LOAN PRODUCTS
The Society shall give loans and advances to members of amounts ranging from 10,000.00 to a maximum of 12,000,000.00 with a repayment period of up to 84 months or as may be determined by the board of directors from time to time.
General Loan Terms
- Has been a member and saving consistently for at least 6 months
- Maximum loan granted will be 3 times of the member’s deposits/savings and total loans shall not be more than three times (3) times of the member’s total deposits,
- Loans are processed on first come first service
- Interest charged will be 1% per month on reducing balance
- A member shall qualify for only one type of loan at a time.
- Monthly share contributions shall be kshs.2, 000 for advocates and 1,000/= for non advocates or 0.25% of the loan granted, whichever is higher.
- Loans shall be approved based on the applicant’s character, capacity, ability to pay, capital and collateral/security offered.
- All loans must be 100% secured
- A ll loan Applicants will be required to provide their CRB report
- Loan repayment must exactly start 30 days after disbursement is strictly on direct debit or bank standing order