• This product is meant to facilitate our customer’s unforeseen financial emergencies
• Approval process takes up to 24 working hours
• Repayment period is up to 12 months.
• This product attracts an interest rate of 1% p.m on reducing balance.
• Any member who has saved consistently for six months or a member with existing loans, with good repayment history qualifies
  

Requirements

1. A duly completed loan application form
2. Supporting documents must be attached for
   approval
3. Attach copies of id for both the applicant and
   guarantors
4. This product attracts an interest rate of 1% p.m on reducing balance.
5. The application fee is 0.75% of the amount
   applied for and minimum rate of Ksh.600

Important to Note

• All loans granted by the society 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 is a major determinant for this and future loans.

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