Karibu loan
This is a loan offered to new members. Below are the requirements.
- Loan for new members.
- A member must have joined the Society by paying an Entrance Fee of KES. 2,000.00
- Paid a Minimum Shares/deposits of KES. 50,000.00
- The Maximum Loan amount KES. 1,500,000.00
- New members whose Deposits are less than KES. 500,000.00 will be given Maximum loan less the amount i.e. part of the loan will be retained to increase members deposits to KES. 500,000.00 or the difference.
- Interest rate 1% per month on reducing balance method.
- Repayment period 12 months.
Other Loan features include
* Members maximum loan/Product at 20 M.
* Insurance charge at 1.5% (one off).
* Mode of payment is Check off ,standing order and Mileage deductions.
* Non -check off members. Members will be advance a maximum of two and a half (2.5) of their deposits.
* Recoverable within the Parliamentary term, in particular the loan must be below or equal to the shares by the end of the term
Download Loan Application Form here.
