Loans

Objectives

The Normal loan is a long-term credit facility meant for development purposes like land purchase and building homes, Motor vehicle purchase among others.

Requirements

• Complete Loan Application form.
• Attachments: Current original pay slip, ID Copy, Contract Letter.
• At least five guarantors whose deposits adequately cover the loan applied.
• Other securities accepted by the Society shall be pledged as collateral. This shall be in the form of title deeds of urban land, Insurance policies, logbooks and share certificates of listed shares etc.

Features

• To qualify for this loan an applicant must have completed three(3) months membership or such other period as the Board may determine from time to time.
• The loan is pegged on 3(Three) times a members deposits and its repayment period shall be a maximum of thirty six (36) Months.
• The interest rate shall be 1% per month or 12% per annum on reducing balance.
• The minimum limit is to be determined by the board from time to time.
• The total of all outstanding loans must not exceed three (3) times an applicant’s deposits.

Objectives

The purpose of Kifaa Loan is to provide short-term finance to members for purchase of desktop computers, laptops, tablets, smart phones and other devices that enable members to leverage on technology to do business efficiently.

Requirements

• Complete Loan Application form.
• Attachments: Current original pay slip or any other documents as proof of ability to repay the loan applied, ID Copy.
• Proforma invoice of the devices.
• At least 3(three) guarantors whose deposits adequately cover the loan applied.

Features

• To qualify for this loan an applicant must have completed three(3) months membership.
• The loan requires member to have members share deposits and its repayment period is ten (10) Months.
• The interest rate shall be 1.25 % p.m. (15% p.a.) on reducing balance.
• Maximum eligibility shall be Kshs. 100,000.00.

Objectives

Dharula Loan is a credit facility awarded for unforeseen circumstances.

Requirements

• Fully completed Loan Application form.
• At least 3 Guarantors whose deposits adequately cover the loan applied.
• Attachment; Current original pay-slip /bank statements for the last 3 months.

Features

• The total of all outstanding loans must not exceed three (3) times an applicant’s deposits.
• Repayment shall be a maximum period of 12 (Twelve) months.
• The interest rate shall be 1.25% per month (15% p.a.) on reducing balance.
• Maximum eligibility shall be Kshs. 100,000.00.

Objectives

Soma Loan shall be granted for Education and training purpose.

Requirements

• Fully completed Loan Application form.
• At least 3 Guarantors whose deposits adequately cover the loan applied.
• Attachment; Current original pay-slip /bank statements for the last 3 months.

Features

• To qualify for this loan an applicant must have completed three (3) months membership.
• Repayment shall be a maximum period of 12 months.
• The interest rate shall be 1.25% per month (15% p.a.) on reducing balance.
• Maximum eligibility shall be Kshs. 100,000.00.

Objectives

This product is designed to assist members pay health insurance premium installments at ease and with a flexible arrangement.

Requirements

• Fully completed Loan Application form.
• At least 3 Guarantors whose deposits adequately cover the loan applied.
• Attachment; Current original pay-slip/bank statements for the last 3 months.

Features

• To qualify for this loan an applicant must have completed three (3) months membership.
• Repayment shall be a maximum period of 12 months.
• The loan amount will be equivalent to the annual insurance premium.
• The interest rate shall be 1.5% per month (18% p.a.) on reducing balance.

Objectives

The loan is provided to a member who already has an existing loan for purposes of completing an existing project, for education purpose, medical, enhancing entrepreneurial activities or on any other ground.

Features

• The loan shall only be applicable for Normal Loans.
• Must have cleared the principal amount repaid for a minimum period of 6 months.
• Charges shall be 10% interest on loan clearance of the Topped-up amount or as may be reviewed from time to time by the Board.

Objectives

The eligible applicants for this loan are registered groups and welfare groups.

Features

• To be eligible to borrow, the group must contribute 'Undugu Deposits' consistently for 3 (Three) months.
• Loan application must be accompanied with approved resolutions /minutes and attached with a comprehensive project proposal for the intended loan.
• The maximum limit is Kshs. 300,000 subject to ability to repay within 70% of monthly savings or as may be determined by the Board.
• The interest rate is fix 1.5% per month or 18% per annum on reducing balance.

Objectives

The eligible applicants for this loan are registered institutions and tech associations and SACCOs registered under the Co-operatives ACT.

Features

• To be eligible to borrow, the group must contribute 'Taasisi Deposits' consistently for 3 (Three) months.
• Loan application must be accompanied with approved board resolutions / minutes and attached with a comprehensive project proposal for the intended loan.
• The maximum limit is Kshs. 2 (Two) million subject to ability to repay within 70% of monthly savings.
• The interest rate is fix 1.5% per month or 18% per annum on reducing balance.

Objectives

Fuzu Loan shall be granted to members who are students of colleges and universities studying tech courses and needing to be entrepreneurs.

Requirements

• Fully completed Loan Application form.
• At least 3 Guarantors whose deposits adequately cover the loan applied.
• Attachment; Valid Student ID, proof of training.
• The student member shall be required to sign a standing order with the bank or a checkoff guarantee.

Features

• To qualify for this loan an applicant must have completed three (3) months membership.
• Repayment shall be a maximum period of 12 months.
• The interest rate shall be 1% per month (12% p.a.) on reducing balance.
• Maximum eligibility shall be Kshs. 50,000.00.