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Loans Products

To qualify for a loan, a member shall;

  • Have completed at least 6 months of membership 
  • Ensure contributions have been consistent for at least 3 months prior to the loan application
  • Ensure that deposit contributed in lump sum for the purpose of taking a loan have been in the society for at least 3 months
  • Demonstrate ability to repay the loan

 

Other Considerations;

  • A member who withdraws from the society and rejoins later will be treated as a new member for the purpose of the lending policy.
  • A member who transfers shares from another society will only be eligible for a loan after 3 months.

 

All loans shall be insured by a reputable insurance company against death or permanent disability.

  • Normal loan

    Up to 3 times members savings, 1% interest rate per month on reducing balance. 36 months repayment period.

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  • Emergency loan

    Loans given to Carter for unseen emergencies. Interest rate of 1.5% per month on reducing balance, processed in 24hrs. Repayable in 12 months.

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  • School Fees Loan

    This is a type of loan specifically designed to cater for educational expenses for members or their children. Repayable in 12 months interest rate of 1% per month on reducing balance. 

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  • Jipange Loan

    This is an additional loan given to members who are serving another loan. A maximum of Ksh. 100,000, Interest rate of 10% deductible upfront. Repayment period of 6 months.

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  • Super Loan

    3 times members deposit. 1.15% interest rate per month on reducing balance. 

    Repayable in 48 months.

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  • Vehicle Insurance premium Financing

    This is a service where Sacco pays for its members’ auto insurance premiums and allows them to pay back in installment for a period of 1yr and 1% interest rate rather than paying a lump sum. 

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    Savings Products