Loyalty 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 the loan.
2. Qualifying amount is 5 times the deposits in member’s main savings account up to a maximum of Kshs. 10 Million subject to the one- third rule
3. The main purpose for the loan will be strictly towards property purchase or construction of property.
4. The loan shall attract an interest rate of 14% per month on a reducing balance.
5. The repayment period shall be a maximum of 72 months.
6. The member must have at least Kes 100,000/= in the Shares account.
7. Must have been a member for at least five years with a clear track record in credit history.
8. The Loan Security is member’s own deposit and assets title deed, subject to the location of the property.(City – 90%, County – 80%, Rural – 50%)

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 Kenyan 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:

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

Collateral: Securities accepted by the Sacco

The collateral to be used must be located and registered in Kenya. The following are the types of security/collateral that are acceptable.

1. Legal Charge: This form of security is used in cases where property in form of land or lease is used as collateral. The security is perfected by creating a charge and registering an encumbrance against the property being held as collateral (City – 90%, County Headquarter – 80%, Rural – 50%)

How to apply for a Loyalty Loan:

1. Click on member login and complete in 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.