CHAMA LOAN REQUIREMENTS

CHAMA LOAN REQUIREMENTS

For those with registered groups, they can join the sacco as chama and can take loans as well.


The conditions for the chama loans are;

1. The chama account must have been with us for the last 6 months by way of contributions
2. The chama must be registered with the relevant government ministry
3. They can get any loan product as long as they have security e.g land title deed
4. There is also a loan product which is for purchase of property/asset eg land
5. The repayment period is 3 years
6. Interest rate applicable is 14% pa on reducing balance
7. Security offered besides the shares is the asset to be purchased

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