Loan granted to members since inception of the society is well over one billion shillings. The society gives priority to school fees loans during the month of December, January, and February every year. The society is currently issuing loans three times a member’s savings sticking to 2/3rd basic salary rule as per the lending policy. The maximum repayment period of 60 months and the following are the types of loans offered by the SACCO.
Loan Products
OUR LOANS
Normal (Development) Loan
This is a long-term facility whose rate of interest is 12.5% p.a. for a facility paid within 3 years and 14% p.a. for a period above 3 years but not exceeding 72 months (maximum repayment period). This is payable through check off system. Maximum amount granted is three times one’s total deposits and a third take home requirement is also observed.
Refinancing
This is a product given as an addition to Normal/Development loan at a fee of 5% on the amount applied. This is only allowed when the applicant has repaid the existing one for at least six months.
Emergency Loan
This is a short-term facility recoverable through check off system. The maximum is based on the member’s ability to pay. This is a loan given out at a rate of 14.45% p.a. Maximum repayment period is twelve months.
Education Loan
This is a short-term facility also recoverable through check off system. Maximum amount depends on the member’s ability to pay. This is a loan given out at a rate of 14.45% p.a. Maximum repayment period is twelve months.
Instant Loan
This is a short-term loan payable in one month. Maximum amount one can be granted is Kshs.30,000.00 and is payable in cash form at a flat rate of 7.5%.
Mwokozi
This is a short-term loan payable in six monthly instalments at a rate of 15% (reducing balance) through check off system. Maximum amount to be granted depends on the member’s ability to pay.
Kivukio
This is a two-year loan product recoverable through check off system at a rate of 17% p.a. on a reducing balance method. It also attracts an application fee of Kes.2,000.00 only. This facility is granted up to a maximum amount of Kshs.200,000.00.
Hallo Hallo
This is a short-term facility payable in two monthly instalments. This facility is granted up to a maximum amount of Kshs.30,000.00. and is payable in cash form at a flat rate of 15%.
Mbuyu
This is a short-term facility payable in four monthly instalments at rate of 16% p.a. through check off system. Maximum amount granted depends on the member’s ability to pay.