Special Normal Loan

Requirements and Features:

1. Be a Sacco member with consistent contributions for a minimum of 3 months. Defaulters don’t qualify. Additionally, you will need to provide a collateral to qualify for a loan in excess of 90% of free main savings.
2. You will be eligible for a loan of up to three times (x3) the deposits in member’s Main Savings Account up to a maximum of Kes. 3 million.
3. The loan shall attract an interest rate of 12% per annum on a reducing balance.
4. The repayment period shall be a maximum of 36 months.
5. Pay a non-refundable loan-processing fee of 1% of loan amount subject to a minimum of Kes 10,000.
6. The Loan Security is member’s own and guarantors’ deposits in the main savings accounts.
7. Guarantors must be identified from the membership database
8. A minimum of two guarantors will be required.

The following are the requirements:

If you are employed:

1. 3 latest paystubs
2. Letter from employer confirming employment status
3. Bank statements for the latest 3 months
4. Copy of Kenya ID or Kenyan valid Passport
5. Copy of the latest W2 Form issued by the employer
6. Security – Copy of the title document of a property acceptable by the Sacco (Minimum lease term 35 years)

If you are Self-employed or Contract:

1. Bank statements for the latest 12 months
2. Copy of Kenyan ID or Kenyan valid Passport
3. Business registration certificate
4. IRS Business Tax Returns for the latest filing year
5. Security – Copy of the title document of a property acceptable by the Sacco (Minimum lease term 35 years)
6. 1099 Forms and/or any other supporting documents

Securities accepted by the Sacco

1. A member deposit or a guarantor’s deposit
   

How to apply for a Special Normal Loan:

1. Click on member login to complete its entirety.
2. Depending on your employment status (employed or self-employed), attach copies of supporting documents.
3. Pay a non-refundable loan processing fee of 1% of loan amount subject to a minimum of $100.