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NORMAL LOAN
Normal loans are granted for a period of 60 months
to members who don’t have any other outstanding loans.
These are given for development purposes.
NORMAL PLUS LOAN
This product is given five times of member’s savings whose
repayment period is 72 months. It is granted to members who
don’t have any other existing loans.
RUDI NYUMBANI LOAN
These are loans granted to members to buy their loans off
from other financial institutions like banks, microfinance etc.
REFINANCING LOAN
These are Loans granted to members who already have loans with
the Sacco but have not completed the project they had started
with the initial loan (normal loan and Rudi Tena loans.
The repayment is within the remaining period of existing loan.
EMERGENCY LOAN
Emergency loans are defined by purpose and must be
accompanied by supporting documents. The repayment
period is 12 months.
RUDI TENA LOANS
These are loans granted to the members who already have loans
with the Sacco. The member is charged 2.5% of the remaining balance
with a repayment period of up to to 60 months.
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RUDI TENA PLUS LOAN
Similar to normal plus, repayable within 72 months. Members savings
multiplied 5 times. It differs with the normal plus by virtue of being
granted to a member with an existing loan. The existing loan balance
is offset and charged a 2.5%.
Solar Loan facility
Our Sacco is currently offering loans to our members and installing the Solar electrical systems, solar water heating systems, solar water pumping systems and boreholes equiping.
REFINANCING PLUS LOAN
This is a loan granted to members who have not completed
their projects after taking rudi tena plus or normal plus loans.
Repayment is within the remaining period of the existing loan.
INSTITUTIONAL LOANS
These are loans given to corporate members, that is, Parishes,
Congregations, Church institutions and Registered Groups
that are Sacco members. This product is given five times of Institution savings with a repayment period of up to 72 months.
DEPOSIT BOOST LOAN
This is a loan given to members who want to boost their
deposits. It does not require guarantors since the member
is not paid the money, but it’s added to his/her deposits.
The amount cannot be considered for loan application until the
loan applied to boost is fully paid.
MOBILE LOANS (NTS)
NIOKOLEE TAFADHALI
This is a short term loan applied and disbursed through mobile application at 6% pm. Repayable over one month with a maximum repayment period of 3 months.
Loan Portfolio
Our loan portfolio has risen in the recent past from as low as Ksh 3 Million monthly to Ksh 45 Million monthly. All loans are disbursed in time within the month applied and emergency loans are taken care of us they come. Loans of Less than Ksh100,000 are also processed with urgency. Development and reviewing of lending policies is a continuous process per the needs of members to enhance service delivery.
One must be a member of the Sacco for a period of 6 months with fully paid share capital and registration to qualify. A member must also have savings in order to qualify for the loan.
Guarantors System
The Society by-law provides that Sacco Loans security is the guarantor’s savings. We also accept Collateral for loans transactions that require collateral as a guarantee.
The provision is also that:
For the guarantor to ensure the loanee is servicing the loan, the guarantor can enquire from the Sacco office and follow up the member immediately if the loan is not being serviced.
The loan repayments, as well as the savings, by members are made on a check-off system whereby members authorize the employer to be making monthly deductions from the members’ salaries, and then the employer remits these amounts to the Sacco.