Which loan products does the sacco offer?

Which loan products does the sacco offer?

The following are the products offered by the Sacco.

1. Karibu loan
Issued up to Ksh100,000 after 3 months of Sacco membership.
50% of the loan proceeds disbursed and the remaining 50% retained to savings.
Payable within 12 months at 15% P.a reducing balance.
2 guarantors required as security for the loan.

2. Aspire loan
Issued up to 3 times of main savings.
Interest rate is 1% P.m reducing balance
Payable over a maximum period of 48M
Minimum monthly contribution of KSh3,400.00
Application deadline is by 10th of every month to be disbursed by 10th of the subsequent month.

3. Elite loan
Issued up to 4 times of main savings.
One must have savings of Ksh1,000,000 and above to qualify.
Interest rate is 1.25% P.m reducing balance
Payable over a maximum period of 72Months
Minimum monthly contribution of KSh5,400.00
Application deadline is by 10th of every month to be disbursed by 10th of the subsequent month.

4. Biashara loan
Issued up to Ksh1,000,000.00 depending on the total amount of savings.
Interest rate is 15% P.a reducing balance
Payable over a maximum period of 36M
The loan is processed within 7 working days and disbursed to the Fosa account.

5. Express loan
Issued up to Ksh200,000 depending on the total amount of savings.
Interest rate is 14% P.a reducing balance
Payable over a maximum period of 12M
The loan is processed within 24hrs and disbursed to the Fosa account.

6. Jibambe loan
Issued up to Ksh80,000 depending on the total amount of savings.
Interest rate is 5% P.m reducing balance
Payable over a maximum period of 10M
The loan is processed within 7 working days and disbursed to the Fosa account.

7. Mloan
Issued up to Ksh 80,000 depending on the total amount of savings.
Interest rate is 7% P.m flat rate.
Payable over a maximum period of 1 month.

8. Elimu bora loan
Issued up to times 3 of education savings.
Interest rate is 12% P.a reducing balance
Payable over a maximum period of 36M
The loan is processed within 7 working days and disbursed to the Fosa account.

9. FOSA advance.
Issued to members with savings of ksh. 2,000,000.00 and above. .
Interest rate is 5% P.m flat rate.
Payable over a maximum period of 1 month.

10. Boresha Loan
Maximum entitlement ksh. 200,000.00
Interest rate 2% pm on reducing balance.
Payable over a maximum period of 12 months
Eligibility is 4* of savings less other scheme loans outstanding
At least 3 guarantors who must cover the loan
Pro- forma invoice is required.
Discounts are only allowed through Kenya bankers Sacco and no payment is made directly to the vendor for cash buyers.

11. Asset Finance Loan
Eligibility is 5 times of savings less other scheme loans outstanding.
Maximum entitlement ksh. 3,500,000.00
Interest rate 1.25% pm on reducing balance.
Payable over a maximum period of 60 months
Open to other land projects in addition to those of the Sacco.

12. Afya Imara Loan.
Eligibility is 5 times of savings less other scheme loans outstanding.
Maximum loan KSh225,000.00
Interest rate 1% pm on reducing balance.
Payable over a maximum period of 12 months.
Maximum age on entrance is 65yrs.

13. Loan Within Savings.

Maximum loan amount  - 90% of main savings  ( Full cash cover).

Maximum repayment repayment period 48 months

Interest rate 0.8%PM on reducing balance.

Member should not guarantee any other member loans.

Application deadline is by 10th of every month to be disbursed by 10th of the subsequent month.

14. Premier Loan.

Issued up to 4 times of main savings.

Interest rate is 1.25% P.m on reducing balance

Payable over a maximum period of 60Months

Minimum monthly contribution of KSh4,400.00

Application deadline is by 10th of every month to be disbursed by 10th of the subsequent month.

N.B. One can only have either an aspire loan, elite loan, premier loan or Loan within savings at any given point in time.

*All loans are subject to a processing fee of 1% minimum KSh2,500.00, maximumKSh20,000.00.

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