The Car Loan product is designed to empower Sacco members to realize their personal dreams such as purchasing a new car. This loan is tailored to provide affordable and convenient financial support for your automobile needs.

Product Features

• Maximum loan amount of Kshs 2 million.

• Loan issued can be up to 4 times the amount of one’s savings deposits.

• Repayment duration extends to a maximum period of 36 months.

• Interest rate of 1% per month or 12% per annum on reducing balance.

• Must be fully secured by self and other member(s)’ withdrawable shares.

• Loan disbursed within 3-5 working days.

• If collateral such as a title deed is used:

  The Sacco will lend 70% of the collateral's value. An independent company performs the valuation. Charging the title is an extensive and rigorous process that can take up to 2 months or more, depending on various factors. The borrower covers the cost of charging the title deed, including search, valuation, legal fees, stamp duty, and registration.

Requirements

1. Membership must have been established for at least 6 months and monthly contributions must be up to date to qualify.

2. Contributions must have been consistent for at least 6 months before the loan application.

3. Savings that were contributed as a lump sum for the purpose of obtaining a loan must have been held in the Sacco for at least 6 months.

4. Proof of capacity to repay the loan must be demonstrated.

5. A member who transfers shares from another society will only qualify for a loan after a waiting period of 3 months.

6. All loans shall be insured by a recognized insurance company to cover death or permanent disability.

With Sacco's Car Loan product, owning the car of your dreams is within reach. Enjoy flexible terms, competitive rates, and friendly service tailored to your needs.