Purpose
This is a bank loans buy-back facility. It enables members to transfer expensive bank loans to the Sacco
Features:
• The maximum amount is pegged on installments of 2/3 of a member’s net pay or business income
• Interest rate is 1.16% per month on reducing balance
• Maximum repayment period is 72 months
• Security options: Guarantors’ deposits, member deposits, Fixed deposits
• Quick loan processing: Up to 4 days and 4 weeks where property is collateral
• One-off processing fee: 2.5 %
• Full Sacco membership of at least 3 months and evidence of ability to pay
.