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.
Credit Products
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