Credit Products

Emergency loans

These are at an interest rate of 10% per month and any member can access a maximum amount of 1,000,000/= in 24 hours paid using mobile money after presenting evidence for the emergency need.

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Short term loans

These have a maximum repayment period of 6 months and maximum amount that can be taken by a member being 5,000,000/= (Five million shillings). At a flat rate of 2.5% per month.

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Long term Loans

These loans are divided categories namely; Salary loan, Family House construction, Land loan, Contract financing, Group loan, Vehicle loan.

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General Eligibility for accessing credit products

  • One should be a fully paid-up member of the SACCO (member has 64 shares)
  • Accumulated shares should be a minimum of 20% of the total loan amount applied for by the member.
  • One should have saved with the SACCO for at least 3 months before accessing the credit product.
  • Interest rate is per loan product
  • Minimum loan amount is 100,000 and the maximum loan amount is Shs. 100,000,000
  • Repayment period runs between 1-60months
  • All processing fees are borne by the member
  • Securities-Letter of undertaking from the employer, registered land titles for mailo land and Logbooks
  • One can only access a top-up loan after 6 months of consecutively repaying the current loan and having paid 40% of the loan amount EXCEPT for staff top-up will be after having paid 60% of the loan amount.
  • Turnaround time is 5 working days after receipt of all necessary documents

Loan Processing fees

  • Application fee 30,000 and 60,000 respectively
  • 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 1 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 you Ready to Join Khasakh SACCO?