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Mjengo Loan

Mjengo Loan

This is a loan facility advanced to our Members who are planning to undertake development of building for commercial purposes.

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    Loan Details

    Features

    • This product attracts an interest rate of 1.25% p.m on reducing balance.
    • Any member who has saved consistently for six months qualifies for a mjengo loan.
    • A member qualifies for a maximum of 4 times their savings with a repayment of up to 84 months.Maximum loan amount is Ksh 15,000,000 but a minimum of Ksh. 8,000,000.

    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 applicant 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.

    Requirements

    • A duly completed loan application form
    • Attach copies of IDs of both the applicant and guarantors
    • This product attracts an interest rate of 1.25% p.m on reducing balance.
    • Other charges include application fees at 0.75% of amount applied but a minimum of Ksh.600.

    Frequently asked Questions

    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
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