Frequently Asked Questions
All your questions answered
What do I need when applying for a Loan?
- A fully completed loan application form.
- Guarantors should be active members and have contributed for at least three months.
- The guarantor’s and applicant’s shares MUST be equal to or more than the loan applied for.
- The member has to attach an original most recent (if possible certified) pay slip which is not more than two months old.
- Outstanding loan by the applicant MUST be cleared before a loan of the same kind is approved unless one is refinancing (bridging).
- A copy of an acceptable form of identification (National ID/Valid Passport) MUST be attached to the application.
- One must have been an active member for at least three consecutive months.
Must I have guarantors when applying for a Loan
- Guarantors who should be members of the Sacco.
- Another form of security includes regular remittance such as the monthly savings.
If I clear the loan before its completion date will I be required to pay interest for future periods?
No interest or penalty is charged for clearing a loan earlier than the contracted period if clearance is done through.
If I clear the loan before its completion date will I be required to pay interest for future periods?
No interest or penalty is charged for clearing a loan earlier than the contracted period if clearance is done through.