BUSINESS LOAN
Empowering you to accomplish your development projects
Product Features:
– Maximum Loan is Kshs 5 million.
– Loan issued up to 4 times one’s deposits.
– Repayment period shall not exceed sixty (60) months.
– Interest rate- 1% p.m or 12% p.a on reducing balance.
– Must be fully guaranteed by self and another member (s)’ withdrawable shares
– Refinancing/ Loan top-up facility available.
– Disbursed within 5-10 working days.
– If using collateral e.g. title deed:
- The Sacco will loan 70 % of the value. The valuation is done by independent company. The process of charging the title is very lengthy and rigorous which can take up to 2 months or more more depending on the various factors
- The borrower bears the cost of charging the title deed including, search, valuation, legal fee, stamp duty and registration
Requirements
1. To qualify, one must have completed at least 6 months of membership and must be up to date with their monthly contributions.
2. Ensure contributions have been consistent for at least 3 months prior to the loan application.
3. Ensure that savings contributed in a lump sum for the purpose of taking a loan have been in the Sacco for at least 6 months
4. Show proof of ability to repay the loan.
5. A member who transfers shares from another society will only be eligible for a loan after 3 months.
6. All loans shall be insured by a reputable insurance company against death or permanent disability.
Monthly Interest KES
Total Interest KES
Total Amount Payable KES
Year
Principal (A)
Interest Paid (B)
Total Payment (A + B)
Balance
Amortization Chart
