Chap Chap Loan

This loan type is based on one’s deposit and is only accessed through the Mobile Application.

– This is a type of loan secured by one’s deposits.

– The loan interest rate is:

1. 4.65% per month repayable in 3 months.

2. 3% per month repayable in 6 months.

3. 1.5% per month repayable in 12 months.

– A member has to be active for at least three consecutive months and has paid minimum share capital

– Security is 80% of one’s available deposit

– The loan amount is limited to KES 150,000

Nawiri Loan

– Self-guaranteed loan.
– Interest rate 1.13% per month on reducing
balance
– Refinancing / Top-up facility available.
– The maximum repayment period is based on categories;
Loan amount of between:
50,000 – 500,000: 48 months
500,001 – 1,000 000: 60 months
Above 1,000,000: 120 Months
– Account to be active for 3 months

Jipange Loan

– Maximum eligibility is 4 times one’s deposit
– The interest rate of 1.22% p.m on guaranteed loans on reducing balance
– Refinancing / Top-up facility available.
– The repayment period is as follows;
Loan amount between:
1,000 – 500,000: 60 months
500,001 –1,000,000: 72 months
Above 1,000,000: 84 Months
– Account to be active for 3 months

Imarika Loan

– Maximum eligibility is 4 times  Junior deposit
– The interest rate of 1.22% p.m on guaranteed loans on reducing balance
– Refinancing / Top-up facility available.
– The repayment period is as follows;
Loan amount between:
1,000 – 500,000: 60 months
500,001 –1,000,000: 72 months
Above 1,000,000: 84 Months
– Account to be active for 3 months

Elimu Loan

– Repayment period – 12 months
– Interest Rate – 0.83% per -month
– Copy of fee structure required
– Cheque written directly to the school
– No guarantors.

Kuza Loan

– Maximum repayment period of 12 months
– The interest rate is at 1.13% per month on reducing balance.
– Self-guaranteed loan
–  Refinancing / Top-up facility available.
– The Loan is secured by the junior deposits
– Account to be active for 3 months

Mazao Loan

This loan is based on the previous year’s dividends
– 50% of the previous year’s dividends whichever is lower.
– Available from October to February
– The interest rate of 7.5% one-off fee is deducted upfront.
– Repayment period of up to 3months.
– No application fees.
Disclaimer: One cannot withdraw their membership before the financial year ends unless they repay the loan fully.

Development Loan

– Maximum loan entitlement 4 times own deposits
– The interest rate of 0.99 % p.m on reducing balance.
– Loan secured by the land, house, or member’s logbook
– Refinancing / Top-up facility available.
– The maximum repayment period is 120 months for land and house security. For Car security maximum period is 72 months.
– The title/logbook shall be charged against the loan granted.
– Sacco shall finance up to 80% for plots within Nairobi and its metropolitan, 60% for outside plots, and 50% for SACCO plots (based on the purchase price and not market value).
– Car security is 50% of the car value. Account to be active for 1 year

Car Loan

This facility enables members to purchase private or private commercial vehicles through co-ownership with the Sacco

– Maximum loan entitlement 4 times deposits.

– Security – Original logbook

– The age limit for vehicles maximum is 10 years.

– Sacco shall finance up to 50% of valuation on second hand and 80% on new vehicles.

– Interest rate 1.27% per month on reducing balance.

– The maximum repayment period is 48 months

– Account active 1 year

– Rescheduling and refinancing are not available