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Premium Loan

 
 
 

Product Description

 
This loan caters for Sacco members who do not have large deposits to apply for other loan products.
 

Features

 
  • Qualifying Loan is 4 times a member’s deposits subject to a maximum amount of Kshs. 12,000,000.
  • Members should not have any other loan at the time of applying.
  • A member is subsequently entitled to another type of loan only if the 3 or 3.5 times deposits rule allows
  • Full Sacco membership of at least 6 months.
  • Maximum loan period is 60 months.
  • Interest is charged at 1.165% per month on reducing balance.
  • Security options: Guarantors’ deposits, member’s own deposits, motor vehicle logbook, Kentours Housing land title deed, life assurance policy.
  • Evidence of ability to repay: Latest pay slip.
  • Approved within 7 working days.
 
 
 
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