Purpose
This product is designed to assist members pay school fees in various institutions of learning.
Features
- The maximum amount one can borrow is 3 times the member's deposits upto Ksh. 3,000,000.
- The interest chargedis 12% per annum on a reducing balance
- The loan is repayable within 12 months from the time of issue.
Purpose
The Emergency Loan is designed to address urgent needs and emergencies.
Features
- The maximum amount one can borrow is 3 * Deposits up to Ksh. 1 Million.
- The repayment period shall be a maximum of 12 months subject to contract period.
- The loan shall attract interest rate of 12% per annum on a reducing balance basis.
- The Security shall be the member's and guarantors' deposits.
- Qualifying amount is 2 times member’s deposits up to a maximum KShs. 1000,000.00 subject to the one third rule.
- Interest rate of 12% per annum.
- Maximum repayment period is 12 months subject to remaining contract period.
- Payment made directly to the Club upon loan drawdown.
Proof of Club membership or membership admission/renewal invoice to be attached to the loan application.
Purpose
The product is designed to assist members meet urgent financial obligations and is processed within 24 hours.
Features
- The maximum amount one can borrow is is Kshs 3 Million.
- A member can have multiple Instant loans, however, the total outstanding loan amounts for all instant loans at any one time must not exceed KShs.3 million
- Repayment Period of 36 months apply to any applicant with a running contract period of not less than 9 Months.
- Interest is charged at 14.5% per annum on a reducing balance
This loan is designed for members who have been loyal to the UN SACCO for over 7 years.
Features
- The amount borrowed is 3* Deposits up to KShs. 20 Million.
- The repayment period is 60 months as long as a member has a contrct that runs for over 6 months.
- The loan shall attract interest rate of 12% per annum on a reducing balance.
Purpose
The Normal Loan is designed to address the development needs such as Building homes, Large scale farming, Motor vehicle purchase among others.
Features
- The maximum amount one can borrow is 3 * Deposits up to Ksh. 20 Million.
- The repayment period shall be a maximum of 60 months subject to contract period.
- The loan shall attract interest rate of 12% per annum on a reducing balance basis.
- The Security shall be the member's and guarantors' deposits.
- One can have a maximum of 2 Normal Loans or 1 Normal Loan and 1 Premium Loan.
Purpose
The Premier Loan product is for development purposes. It is given to members with good standing in the Society.
Features
- Maximum loan amount one can borrow is up to 4 * Deposits up to Ksh. 20 Million.
- The repayment period is up to 72 months.
- The interest charged is 14% per annum on a reducing balance basis.
- The Security is the member’s own deposits and guarantors’ deposits.
- A member can have a maximum of 1 Premier Loan and 1 Normal Loan
Features
· · Qualifying amount is 7 times the member’s deposits up to a maximum of Kshs. 25 Million subject to the location of the property and the one-third rule.
(City – 90%, County – 70%)
NB: Agricultural property not considered.
· Interest rate of 14% per annum on the reducing balance irrespective of the contract period.
· Use of reserve value/forced sale value in determining the loan to value.
· Repayment period of 15 years or 180 months subject to retirement age.
· The Loan Security is the Asset’s title deed.
Eligibility for this product: Current employment contract, which should not be less than 6 months to expiry.
Guidelines for applying for a secured Asset Loan
Reviewed Secured Asset Loan features
Features
· · Qualifying amount is 7 times the member’s deposits up to a maximum of Kshs. 25 Million subject to the location of the property and the one-third rule.
(City – 90%, County – 70%)
NB: Agricultural property not considered.
· Interest rate of 14% per annum on the reducing balance irrespective of the contract period.
· Use of reserve value/forced sale value in determining the loan to value.
· Repayment period of 15 years or 180 months subject to retirement age.
· The Loan Security is the Asset’s title deed.
Eligibility for this product: Current employment contract, which should not be less than 6 months to expiry.
Guidelines for applying for a secured Asset Loan
Reviewed Secured Asset Loan features
Available to members who have retired from formal employment.
Features
- The maximum amount one can borrow is 2* deposits
- Guarantors must be from existing membership
- Maximum repayment period is 36 months.
- Interest rate 12% per per annum
- Proof of pension ability to repay the loan.
This loan is designed to help new staff members to settle down smoothly in their new stations of work.
Features
- Member qualifies after first payroll deduction and raising minimum share capital of 50, 000 Kenyan Shillings.
- Maximum loan is 3 times monthly basic salary up to a maximum of KShs. 1,000,000.
- Interest rate is 14.5% per annum.
- Repayment period is up to a maximum of 12 months or contract period whichever is shorter.
