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Church Loan

Church Loan

This product targets churches to help them acquire assets such as land, instruments, furniture, among others.

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    Loan Details

    Features

    • Repayment period is up to 48 months.
    • Processing takes up to 15 working days.
    • This product attracts an interest rate of 1.2% p.m on reducing balance
    • Any church that has saved consistently for six months qualifies for
      church loan.

    This loan is guaranteed through session minutes/ letter from the head authority office or collateral i.e title deed or property. This product is designed exclusively for Christian churches. We are committed to strengthening Christian communities and equipping churches for the future The Church is required to be an active Sacco member for a minimum of 6 months The Church is expected to make the required monthly contribution even as they are servicing the loan. The church’s credit history will be a major determinant for this and future loans.

    Requirements

    • Application fee is charged at 1% of the amount applied.
    • Interest of 1.2% p.m. on reducing balance
    • A duly completed loan application form
    • Local Church Committee minutes’ extract
      approving the loan application.
    • Letter from the head/authority office
      guaranteeing the loan.

    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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