LOAN TYPES

1) NORMAL LOAN - (TYPE 1).

Repayable in 36 months with an interest rate of 12% per annum (i.e.  1% per month) on a reducing balance method.

2) NORMAL LOAN - (TYPE 2).

Repayable in 48 months and attracts an interest rate of 14.4% per annum (i.e. 1.2%per month) on a reducing balance method.

2) NORMAL LOAN - (TYPE 3).

Repayable in 60 months and attracts an interest rate of 18% per annum (i.e. 1.5%per month) on a reducing balance method.

Note: A member can only be granted one normal loan at a time either the one for 36 months, 48months, 60 months

4) EMERGENCY LOAN - (TYPE 1).

Repayable in 12 months and attracts an interest rate of 12% per annum (1% per month) on a reducing balance method.

5) EMERGENCY LOAN - (TYPE 2).

Repayable in 24 months and attracts an interest rate of 18% per annum (1.5% per month) on a reducing balance method.

Note: a member can only be given one emergency loan either for 12 months or 24 months.

6) SCHOOL FEES LOAN.

Repayable in 12 months and attracts an interest rate of 12% per annum (1% per month) on a reducing balance method.

8) REFINANCING LOAN.

Repayable in 24 months and attracts an interest rate of 24% per annum (2% per month) on straight line method. A member can only qualify for this loan product if he or she has a running normal.

9) HUDUMA LOAN

Repayable in 36 months, 48 months, 60 months and attracts an interest rate of 18% (1 .5% per month) on a reducing balance method. This loan buys back Sacco normal loan which, the member must have paid at least half of it.

10) BIASHARA SCALE UP LOAN (BSL)

 Purpose:  To enable entrepreneur (s) start/or scale up business ventures so as to economically lift himself/themselves out of poverty. 

 Features; Interest rate 1.6 % per month, duration 72 months, processing fee 5 % of the loan (upfront), 2/3 rule applies.

NB

All loans should be within three times of the member’s shares. No member shall be granted two capital / development loans to run parallel to each other