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Missing Loans
This loan is meant for business people and individuals who have graduated from micro loan. Loan is based on the business turnover and collateral provided.
Requirements
- Established business people
- 4 months bank statement
- Organized books of accounts - statement of income
- Attach photocopies of identify card, utility bill – current business licence
- Site visit by the sacco officer a must
- Valid collateral
Features
- Loan limit from Ksh. 10,000 and above subject to ability to repay
- Use collateral like chattels, equipment, machine, land title, log book which must be legally registered with the customer
- Collateral must be valued
- Interest charge 18% - reducing balance
- Insurance fee of 1% of the amount granted
- Appraisal fee of 1% on the amount granted
- Loan to be paid on equal monthly instalments
- In case of follow up as a result of default, the customer bears the cost i.e. travelling and out pocket for officer involved at the rate provided by the society and charged to customer account.
- 1 months grace period
- dully filled form & affidavit
- Loans below 100,000 shall be guaranteed by guarantors and such guarantee may be considered sufficient depending on other factors/variables of the applicant
- repayment period:
- 10,000-100,000 – 1year
- 101,000-200,000 - 2 years
- above 300,000 – 3years
- depending on the amount applied the collateral shall be fully and legally charged
- the collateral should be captured in the system
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