Our Loan Products are customized for every borrower and period

Mhasibu Sacco Products Catalog

Long Term

Long Term Benefits;

  1. Competitive rates
  2. No processing fees
  3. 1-month grace period on the 1st installment, if loan is issued after 15th of the month. Interest accrues from the date of disbursement.
  4. Manageable repayment amounts
  5. Longer repayment period
  6. No penalties for early loan clearance
  7. Maximum loan borrowing is 50 million.
Mhasibu Sacco Products Catalog

Normal Loan

This is an all-purpose loan facility advanced to all Members for improvement, development or investment. Best for first time borrowers who are looking into paying a long-term loan within a shorter period.

Features

  1. Repayment period of 72 months.
  2. Interest rate of 12% p.a on reducing balance.
  3. Maximum entitlement is 4 times total deposits plus shares. (Current Offer is 5 times)
  4. Guarantors and acceptable collaterals required.
  5. You can offset other loans with the Sacco at 5%
  6. Terms and conditions on self- guarantee apply.

Benefits

  1. Competitive rates.
  2. No processing interest.
  3. Interest is on reducing balance
  4. 1-month grace period if loans issued after 15th of the month.
  5. Manageable repayment amounts.
  6. Longer repayment period.
  7. No penalties for early loan clearance.

Download Form Here

Asset Loan

MOTOR VEHICLES FINANCING

As we grow, we continue to grow and diversify our product portfolio to meet your expectations. Members can now access Commercial vehicle financing under asset loan to make it possible for them to boost their finances. Mhasibu Motor Vehicle Finance allows you own a motor vehicle that you might not be able to otherwise afford.

Features

  1. Maximum entitlement is 4 times total deposits plus shares. (Current Offer is 5 times)
  2. Repayment period of 48 months.
  3. Interest rate at 13% a on reducing balance.
  4. Financing of up to 75% for used vehicles and 90% for new vehicles respectively.
  5. Motor vehicle should not be more than 10 years of age from Date of Manufacture.

Benefits

  1. The logbook can be used as collateral.
  2. Insurance can be acquired through the Sacco.

Our Partners

  1. CFAO (Toyota Kenya)
  2. Maridady Motors
  3. Taraji Motors
  4. Motorshop Dealers

Gold Loan

Are you looking for something golden? Look around us; we have it.

The Gold loan is a product intended to empower members to undertake development projects with long term benefits e.g. Business ventures and other investments.

Features

  1. Repayment period of 84 months.
  2. Interest rate of 13% p.a on reducing balance.
  3. The maximum entitlement is 4 times the total deposits plus shares. (Current Offer is 5 times)
  4. Guarantors and acceptable collaterals required.
  5. You can offset other loans with the Sacco at 5%
  6. Terms and conditions on self- guarantee apply

Benefits

  1. Manageable repayment amounts.
  2. Longer repayment period.
  3. Interest is on a reducing balance.

Multi-Loan

Plan and Avoid panic! Place in your loan application and the loan is subsequently disbursed on a piecemeal basis as at when you need it.

The multi loan product allows members to draw approved funds as many times as possible at a interest of 1% per drawing. The loan balances held by the borrower prior to the approval shall not be charged repurchase interest but will form part of the loan entitlement.

Features

  1. This loan product will be available to all Sacco members.
  2. The maximum limit will be 4 times a member saving subject to the Sacco approved limit. (Current Offer is 5 times)
  3. Repayment period is 60 months.
  4. Minimum amount is KES 10 million.
  5. The interest chargeable is 13% p.a on reducing balance.
  6. The drawings shall be charged interest at 1% per drawing.
  7. The loan amount approved shall be drawn within the first 2 years of the loan.
  8. The loan shall be fully secured with acceptable securities.
  9. The applicant shall have exhibited good history of loan repayments.
  10. The applicant shall have guarantors who have a reputable record of loan repayments.

Benefits

  1. No repurchase interest.
  2.  The loan product shall not be convertible to refinancing or repurchase loan.

Plot Buying Loan

We’ll empower you acquire land for future development more conveniently.

Financing Land from MHCL (Mhasibu Housing Company Ltd.) and Other Vendors.

Land financing is available for members who want to use the title as security.

Features

  1. Must be a member of the Sacco for a minimum of 6 Months.
  2. Loan term is maximum of 60 months.
  3. Payments to be channelled directly to Mhasibu Housing/the other Vendor
  4. Financing is at 100%.
  5. Interest rate is at 12% p.a
  6. Asset financed up to 4 times members savings. (Current Offer is 5 times)
  7. The applicant will be required to submit title deed/Completion Certificate for land acquired through MHCL.
  8. The applicant must submit the original title deed and any other relevant documents for land acquired through other vendors.
  9. The member is required to initiate the release of the collateral upon clearance of the loan.
  10. All charges to be borne by the member.

Top-up Loan

Don’t let your projects stall because you have exhausted your financing and still have a running loan.
Top Up loan is tailored to satisfy members who need extra financing after taking up a Normal/Gold loan and there is still need for more project funds.

