Asset Financing
Acquire Assets With Our Asset Financing Loan Options
- The product provides members with the opportunity to acquire assets such as Land, House Purchase, and construction projects.
- It provides members with the means to acquire assets while preserving capital, managing cashflow, enjoy ownership benefits making it a valuable financing option for all our members.
Product Features:
- Interest rate of 1.125% pm on the reducing balance (13.5% Pa)
- Maximum Loan is Ksh. 15 million.
- Once off Loan Processing fee of 2%.
- 0.65% of the loan amount for insurance.
- Ksh. 690 for Bank transfer.
- The loan is payable within a maximum period of 72 months.
- Disbursed within 1 to 2 months working days.(depending on the location)
- Membership at least 6 months and attained the minimum shares.
- Funding ratio 70% of the total Asset/project cost-Subject to valuation report where applicable.
- Instalment should be equal or less than 2/3 net pay or business income.
- One asset finance loan facility at a time.
Requirements
1. To qualify, one must have completed at least 6 months of membership and must be up to date with their monthly contributions.
2. Ensure contributions have been consistent for at least 6 months prior to the loan application.
3. Ensure that savings contributed in a lump sum for the purpose of taking a loan have been in the Sacco for at least 6 months
4. Show proof of ability to repay the loan.
5. A member who transfers shares from another society will only be eligible for a loan after 3 months.
6. All loans shall be insured by a reputable insurance company against death or permanent disability.