For one to qualify for a loan product, a member must have met the following:
- Saved for a period of not less than six months.
- Good credit history
- All Loan forms must be submitted before the 5th of every month
This falls under an emergency loan which does not exceed Ksh. 10,000.
It is processed within one day. Its repayable in 4 months with and interest of 5% per month on reducing balance.
This is a loan provided for emergency cases e.g. medical expenses, court cases, and college fees.
It is repayable in 12 months at an interest of 1.15% per month on a reducing balance.
Emergency loan does not exceed Ksh. 50,000
School Fees Loan
This is a loan granted to members to pay school fees for themselves, their children and dependants.
It is repayable in 12 months (calendar year) at an interest rate of 1.15% per month.
When applying, the member is required to attach the fee requirement documents
This is a development loan given at 3times of a member’s shares. It is repayable in 36 months with an interest rate of 1% per month on reducing balance.
It is a development loan given 4 times of member’s deposits repayable in 48 months with an interest rate of 1.2% per month on reducing balance.
To qualify for this loan one must meet the following conditions:
- minimum deposit Ksh. 250,000
- Should not be the first loan to apply
- Should not have defaulted in the past loans
- It should be guaranteed and where necessary additional security may be required
This is a group development loan repayable within 36 months granted for development purposes such as buying land, construction, purchase of equipment & machinery, vehicles e.t.c. maximum amount granted is 3 times of the group’s savings. Interest rate is 1% per month on reducing balance.
- The group should be a member for more than six months.
- Guarantors should be members of the group
- At least two guarantors should not be servicing any other loan
Asset Financing Loans
- Interest is charged at a rate of 1.5 % per month on the reducing balance method.
- No guarantors are required.