Features

• This product is meant to facilitate any member’s immediate short-term
  financial needs.
• Approval is immediate
• Repayment period is up to 6 months.
• This product attracts an interest rate of 5% p.m on reducing balance
• Any member who has saved consistently for six months or any member
  with an active loan, qualifies for this if their outstanding loan is less than
  their savings.

Requirements

1. A duly completed loan application form
2. The loan amount issued up to Ksh 20,000
   is payable within (3 months)
3. Any amount above Ksh. 60,000 up to a
   maximum loan amount of Ksh. 100,000 is
   payable within (6 months)
4. The Loan application fees is Kshs.500
5. Attach the applicant’s copy of ID card
6. This product attracts an interest rate of 5% p.m on reducing balance
7. Any member with an active loan can apply for
   instant loan if their outstanding loan is less
   than their savings

Important to Note

• This loan is granted by the society and is only
  guaranteed by the individual 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.
  

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