Micro Credit

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Advance/ Loan Type

Micro Credit Loan

Characteristics

1.Available Group members only
2.Four(4) times the savings with the Society but subject to ability to repay
3.Interest of 12% pa
4.Repayable in 12 months & for loan above 50,000 24 months
5.1% appraisal fee
6.Kes 200 risk Management Fee for loans less that Kes 20,000 and 1% for loans above Kes 20,000
7.Loan repaid monthly
8.One month grace period
9.Max. ksh.150,000
10.Max for the first loan 20,000

Requirements

1.Groups of 10-20 members
2.Group must save for 2 months
3.All group members savings guarantee the individual members loan
4.minimum contribution of deposit is ksh. 200 per month

Bonus Advance

Characteristics

1. Available for all members
who received bonus payments
2.given before bonus
3.interest rate 6%
4.based on cumulative
production -crop based
5.Form fee of sh.50
6.Transfer fee of sh. 50
7.Maximum of 70% of projected income

Requirements

1. cumulative slip indicating production per year
2. slip for the crop product processors
3. At least 3 guarantors

Cheque Advance

Characteristics

1. Based on cheque
Received or salary cheque
2. Interest rate 5% minimum 200 for amount below 4000
3. Repayable upon Maturity of the cheque
4.Not more than 70% cheque value

Requirements

1. cheque Deposit slip for cheques from reputable organization
2.At least 3 guarantors

Farm Loan

Characteristics

1. interest rate 12% p.a reducing balance
2. based on average income for 6 months
3. repayment period 12 months
4. appraisal fee 1%
5.Risk fund fee 1%
6. Form fee Ksh. 100
7. Transfer fee Ksh. 50 once
8.Max. 2/3 of average income in 12 months

Requirements

1. fully filled application form
2. attach pay slip & copy of ID card
3. Three months statement
4. at least 4 guarantors

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