LOAN PRODUCTS

 

A. Long Term Loans 

Normal Loan

Intended to help members in improving their economic activities and social being.  Repayable within a maximum period of 60 months (5 years) at 1% interest per month on reducing balance. Approved once per month by the Credit Committee. Disbursed on a first come first served basis.

Boresha Loan

A stand-alone product (no longer used for amalgamating other loans). Repayable within a maximum period of 84 months (7 years) at 1.292% interest per month on reducing balance. A multiplier of four (4) times a member's deposit is used subject to 2/3 of gross salary.  Approved once per month by the Credit Committee. Disbursed on a first come first served basis. 

Normal Plus Loan

An exciting loan product intended to assist members complete their projects or acquire properties aimed at building their asset base. Repayable within a maximum period of 72 months (6 years) at 1.334% interest per month on reducing balance. Approved once per month by the Credit Committee. Disbursed on a first come first served basis.

Super Loan

Repayable within a maximum  period of 72 months (6 years) at 1.25% interest per month on reducing balance.  The loan can be refinanced anytime. This product can be used to  amalgamate all other loans except Okoa Advance. Approved once per month by the Credit Committee. Disbursed on a first come first served basis.

Super Plus Loan

Repayable within a maximum  period of 84 months (7 years) at 1.292% interest per month on reducing balance. Amalgamation of existing loans can be done anytime. Approved once per month by the Credit Committee. Disbursed on a first come first served basis.

 

Ujenzi Loan

Repayable within a maximum  period of 48 months (4 years) at 1.25% interest per month on reducing balance. Maximum loan amount is Kshs. 1,000,000. This product cannot be refinanced. Approved once per month by the Credit Committee. Disbursed on a first come first served basis.

 

Collateral Loan 

Repayable within a maximum  period of 84 months (7 years) at 1.417% interest per month on reducing balance. Loan is guaranteed through land title deed. 

 

B. Short Term Loans 

Education  Loan

Repayable within a maximum period of 24 months (2 years) at 1% interest per month on reducing balance. Applications must include fees structures. Granted on demand.

Emergency Loan

Intended for sudden and unexpected financial commitments due to unforeseen circumstances beyond a member’s control. Repayable within a maximum of 12 months (1 year) at 1% interest per month on reducing balance. Must be supported by acceptable and  satisfactory documentary proof of the occurrence of the emergency.

Insta Loan

Maximum loan amount is Kshs. 700,000/=. Repayable within a maximum period of 24 months (2 years) at 1.334% interest per month on reducing balance.

Insta Plus Loan

Maximum loan amount is Kshs. 1,000,000/= Repayable within a maximum period of 36 months (3 years) at 1.375% interest per month on reducing balance.

Quick Pesa Loan

Maximum loan amount is Kshs. 200,000/=. Repayable within a maximum period of 12 months (1 year) at a flat rate interest of 12% on the amount loaned.

Okoa Advance Loan

Maximum amount for the product is Ksh.100,000. The maximum repayment period is 3 months. Interest is payable on a flat rate of 7% on the amount loaned.

 

C. Bridging/Amalgamation

Bridging
Allowed only in each respective loan category. Does not apply to Okoa Advance and Ujenzi loan products. Members can bridge their loans anytime. Interest charged is 7% of the outstanding loan balance. Other terms and conditions for loan products remain the same.

 

Amalgamation

A member can combine several loans into one except Okoa Advance. The products that can be applied in order to amalgamate are Super and Super Plus loans.  Interest charged is 7% of the outstanding loan balance. Other terms and conditions for loan products remain the same.

NOTE: The maximum loan limit is Ksh. 30 million.