Requirements and Features:
- Be a Sacco member with consistent contributions for a minimum of 3 months.
- A member will be eligible for a loan of up to three quarters their deposits in the Main Savings Account up to a maximum of Kes. 1 million.
- The loan shall attract an interest rate of 0.83% per month on a reducing balance.
- The repayment period shall be a maximum of 9 months.
- The Loan Security is member’s own deposits in the savings accounts.
- A member can have this product and any other loan product with the Sacco.
The following are the requirements:
If you are employed:
- 3 latest paystubs
- Bank statements for the latest 3 months
- Copy of Kenya ID or Kenyan valid Passport
- Copy of the latest W2 Form issued by the employer
If you are Self-employed or Contract:
- 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. 1099 Forms and/or any other supporting documents
Securities accepted by the Sacco
1. The member’s savings deposit.