Loan Refinance
Product Description
Members are allowed to borrow more money to complete projects by applying for a refinance loan. This is a top-up loan granted to a member who requires additional financing after a normal loan has been granted. The loan is repaid under the same terms as the running normal loan.
Features
- Qualifying loan is 3 times a member’s deposits but cannot be more than the approved Normal Loan amount.
- Where the Normal Loan was repayable in 48 months or less, Refinancing Loan must be taken within 6 months from the date the Normal Loan was granted. Where the Normal Loan was repayable in 49 months or more, Refinancing Loan must be taken within 12 months from the date the Normal Loan was granted.
- Full Sacco membership of at least 6 months.
- Maximum repayment period must be within the remaining period of the running Normal Loan.
- Interest is charged on reducing balance at 1% per month for loan repayable within a period of 1 to 48 months or 1.1% per month for loan repayable over a period of 49 to 72 months.
- Security options: Guarantors’ deposits, member’s own deposits, motor vehicle logbook, Kentours Housing land title deed, life assurance policy.
- Evidence of ability to repay: Latest pay slip.
- Approved within 7 working days.
