This is a loan facility advanced to our Members who are planning to start or expand their business ventures or for personal development.
Approval process takes up to 15 working days
Repayment period is up to 48 months.
This product attracts an interest rate of 1% p.m on reducing balance.
Any member who has saved consistently for six months qualifies for a development loan.
Requirements
A duly completed loan application form
Attach copies of IDs of both the applicant and guarantors
This product attracts an interest rate of 1% p.m on reducing balance.
Other charges include application fees at 0.75% of amount applied but a minimum of Ksh.600.
Important to Note
This loan is granted by the society and must be fully secured either by guarantors who are members of the society or by use of collateral; Collateral will include a title deed/Property
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 will be a major determinant for this and future loans.
Loan repayment options
Mode of loan repayment is through:
Check off - by employer
Standing Order – from Members Bank account to Sacco Bank Account
Mpesa – to the Sacco paybill number
DigiPesa – from Members Mpesa Directly to members Sacco Account
Direct deposit – to Sacco Bank Account through any Coop bank Branch or Coop kwa Jirani Agent
Direct debit – Sacco Bank collects from Member’s banks accounts.
Money transfers – RTGS, SWIFT, PoaPay, Wave, SimbaPay, JamboGlobal, UAEXchange, Western Union , MoneyGram