Loans

A SACCO for techies by techies

Loan Types

Normal Loan

Objectives

The Normal loan is a long-term credit facility meant for development purposes like land purchase and building homes, Motor vehicle purchase among others.

Features
  • To qualify for this loan an applicant must  have completed  three(3)  months membership or  such other period as the Board may determine  from time to time
  • This loan is pegged on 3(Three) times a members deposits and its repayment period shall be a maximum of thirty-six (36) Months.
  • The interest rate shall be 1% per month or 12% per annum on declining balance or as shall be determined by the Board from time to time.
  • Loans will be repaid from a member’s salary and no member will be subjected to deductions in excess of 2/3rds of his monthly salary. When total deductions exceed 2/3rds of a member’s salary, the loan shall be reduced accordingly.
  • The total of all outstanding deposit-based loans shall not exceed 3(Three) times an applicant’s deposits.
  • Maximum eligibility shall be Kshs. 3,000,000.00
  • Only one Normal loan shall be granted at a time or as may be determined by the Board from time to time.
  • Interest on Loan Clearance of 15%shall be charges on loans outstanding.
  • Approvals for Normal loans are done once a Month or as may be approved by the Board from time to time.
Requirements
  • Complete Loan Application form.
  • Attachments: 1 Current original pay slip, ID Copy, Contract Letter.
  • At least five guarantors whose deposits adequately cover the loan applied
  • Other securities accepted by the Society shall be pledged as collateral.  This shall be in the form of title deeds of urban land, insurance policies, logbooks and share certificates of listed stocks etc.

Kifaa Loan

Objectives
The purpose of Kifaa loan is to provide short-term finance to members for purchase of desktop computers, laptops, tablets, smart phones and other devices that enable members to leverage on technology to do business efficiently.
Features
  • To qualify for this loan an applicant must  have completed  three(3)  months membership or  such other period as the Board may determine from time to time.
  • This loan is pegged on three (3) times a members share deposits and its repayment period is ten (10) Months.
  • The interest rate shall be 1.25 % p.m. (15% p.a.) on declining balance or as shall be determined by the Board from time to time.
  • Loans will be repaid from a member’s salary or from members other incomes and no member will be subjected to deductions in excess of 2/3rds of his monthly salary or monthly incomes. Where total deductions exceed two thirds of a member’s salary, the loan shall be reduced accordingly.
  • The total of all outstanding loans must not exceed three (3) times an applicant’s deposits.
  • Maximum eligibility shall be Kshs. 100,000.00
  • The member shall be eligible for a top-up loan when the loan balance is paid half-way the term period.
  • Only one Kifaa loan shall be granted at a time.
  • Interest on Loan Clearance of 15%shall be charges on loans outstanding.
  • Approvals for loans are done once a Month or as may be approved by the Board from time to time.
Requirements
  • Complete Loan Application form.
  • Attachments: 1 recent original pay-slip or any other documents as proof of ability to repay the loan applied, ID Copy, Contract Letter, Bank Statement for last 3 months.
  • Disclosure of other incomes for eligibility if any.
  • At least 3(three) guarantors whose deposits adequately cover the loan applied.
  • The employer must guarantee monthly check-off remittance.

Dharula Loan

Objectives
Dharula loan is a credit facility awarded for unforeseen circumstances.
Features
  • The total of all outstanding loans, including Soma, Dharula and Normal loan, must not exceed 4(Four) times a member’s deposit.
  • Repayment shall be maximum period of 10 (Ten) months
  • The interest rate shall be 1.25% per month (15% p.a.) on declining balance or as may be determined by the BOD from time to time.
  • Interest on Loan Clearance of 15% shall be charges on loans outstanding
  • Maximum eligibility shall be Kshs. 50,000.00.
Requirements
  • Fully completed Loan Application form.
  • At least 4 Guarantors whose deposits adequately cover the loan applied.
  • Attachment; Current Original payslip/Bank statements for last three months.

Soma Loan

Objectives
Soma loan shall be granted for Education and training purpose.
Features
  • To qualify for this loan an applicant must have completed three (3)  months membership or  such other period as the Board may determine from time to time.
  • Repayment shall be  a maximum period of 12 months.
  • The interest rate shall be 1.25% p.m. (15% p.a.) calculated on declining balance or as shall be determined from time to time by the BOD
  • The total of all outstanding loans, including Normal and Kifaa loan, must not exceed 3(Three) times an applicant’s deposit.
  • Interest on Loan Clearance of 15%shall be charges on loans outstanding against loan borrowed.
  • Maximum eligibility shall be Kshs. 100,000.00.
Requirements
  • Fully completed Loan Application form.
  • At least 3 Guarantors whose deposits adequately cover the loan applied.
  • Attachment; Current Original pay-slip bank statement for the last 3 months.

