Types of Afya Sacco Loans Guide

Personal Loans The upper limit for this loan is Kshs 3,000,000 (three million) and lower limit is Kshs 100,000 (one hundred thousand). Loans are pegged to a maximum of seven times of the applicants savings. 1. One must be a member of Afya Sacco. Types of Afya Sacco Loans Guide

Below are different types of Afya Sacco Loans. Afya Sacco Society is a registered Sacco in Kenya that was founded in 1971, with the aim of fostering a saving culture by members, who can then borrow times three of their deposits after six months.

The Sacco’s membership has shot up and to date, they have over 38,000 members.

For those who want to start saving with Afya Sacco, below are different types of Afya Sacco loans borrowers can apply for in case they are in need of a loan.

Afya Sacco Loans

1. Amsha-Huduma Loan

This type of Afya Sacco loan is tailored for Health Institutions, individuals setting up their Health Facilities, Universities, and Colleges, Dental College, Dealers of Medical Equipments and Pharmacies.

Features and Requirements

Afya Sacco Saving Account
Payable weekly and the interest is either 0.5% or 2.0% monthly.
Borrowers need to meet 20% of the equipment cost.
Loan security
Operate a healthcare business for at least 2 years.
Have a certificate of practice or operation. It should be a valid one.
Credit history should be good.

2. Business Loans

This type of Afya Sacco loan is tailored for entrepreneurs who are in to small and micro-businesses. Any member applying for this loan needs to have a guarantor and also avail personal security like car log books among other things.

Requirements

The loan amount is from Ksh. 100,000 to Ksh. 5,000,000.
Easy and flexible security requirements.
Borrowers need to demonstrate the ability to repay their loan.
Processing of loan is one week.

3. Elimu Loan

This type of Afya Sacco loan is tailored for members who want to further their education.

Features

The loan will be deposited directly to the college or university’s fees accounts.
Repayment of the loan will be done through salary check-off.

4. Group Business Loan

This type of Afya Sacco loan is given to members who have formed a group.

Features and Requirements

The group should be registered.
Members of the group should range between 5 to 25 members.
The minimum loan amount is Ksh. 5,000 with the maximum being Ksh. 5,000,000.
Loan repayment is monthly.
The loan amount is times two of the member’s savings.
Processing of loans below Ksh. 50,000 will be done within two days.
The repayment period is flexible.
Loan appraisal fees of 2.5% will be deducted.
Risk management fees of 2.5% will be deducted.
Group members need to guarantee the loan.
The applicant will bear all the legal fees and costs incurred.

5. Asset Financing Loan

This type of Afya Sacco loan is given to members who want to invest in AMCA and are planning to purchase chargeable properties.

Features and Requirements

The initial loan amount will be Ksh. 100,000.
Repayment period of the loan is flexible.
Loan security is flexible.
The initial loan will be given to members after saving for 4 months.
Loan appraisal fee of 2.5% will be deducted.
Risk management fee of 2.5% will be deducted.
80% of the property value will be financed by Microcredit.
The applicant will bear all the legal fees and costs incurred.

6. Household Loan

This type of Afya Sacco loan is given to members who want to purchase household equipment.

Requirements and Features

The initial loan amount will be times two of what the member has saved.
Household loans are given to employed members who also have membership with Afya Sacco.
The repayment loan period will be one to two years.
Member’s security will be savings, household items, and guarantors.
Minimum savings period is two months before one can apply for a household loan.
Loan appraisal fee of 2.5% will be deducted.
Risk management fee of 2.5% will be deducted.
The applicant will bear all the legal fees and costs incurred.

In case of any issue related to Afya Sacco Loans, kindly contact the customer care department using the contacts below.