Members can access loans up to Kshs. 500,000based on the total value of the guarantor’s deposits.
The loan amount can be up to four times the total deposits of the member, providing a substantial borrowing capacity.
A competitive interest rate of 1% per month on the reducing balance. This means that interest is charged on the outstanding balance of the loan, decreasing as the loan is repaid.
The loan is repayable over a period of 18 months, allowing for a more extended repayment schedule.
Members have the option to top up their loan amount, subject to a one-time fee of 5% on the additional balance. This feature provides flexibility for additional financing needs.
To qualify, one must have completed at least 6 months of membership and must be up to date with their monthly contributions.
Minimum 3 guarantors with a member contribution adding up to 70% of requested loan amount.
The loan must be insured by a reputable insurance company against death or permanent disability. This ensures protection for the borrower and the cooperative society in case of unforeseen circumstances.
