PRODUCT FEATURES. Enables you acquire assets and finance other development projects. Maximum Amount – 3 times member’s savings. Maximum period – 60 Months. Interest charged – 1% p.m. on a reducing balance (6.5% p.a.) Loans security – guarantors or assets in member’s ownership. AMREF Sacco Loans
Below are different types of AMREF Sacco loans. Amref Sacco is a savings and credit co-operative in Kenya that was founded on 7th September 1983 by staff members from AMREF Health Africa.
The award-winning Sacco has risen the ranks to become on the fastest-growing Saccos in Kenya. Most of AMREF Sacco members are employees of the member organizations, NGOs and companies within their common bond.
The Sacco also welcomes individuals who are referred to them by existing members. Today, we are going to look at different types of AMREF Sacco loans that may be of help to anyone who wants to save with them.
Types of AMREF Sacco Loans
1. Asset Security Loan
This is a loan property that can be secured by different types of collaterals, among them shares at NSE that have been traded, land, buildings and cars.
The maximum loan amount is Ksh. 7 million.
The minimum loan amount is Ksh. 3 million.
Loan repayment period is five years at 1.25% on reducing balance or six years at 1.5% on reducing balance.
Demonstrate the ability to repay the loan: proven sources of income or paycheck within the 1/3 rule of the Sacco.
The loan is times three of a member’s savings.
Valuation by an affirmed panel of valuers.
Chattels fee by the lawyer.
The borrower will cater for valuation fees among other things.
Interest rate is 1% p.m on a reducing balance of 6.5% p.a.
Supporting documents like fees structure must be attached as proof of school fees.
Cheques may have the name of the college or university where applicable.
School fees loan will be issued at any one time.
Value Addition Loan
1. Jipambe Merchandise Loan
AMREF Sacco has partnered with Hot Point appliances, Kingway tyres, Top tank ltd and Daima solar energy ltd for this facility.
The maximum loan amount is times three of a member’s savings.
The loan repayment period is 1 year.
Loan interest rate is 1% p.m. on reducing balance of 6.5% p.a.
Cheques will be written directly to the merchants.
2. Insurance Financing Loan
AMREF Sacco has partnered with CIC insurance group to offer their members this facility. They cover motor commercial at 4.5% and motor private at 3.75%. Other types of insurance covered include personal accident, business, home and medical.
The maximum loan amount will be determined after valuation.
The loan repayment period is 6 months.
Interest rate is 5%. (fixed and one-off).
Borrowers who are applying for loan amounts above Ksh. 50,000 will be required to have a guarantor.
1. Emergency Loan
This type of loan is given to members who have been caught up with unforeseen events or expenses, eg: hospital bills among other things.