Best SACCO Loan Services
Emergency Loan
- Loans issued to members within a period of 48 hrs to enable them to attend to quick and unforeseen needs.
- 50,000 Max
Asset Loan
- Loans issued for acquisition of assets like cars, Motorbiks, land and buildings.
Micro Loans:
- Members can apply up to ksh 20,000/-.
- Once approved cash is instantly sent to a member.
Normal Loan
- This Loan is issued based against member’s shares
- Maximum 3 times member’s savings
- Issued at 12% Interest p.a
Inua Biashara Loan
- Loan is available to small and medium size enterprise owners
- Minimum savings to be ksh 500/- per week or ksh 2000 per month.
- Produce business permit to verify ownership of the business
Development and Investment Loan
- Members who save consistently can get loans to develop their properties. To enhance suitability the Sacco gives this loan maximum of four times (4) of the shares.
- Rate is 13.5%
- Members can secure the Loan through Collateral in addition to the amount saved in the account.
- Repayment period is 3yrs but one can repay for a shorter period according to their means
LOAN POLICY
Loan Policy
- The loan application form must be fully completed and supported by two most recent pay-slips and a copy of the applicant’s ID.
- A new member can apply for a loan after making contributions for six consecutive months.
- Total deductions shall not exceed two-thirds of a member’s basic pay. The amount applied for should be equal to or less than the loanee’s deposits and those of the guarantors.
- To apply a new loan a member has to ensure that they offset all the existing loans.
- A member may have one running loan of each loan type at any one time.
- The total loans outstanding shall not exceed three times the total deposit contribution of a member.
- Loan application fee is Ksh. 1000. All emergency loans attract a 15% interest per annum.
- A member must be actively contributing deposits in order to qualify for a loan. Loans shall not be granted to members who are dormant or defaulters.
- All loan repayment arrears for any existing loan have to be cleared before a member can apply for another loan.
- Loans that are offset before the end of the scheduled loan repayment period shall be levied a clearance fee. This does not apply to loan clearance via cash/cheque/direct transfers.
- A one off commission is applicable on all emergency loans, investment loans and development loans.
- All loans will be charged a processing fee of Kshs 500 and will be subject to the prevailing interest rates approved by the management committee.
- For loans to be recovered outside the payroll check off system, a standing order for the loan repayment has to be presented to the loans officer before disbursement.
- No member shall be allowed to guarantee more than three (3) loans subject to a maximum of no more than three times the member’s deposits.
- All guarantors must be active members of the Society. No defaulters or dormant members shall be accepted as guarantors.
- A one off commission is applicable on all emergency loans, investment loans and development loans.
- All loans will be charged a processing fee of Kshs 500 and will be subject to the prevailing interest rates approved by the management committee.
- For loans to be recovered outside the payroll check off system, a standing order for the loan repayment has to be presented to the loans officer before disbursement.
- No member shall be allowed to guarantee more than three (3) loans subject to a maximum of no more than three times the member’s deposits.
- All guarantors must be active members of the Society. No defaulters or dormant members shall be accepted as guarantors.