FAQs for Loans

FAQs On Loans

1.What are the requirements for loan Application?
A member is required to submit loan application form accompanied by mode of repayment, this can be direct debit or cheque off. A copy of the current payslip is required for appraisal on repayment capability.If one is not in employment,they need to avail statements for the business generating income to support installment and proof of the business.
2.How many guarantors do I need?
We focus on the value of the savings of the guarantors provided against the amount applied for. Many guarantors is good since this avoids the back and forth of having to look for others in the event the ones provided are not enough.
3.What is the TAT for Aspire/Premier/Elite/loan within savings?
The application should be submitted by the 10th and is disbursed by 10th of the following month.
This means waiting period is 1 month.
4.After how long can I qualify for Loan after joining?
A member can qualify for loan after  6 months of regular contribution. The Karibu loan, however, can be applied after three months of contribution.
5.Do you offer Top up?
We offer clear and apply.This means that once a member applies for the same product, they need to apply for the  amount outstanding and include take home as this is a new contract altogether.
6.What other security can be offered apart from guarantors?
Self guarantee (90% within savings,must have not guaranteed other loans), Title deed for land within county/cities(75% Open market value), Nairobi Securities(40% current market value), Bank guarantee, Life Insurance policy(75% of surrender value) or Lien on fixed deposit.
7. How much can I qualify for under Aspire loan?
The Aspire loan is calculated *3 of your savings less liabilities, this is other loans that you are servicing.
8.How can I submit my loan application?
This can be shared on soft to retail@kenyabankers.coop or submitted in hard copy at any of our branches.​​

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