 

Features

  1. The maximum entitlement is 4 times the total deposits plus shares less any outstanding loans. (Current Offer is 5 times)
  2. Interest rate for a Gold loan top up at 13% for 84 Months p.a while Normal loan top up at 12% p.a for 72 Months on a reducing balance.
  3. Period to be determined by the remaining repayment period of the existing loan.
  4. Guarantors and acceptable collaterals required.
  5. You need to be a Sacco member for six months and have met the loan eligibility criteria.
  6. Terms and conditions on self-guarantee apply.
  7. Cost of loan buyoff is 1% of the outstanding Loan balance.

Jazilia Loan

Jazilia Loan

Don’t let your projects stall because you have exhausted your financing and still have a running loan.
Top Up loan is tailored to satisfy members who need extra financing after taking up a Normal/Gold loan and there is still need for more project funds.

 

Features

  1. An initial loan will be appraised and approved after the member provides all the required documentation.
  2. Loan secured by own deposits and asset collateral.
  3. The member will fill in a form to request the funds and recommit the existing collateral and reconfirming the capacity to pay the loan.

Mortgage Product

  1. Access up to 8 times your deposits plus share capital
  2. We will offer up to 100% financing
  3. Repayment period is up to 15 years
  4. Financing is for ready units

Equity Release

Equity Release

• Use of complete houses as security.
• Maximum period of 12 years.
• Interest rate of 12% p.a.
• Multiplier of 8 times the deposits.
• Security shall be the house.

Short Term

Short Term Benefits;

  1. Quick processing
  2. High approval rates
  3. Short repayment period which translates to less interests.
  4. Possible Disbursement via M-Pesa account
  5. No processing fees
Mhasibu Sacco Products Catalog

Mobi Loan

We understand members need for convenience and instant access any time everywhere through the web portal link

Features

  1. Members with KES. 50,000 and below will now be able to access up to KES 10,000 first borrowing and a graduation of KES. 5,000 as they grow their deposits.
  2. Members with deposits of KES. 500,000 – 1,000,000 will now be able to graduate by KES. 20,000.
  3. Members with deposits of KES. 1,000,000 and above will now be able to access 100,000 on their first borrowing and graduate by KES. 20,000.
  4. The Mobi loan interest is still very low at 5% p.m.
  5. The repayment period has now been increased to 6 months.

Self Guaranteed Loan

It’s now easy and convenient! Members applying will ONLY be required to submit the self-guaranteed loan application form and attach ONLY a Copy of their ID for processing
Features

  1. Interest rate at 11% p.a.
  2. Repayable within a period of 60 months
  3. Maximum loan shall be 95% of own deposit
  4. Loan is advanced within the members deposits.
  5. Member should not have guaranteed other members.
  6. If a member has guaranteed a loan, they will be required to have their loan guaranteed.

Rahisi Loan

The Rahisi loan product accessible instantly through the web portal link. It is easier and more secure!

Features

  1. Interest rate at 10%.
  2. Maximum repayment period of 24 months.
  3. Maximum amount increased to KES 1,000,000
  4. One off convenience charge of 1% at disbursement.
  5. Maximum amount shall be within your free deposits.Rahisi Loan

Home Care Loan

For all your appliances and home improvement needs.

If you love it lighten it up. Everyone needs a smart home and smart things is the easy way to turn your home smart. Do you need financing to equip your homes with quality appliances?

The Sacco has partnered with authorized suppliers to sell specified home appliances and equipment to Mhasibu Sacco members at a negotiated price.

Features

  1. The Sacco will finance purchases at 1% per month for a period of upto 1 year.
  2. Maximum amount is KES 100,000.
  3. The loan should be fully secured.
  4. Items include but not limited to home equipment and appliances.

 Benefits

  1. Items can be purchased and paid for a period of 12 months.
  2. Free delivery on specific items.

Swift Loan

We have a clear understanding that Emergencies are inevitable and School fees too can be burdensome on the family budget. We make it possible for you to swiftly overcome the hurdles.

The swift loan product is designed to assist members meet urgent financial obligations e.g school fees and medical bills and other unforeseen circumstances.

Features

  1. The maximum amount is KES 1,000,000.
  2. Repayment period of 24 months.
  3. Interest rate of 1% per month on reducing balance.
  4. A member is entitled to only one loan at a time.
  5. You need to be a Sacco member for six months and have met the loan eligibility criteria.

Benefits

  1.        Quick processing.
  2.        Fast approval rate.
  3.        Short repayment period which translates to less interest.
  4.        Possible disbursement via the M-Pesa account.
  5.        No processing fee.

Short Term Loan

Short Term Loan

Features

  • Interest rate at 11%.
  • Maximum repayment period of 12 months.
  • Loan must be fully secured

Benefits

  1.        Quick processing.
  2.        Fast approval rate.
  3.        Short repayment period which translates to less interest.
  4.        No processing fee.

Cheque Encashment Loan

Turn your post-dated cheque into cash instantly. You don’t have to wait for it to mature!

Cheque encashment is a product for members who want to access a short-term loan instantly in exchange of a post-dated cheque(s).

Features

  1. Members can access up to 10% of their deposits.
  2. Limit of KES 500,000 of total deposits in exchange of a post-dated cheque for a maximum of two months.
  3. Cheques amount to include Interest plus principle
  4. Interest rate of is 10% per month.
  5. Cheque will be banked on maturity.

Benefits

  1. Don’t have to wait for your cheque to mature.
  2. Quick processing.