TO: BALOZI SACCO MEMBERS              DATE: 20TH MAY 2020

SUBJECT: REVIEW OF SACCO PRODUCTS

We wish to inform you that the SACCO has reviewed its loan products as below:

(a)    Products which have been discontinued:

Boresha plus, Normal plus, Super plus and Ujenzi

 (b)    New and repackaged products:

Product

Old rate

New rate

Repayment period (Months)

Insta Plus

15.5%

14.5%

36

Insta

15%

14%

24

Mcash*

10%

10%

4

Boresha

14.5%

15.5%

84

Special *

0

12%

84

 * Other features for Special loan

  • Member to present a letter of separation from the former employer.
  • Only members without formal employment will be eligible for the product.
  • The loan is used for amalgamating/rescheduling existing loan(s).
  • No bridging fees
  • No banding requirement, therefore, the minimum deposit is Ksh. 4,000.

* Other features for M-cash loan

  • Maximum amount is three times the average deposit contributions for the last 3 (three) consecutive months or Ksh 70,000 whichever is lower.

NOTE:

  1. Terms and conditions for the loans not in the table above remain the same
  2.  Existing loans will continue running at the current rate and duration
  3. All other loan requirements apply.

Effective date for the above changes:  1st June 2020

 

Yours Faithfully,

 

Jorim Oyago

General Manager