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

Requirements

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

Important to Note

• 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

Loan repayment options

Mode of loan repayment is through:

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