General loan terms, eligibility and criteria.
a) The maximum loan limit is Kshs 40 million
b) A member must have completed at least six months of active membership and has attained a minimum shareholding of Kshs 30,000
c) Multiplier: 3 times of member’s deposits
d) Interest of 1% per month on a reducing balance.
e) Flexible repayment period of up to 168 months
f) Loan Security- own deposits, guarantors deposits, logbooks and title deeds
g) Efficient and transparent loan appraisal and approval process
h) Flexible repayment modes– i.e. Checkoff, Direct Debit, Standing Order, M-pesa, Direct bank deposit, Cheque, Direct bank transfer
i) Guarantors and loanee should be of good standing
j) Member can borrow upto 85% his /her own deposits .
k) Only active members are eligible for loans.
l) The applicant must have a good Internal Credit Score in addition to CRB report.
m) The total loans must be within maximum of 3 times member’s deposits
n) Loan insurance of 1.5% of the loan amount subject to a minimum of Kes 2,000
Loan Products
| Loan Type | Amount (Kshs.) | Repayment Period | |
|---|---|---|---|
|
i |
Development Loan |
Up to 500,000 |
36 Months |
|
ii |
|
500,001-1,000,000 |
48 Months |
|
iii |
|
1,000,001 – 3,000,000 |
60 Months |
|
iv |
|
3,000,001 – 5,000,000 |
72 Months |
|
v |
|
5,000,001 – 7,500,000 |
84 Months |
|
vi |
|
7,500,001 – 10,000,000 |
96 Months |
|
vii |
|
10,000,001 – 15,000,000 |
108 Months |
|
viii |
|
15,000,001 – 20,000,000 |
120 Months |
|
ix |
|
20,000,001 – 25,000,000 |
132 Months |
|
x |
|
25,000,001 – 30,000,000 |
144 Months |
|
xi |
|
30,000,001 – 35,000,000 |
156 Months |
|
xii |
|
35,000,001 – 40,000,000 |
168 Months |
|
i |
Emergency Loan |
Maximum 200,000 |
12 Months |
|
i |
Education Loan |
Maximum 2,000,000 |
36 Months |
|
i |
Flexi-Cheti Loan |
Maximum 27,660 |
12 Months |
|
i |
Vuka Loan |
Up to 2,000,000 |
36 Months |
|
ii |
|
2,000,001 – 3,000,000 |
48 Months |
