Premium Loan
Product Description
This loan caters for Sacco members who do not have large deposits to apply for other loan products.
Features
- Qualifying Loan is 4 times a member’s deposits subject to a maximum amount of Kshs. 12,000,000.
- Members should not have any other loan at the time of applying.
- A member is subsequently entitled to another type of loan only if the 3 or 3.5 times deposits rule allows
- Full Sacco membership of at least 6 months.
- Maximum loan period is 60 months.
- Interest is charged at 1.165% per month on reducing balance.
- 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.