Digi-Bima Afya (DBA) Premium Financing

Objectives
This product is designed to assist members pay health insurance premium installments at ease and with a flexible arrangement.
Features
  • To qualify for this loan an applicant must have completed three (3) months membership or such other period as the Board may determine from time to time.
  • Repayment shall be  a maximum period of 12 months.
  • The loan amount will be equivalent to the actual insurance premium.
  • The total of all outstanding loans, including education, Kifaa and Normal loan, must not exceed 4(Four) times a member’s deposit.
  • Repayment shall be maximum period of 12(Twelve) months.
  • The interest rate shall be 1.5% per month (18% p.a.) on declining balance or as may be determined by the BOD from time to time.
  • Interest on Loan Clearance of 15%shall be charges on loans outstanding.
  • Maximum eligibility shall be Kshs. 300,000.00.
Requirements
  • Fully completed Loan Application form.
  • At least 3 Guarantors whose deposits adequately cover the loan applied.
  • Attachment; Current Original pay-slip/bank statement for the last 3 months.

Daraja Finance (Top Up Loan)

Objectives
The loan is provided to a member who already has an existing loan for purposes of completing an existing project, for education purpose, medical, enhancing entrepreneurial activities or on any other ground.
Features
  • The loan shall only be applicable for Normal loans.
  • Shall be awarded the principal amount repaid for a minimum period of 3 months.
  • Charges shall be 17% Interest on loan clearance of the Topped-up amount or as may be reviewed from time to time by the Board.

Undugu Loan

Purpose
The eligible applicants for this loan are registered groups and welfare groups.
Features
  • To be eligible to borrow the group must contribute Undugu deposits consistently for 3(Three) months.
  • Loan application must be accompanied with approved committee minutes and attached with a comprehensive project proposal for the intended loan.
  • The maximum limit is Kshs. 3Million subject to ability to repay within 70% of monthly savings or as may be determined by the Board from time to time.
  • The interest rate to be 1.5% per month or 18%per annum on declining balance or as may be determined from time to time.
  • Maximum repayment period 36 (Thirty Six) months as may be determined from time to time.
  • All group/Sacco members shall guarantee the loan.
  • The minimum monthly contribution after borrowing must be at least 1% of the loan awarded or as may be determined by the Board from time to time.
  • A comprehensive insurance cover shall be provided depending on the collateral/asset financed.
  • Any other documents as may be required from time to time.

Taasisi Loan

Purpose
The eligible applicants for this loan are registered institutions and tech associations and SACCOs registered under the Co-operatives ACT.
Features
  • To be eligible to borrow, the group must contribute Taasisi deposits consistently for 3 (Three) months.
  • Loan application must be accompanied with approved board minutes and attached with a comprehensive project proposal for the intended loan.
  • The maximum limit is Kshs. 4 (Four) million subject to ability to repay within 75% of monthly savings or as may be determined by the Board from time to time.
  • The interest rate to be 1.25% per month or 15%per annum on declining balance or as may be determined from time to time.
  • Maximum repayment period 36 (Thirty Six) months or as may be determined from time to time by the Sacco Board of Directors.
  • Sacco members shall guarantee the loan.
  • The minimum monthly contribution after borrowing must be at least 1% of the loan awarded.
  • A comprehensive insurance cover shall be provided depending on the collateral/asset financed.
  • Any other documents as may be required from time to time.

Fuzu Loan

Purpose
Fuzu loan shall be granted to members who are students of colleges and universities studying tech courses and aspiring to be entrepreneurs.
Features
  • To qualify for this loan an applicant must have completed three (3) months membership or such other period as the Board may determine from time to time.
  • Repayment shall be  a maximum period of 10 months.
  • The interest rate shall be 1% p.m. (12% p.a.) calculated on declining balance or as shall be determined from time to time by the BOD.
  • Interest on Loan Clearance of 15%shall be charges on loans outstanding against loan borrowed.
  • Maximum eligibility shall be Kshs. 50,000.00.
Requirements
  • Fully completed Loan Application form.
  • At least 3 Guarantors whose deposits adequately cover the loan applied.
  • Attachment; Valid Student ID, proof of banking, Recommendation letter from Dean of Students.
  • The student member shall be required to sign a standing order with the bank as a loan payment plan.