Home FAQs Loan Queries
Loan Queries

1.  When do I qualify to take a loan?

  • You qualify to take a loan after six months of consistent contribution to the Sacco.

2.  Whats the maximum loan am entitled to?

  • You are entitled to maximum loan equal to four times your total savings (shares capital plus deposits * four) Lump sum deposit

3.   Do I have to wait for six month to get a loan after making a lump sum deposits?

  • No, the Sacco has introduced a 10% commission of lump sum deposit utilized on entitlement for those who want to borrow immediately based on lump sum deposits.

4. Can I have more than one loan at the same time?

  • Yes, you can have several concurrent loans so long as they don’t exceed your maximum loan entitlement of four times and you have ability to pay for all of them.

5. What do I require to take a loan??

A duly filled loan application form supported by;

ID/ passport Copy

3 month certified pay slips  or 6 month bank statement

Guarantors ID or passports

PIN Certificate

Utility bill

For business members:

A statement of income and expenditure

Certified 6 month bank statement

Business registration certificate

6.   What is the maximum loan repayment period?

  • The maximum loan repayment period is 48 months for all loans apart from short term and school fees which are repaid in 6 and 12 months respectively.

7.   Why is the reason of rejecting my loan?

A loan can be rejected on the following grounds;
  • Inconsistency in deposit contributions
  • Inadequate guarantors
  • The form is not duly completed
  • Key documents like ID, certified pay slips, PIN, direct debit/standing order instructions etc have not been attached
  • The member deposits are insufficient to support an additional loan.

8.  Can i reduce my loan installment due cash flow constraints?

No, you cannot adjust or reduce loan installment unless you had previously overpaid your installments as this will result in your loan going in arrears leading to closure after three months arrears.

9.   How long does it take before a loan is processed?

  • Normal loans repurchase loan, refinance loan and asset loans are processed within two week so loans you application has been submitted by 10th of the month and all requirement have been met.
  • Emergency loan as processed within 2 working days if all requirements are met.
  • School fees and short term loans are processed within four working days so long all requirements are met.

end faq