1. What loan products does Pamoja Sacco have?

• Instant Loan
• Short Term Loan
• Emergency Loan
• Education Loan
• Development Loan
• Asset Loan

2. What do I need to apply for a loan?

• To qualify for a loan, you must first become a member of Pamoja Sacco and maintain consistent contributions to your Main Savings Account.
• The amount you have saved in your Sacco account determines the maximum loan amount you can qualify for.
• Members can utilize their Canadian-based information and income sources to pre-qualify for the loan. Acceptable documentation includes Canadian bank statements, CRA tax returns, credit checks, and other documents demonstrating your ability to repay the loan.
• Collateral used for the loan must be located in Kenya.

3. How much loan can I qualify for?

• For various types of loans including Short-term, Emergency, Education, Development and Asset Loans, you may qualify for up to four times (4x) the amount of your current total Savings Account in the Sacco.
• The interest rate for the loan ranges between 1.00% – 1.25% per month, determined by the specific type of loan obtained. These interest rates are calculated on a reducing balance basis.
• The repayment period spans from 1 to 7 years, contingent upon the type of loan selected.
• Opting for faster repayment incurs no penalty charges.

4. How soon can I take a loan?

After maintaining consistent contributions to your Main Savings account for six months (6 Months), you are eligible to apply for a loan.

5. Will my interest rate change during the life of a loan?

No

6. Will I pay interest if I pay up my loan prior to the maturation date?

Yes. You will still be required to pay all the interest that was accrued on the loan. However, choosing to repay your loan faster incurs no penalty charges.

7. How long will my loan application take before disbursement?

• The processing time for a loan can vary depending on its type, ranging from 24hrs to two months.
• It’s essential to submit all necessary documents along with your loan application to expedite the processing period.