• This product is meant to meet a member’s short-term needs of paying school fees for primary school, secondary school, college or university
• Approval process takes up to 24 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 6 months, qualifies for this product

Requirements

1. A duly completed loan application form
2. Applicants must provide a current and certified fees structure from the learning institution.
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. Other charges include application fees at 0.75% of amount applied but a minimum of Ksh.600.
6. Repayment period is up to 12 months
   

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 member 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:

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