1. What are the requirements for loan application?

●      A member is required to submit a loan application form accompanied by the mode of repayment (direct debit or cheque off).

●      A copy of the current payslip is needed for appraisal on repayment capability.

●      For self-employed members, business statements supporting income and proof of the business are required.

2. How many guarantors do I need?

●      The focus is on the value of the savings of the guarantors provided against the loan amount applied for.

●      Having multiple guarantors is beneficial as it minimizes the need to find additional guarantors if the initial ones are insufficient.

3. What is the TAT for Aspire/Premier/Elite/Loan within savings?

●      Applications should be submitted by the 10th of the month.

●      Loans are disbursed by the 10th of the following month.

●      This results in a waiting period of approximately 1 month.

4. After how long can I qualify for a loan after joining?

●      Members qualify for a loan after 6 months of regular contributions.

●      The Karibu Loan is an exception and can be applied for after 3 months of contributions.

5. Do you offer top-up loans?

●      Yes, top-ups are available under a "clear and apply" policy.

●      Members must clear the outstanding amount and apply for a new loan, including take-home amounts, as this constitutes a new contract.

6. What other security can be offered apart from guarantors?

●      Self-guarantee (up to 90% within savings, provided the member has not guaranteed other loans).

●      Title deed for land within county/cities (up to 75% of open market value).

●      Nairobi Securities (up to 40% of current market value).

●      Bank guarantee.

●      Life insurance policy (up to 75% of surrender value).

●      Lien on fixed deposit.

7. How much can I qualify for under the Aspire loan?

●      The Aspire loan amount is calculated as three times your savings, minus any existing liabilities (other loans being serviced).

8. How can I submit my loan application?

●      Applications can be submitted via email to retail@kenyabankers.coop