one year and the members saved for at least 4 months with the SACCO before accessing a SACCO product.
• The group should have an executive arm having the chairperson, Secretary and Treasurer accompanied by minutes of this resolution from all members.
• The loan shall be applied for by all executive members (who is part of the executive) of the group BUT guaranteed by all the members in the group.
• The members shall present the minutes and other registration documents that are signed by all members of the group stating the amount the group has decided to borrow and the purpose for the loan.
• Any member with the running loans with the Cooperative, the members’ savings at the time of securing a loan shall not be considered in the calculations for the group loan.
• All members shall present signed copies of their valid identification card (National Identify Card or Passport or driving permit).
• Each member shall share the equal group lability as group members. The group should have a mandatory saving of at least 20% of the group loan applied for.
• The Cooperative will automatically deduct the amount from their individual accounts. The eligibility of the member for an individual loan will be calculated accordingly and the group loan repayment amount deducted but also the Chair and the secretary of the group must sign for the member.
• The loan period should not exceed 36 months.
• The interest rate shall be 16% per annum.