Instant Loan
Instant Loan
This product is meant to facilitate any member’s immediate short-term financial needs.
Apply Today
Loan Details
Features
- 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. - an.
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
- The loan amount issued up to Ksh 20,000
is payable within (3 months) - Any amount above Ksh. 60,000 up to a
maximum loan amount of Ksh. 100,000 is
payable within (6 months) - The Loan application fees is Kshs.500
- Attach the applicant’s copy of ID card
- This product attracts an interest rate of 5% p.m on reducing balance
- Any member with an active loan can apply for
instant loan if their outstanding loan is less
than their savings
Frequently asked Questions
- 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