Loan Products

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LOAN CHAP CHAP

This loan type is based on one’s deposit and is only accessed through the Mobile Application.

  • This is a type of loan secured by one’s deposits.
  • The loan interest rate is 4.65% per month.
  • A member has to be active for at least three consecutive months and has paid minimum share capital
  • Security is 80% of one’s available deposit
  • As a repayment period of up to 3 months
  • Loan amount limited up to KES 50,000

NAWIRI LOAN

  • Self-guaranteed loan
  • Interest rate 1 % per month on reducing
    balance
  • Refinancing / Top-up facility available.
  • The maximum repayment period is based on categories;
    Loan amount of between:
    1,000 – 500,000: 48 months
    500,001 – 1,000 000: 60 months
    Above 1,000,000: 120 Months
  • Account to be active for 3 months

JIPANGE LOAN

  • Maximum eligibility is 4 times one’s deposit
  • The interest rate of 1.08% p.m on guaranteed loans on reducing balance
  • Refinancing / Top-up facility available.
  • The repayment period is as follows;

     Loan amount between:

  • 1,000 – 500,000: 60 months
  • 500,001 –1,000,000: 72 months
  • Above 1,000,000: 84 Months
  • Account to be active for 3 months

ELIMU BORA LOAN

  • Maximum repayment period of 12months
  • The interest rate is at 0.83% per month on reducing balance.
  • Self-guaranteed loan
  • The maximum loan granted is Kes 500,000
  • Rescheduling allowed only once to a maximum of 1 year
  • Loan refinancing is not available
  • Can be applied from either junior or parent/guardian’s account
  • Account to be active for 3 months

NB: Fees paid directly to the school

Development Loan

  • Maximum loan entitlement 4 times own deposits
  • The interest rate of 10 % p.a on reducing balance.
  • Loan secured by the land, house, or member’s logbook
  • Refinancing / Top-up facility available.
  • The maximum repayment period is 120 months for land and house security. For Car security maximum period is 72 months.
  • The title/logbook shall be charged against the loan granted.
  • Sacco shall finance up to 80% for plots within Nairobi and its metropolitan, 60% for outside plots, and 50% for SACCO plots (based on the purchase price and not market value).
  • Car security is 50% of the car value. Account to be active for 1 year

Mazao Loan

This loan is based on the previous year’s dividends

  1. 50% of the previous year’s dividends whichever is lower.
  2. Available from June to December
  3. The interest rate of 7.5% one-off fee is deducted upfront.
  4. Repayment period of up to 3months.
  5. No application fees.

Disclaimer: One cannot withdraw their membership before the financial year ends unless they repay the loan fully.

Car Loan

This facility enables members to purchase private or private commercial vehicles through co-ownership with the Sacco

  • Maximum loan entitlement 4 times deposits.
  • Security – Original logbook
  • The age limit for vehicles maximum is 10 years.
  • Sacco shall finance up to 50% of valuation on second hand and 80% on new vehicles.
  • Interest rate 1.1% per month on reducing balance.
  • The maximum repayment period is 48 months
  • Account active 1 year
  • Rescheduling and refinancing are not available