FEATURES
- Qualifying amount is 95% of a member’s unobligated/unattached deposits up to a maximum of KES. 20,000,000, subject to a third rule and contract period.
- Interest rate is 11% p.a on the reducing balance basis
- Repayment period of 84 months
- The loan security if the member’s own deposits (no guarantors required)
- Available to all members borrowing within their deposits not attached to any loan
- Asset loan is excluded when considering the available deposits
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.
In consideration of the tough economic times brought about by the COVID 19 pandemic and to meet members emerging needs, the UN SACCO will run a 3 months promotion of the Emergency loan starting 1st June 2021 as detailed below:
Features of Emergency Loan promotion:
- The promotion will run for a period of 3 months as from 1st June 2021.
- Interest rate is 10% p.a.
- Maximum qualifying amount is Kshs 1,500,000 subject to repayment ability.
- Maximum repayment period is 18 months subject to remaining contract.
*Terms & Conditions apply
- 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 5 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
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.
