This is a loan granted to pay-off loans
members may be having with banks and other financial institutions. Payment is
made directly to the financial institution/ bank.
Features
Qualifying Loan is 3 times a
member’s deposits subject to a maximum amount of Kshs. 12,000,000.
Full Sacco Membership of at
least 6 months.
Maximum loan period is 72
months.
Interest is charged on reducing
balance at 1% per month for loan repayable within a period of 1 to 48 months or
1.1% per month for loan repayable over a period of 49 to 72 months.
Processing fee of 5% of the applied amount, and Excise Duty of 20% on the processing fee is charged.
Security options: Guarantors’
deposits, member’s own deposits, motor vehicle logbook, Kentours Housing land title
deed, life assurance policy.
