This is a long-term loan given to members based on their ability to pay. The SACCO does not base the approval of the Loan to member’s deposits.
Requirements
- Loans are repaid within a period of 60 months.
- Interest charged is 1.5% per month on reducing balance method.
- Loan application must be supported by members latest pay slips.
- The Loan must be fully secured by guarantors.
- Loan processing fee of 1% shall be charged on the Loan amount approved.
- Loan insurance of 1% charged on the Loan amount approved.
- Form fee of ksh 50 will be charged on all loan products, which may change from time to time.