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Bima Loan

This product is meant to finance insurance premiums for members

Bima Loan

This product is meant to finance insurance premiums for members such as Health, Motor Vehicle, Motor Cycle, House hold property, Buildings and Business stocks.

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+254 709 453 000

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    Loan Details

    Features

    • Approval process takes up to 12 working hours
    • This product attracts an interest rate of 0.5% p.m on reducing balance.
    • The loan is guaranteed by member’s deposits
    • Maximum repayment period is up to 12 months
    • Maximum amount is limited by the premium due

    This loan is granted by the society and is only guaranteed by the member’s deposits. No guarantors or collateral is required. The applicant is required to be an active Sacco member for a minimum of 6 months The applicant is expected to make the required monthly contribution even as he/she is servicing the loan. The member’s credit history is a major determinant for this and future loans. Cheque issued will be in favour of insurance company

    Requirements

    • A duly completed loan application form
    • Processing fee is Ksh.500
    • Interest of 0.5% p.m. on reducing balance
    • Any member with an active loan can apply for this loan if their outstanding loan is less
      than their savings
    • Attach a copy of certified insurance premium
      invoice
    • A copy of the ID of the applicant
    •  

    Frequently asked Questions

    1. Check off - by employer
    2. Standing Order – from Members Bank account to Sacco Bank Account
    3. Mpesa – to the Sacco paybill number
    4. DigiPesa – from Members Mpesa Directly to members Sacco Account
    5. Direct deposit – to Sacco Bank Account through any Coop bank Branch or Coop kwa Jirani Agent
    6. Direct debit – Sacco Bank collects from Member’s banks accounts.
    7. Money transfers – RTGS, SWIFT, PoaPay, Wave, SimbaPay, JamboGlobal, UAEXchange, Western Union , MoneyGram
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