Normal Loan
Characteristics
1.Available to members only
2.Three times the deposit with the Society but subject to ability to repay
3.Interest of 13% p.a reducing balance
4.Repayable in 36months
5.Kes 200 risk Management Fee for loans less that Kes 20,000 and 1% for loans above Kes 20,000
6. Transfer fee Ksh. 50
7.Repayment in 24 months
8.Max 10 million
9.Appraisal 1%
Requirements
1.Member in the Society for at least 4 months
2.Six (6) guarantors
3.Three times the deposit with the Society
4.The loan application form must be endorsed by the Chief/Delegate representative
5. 2/3 rule apply
Development Loan
Characteristics
1.Available to members only
2.Three times the deposit with the Society but subject to ability to repay
3.Interest of 13% p.a
4.Repayable in 36 months
5.Kes 200 risk Management Fee for loans less that Kes 20,000 and 1% for loans above Kes 20,000
6. Transfer fee Ksh. 50
7.Repayment in 36 months
8.Max 10 million
9.Appraisal 1%
Requirements
1.Member in the Society for at least 4 months
2.Six (6) guarantors
3.Three times the deposit with the Society
4.The loan application form must be endorsed by the Chief/Delegate representative
5. 2/3 rule apply
Normal Salary Loan
Characteristics
1.Available only for salaried employees
2.Three times the deposit with the Society
3.Interest of 13% p.a
4.Repayable in 12-36 months
5.Risk Management Fee of
1%
6.Max. ksh.3,000,000
7.Above 1 million to provide collateral
8.Appraisal 1%
Requirements
1.Six (6) guarantors
2.The loan application form must be endorsed by the employer
3. 2/3 rule apply
Salary Development Loan
Characteristics
1.Available only for salaried employees
2.Interest of 14.5% p.a reducing balance
3.Repayable in 48-60 months
4. Appraisal fee of1%
5.Risk Management Fee of 1%
6. Transfer fee Ksh. 50
7.Max.Ksh.3,000,000
Requirements
1.Five (5) guarantors
2.Based on one year’s income
3.The loan application form must be endorsed by the employer
4.The employer to effect and remit deductions to the Society (Check off)
Above 2 million requires collateral
Normal Staff Loan
Characteristics
1.Available only for staff members of Kenya Highland Sacco
2.Three times the deposit with the Society
3.Interest of 13% p.a
4.Repayable in 36-60 months
5.Max. 5,000,000
Appraisal 1%
Requirements
1.four (4) guarantors
2.The loan application form must be endorsed by the employer
3. 2/3 rule apply
Staff development loan
Characteristics
1. Available for staff members who have worked for 5 years continuously.
2.Amount eligible is 300% of one year basic salary.
3.Interest is 12%p.a.
4.Repayble in 96 months
5.Max. 15,000,000
Requirements
1. four (4) guarantors
2. The loan application form must be endorsed by the employer & fully secured
3. 2/3 rule apply
Car loans
Characteristics
1. Available for staff members of who have worked for 3 years continuously.
2.eligibility is 200% of one year basic salary .
3.Interest is 12% p.a
4.The car must not be more than 8 years old from the date of registration.
5. repayment period shall not exceed 60 months
6.Max:ksh.5,000,000
Requirements
1. four (4) guarantors
2. The loan application form must be endorsed by the employer
3.Joint ownership with the society must be entered until the loan is recovered in full
3. 2/3 rule apply
4.Comprehensive insurance
Furniture loan
Characteristics
1. Available for staff members who have served for two years.
2.eligible 5 times their monthly salary
3.Interest rate of 12% P.a.
4. Repayable in 36 months
5.Max:ksh.1,000,000
Requirements
1. four (4) guarantors
2. The loan application form must be endorsed by the employer
3. 2/3 rule apply
Booster Loan
Characteristics
1.Issued to offset loans so that a member can get newer a bigger loan
2.Interest of 2% flat rate
3. Transfer fee Ksh. 50.00
4. To be cleared once the main loan is cleared
5. 30% of the initial loan
6.Within the repayment period & should apply for booster.
Requirements
1.For a member to offset an existing normal loans he/she must repaid 75% of the existing loan
2. attached to the main loan form
Msingi Loan
Characteristics
1. Available to person with business
2. Minimum amount available Ksh. 10,000/=. repayment period 12 months to 36 months depending on amount involved
4. Loan below Ksh. 100,000 may be guaranteed by individual while amount above Ksh. 100,000 must provide collateral which should be registered in the applicant’s name or attached with transfer form dully filled.
5. appraisal fee 1%
6.Risk fund fee 1%
7. transfer fee 50
8. Loan form fee Ksh. 100
9. Interest 14.50% per year.
10. max 2 million
Requirements
1. existing business –trade licence
2. financial statement of the borrower
3. fully filled form
4. If trading in a business name-registration certificate for the business name