Features

• This product is meant to enable members to finance essential purchases for their businesses and personal development without affecting their working capital.
• Approval process takes up to 15 working days
• Repayment period is up to 60 months.
• This product attracts an interest rate of 1.1% p.m on reducing balance
• A member qualifies for a maximum of 4 times their deposits and they must have a minimum deposit of Ksh. 1,000,000.
• Security offered shall be Guarantors; Title Deed; Certificate of Lease or Money Market Fund.
• Applicants credit history is important:2 previous loans with the society will be considered.

Requirements

1. A duly completed loan application form
2. Attach the applicant’s copy of ID card
3. This product attracts an interest rate of 1.1% p.m on reducing balance

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 be include 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