The Sacco was registered on 14th February 1975 as a Savings & Credit Co-operative Society to initially serve … Get a Loan from a Sacco-Kenya Bankers Sacco Kenya Bankers Sacco Loans Types of Kenya Bankers Sacco Loans and requirements
Here is a list of Kenya Bankers Sacco loans. Kenya Bankers Sacco is a savings & credit Co-operative society in Kenya that was founded in 1975. The Sacco offers credit facilities to its members, who have saved with them for at least six months.
Most of Kenya Bankers Sacco members are from banks, micro-finance institutions, building societies and chamas among other related institutions.
Today, we are going to look at different types of Kenya Bankers Sacco loans that may be of help to anyone who wants to join the Sacco.
Types of Kenya Bankers Sacco Loans
1. Express Loans
The maximum loan amount is Ksh. 100,000. Subject to a member’s ability to pay back the loan.
Maximum loan repayment duration is 1 year.
Interest rate is 14% on reducing balance.
Disbursement of loan is 24 hours.
2. Development Loans
The loan is based on a member’s savings.
The loan amount is times 3 member’s shares.
Maximum loan repayment duration is four months.
Interest rate is 12% p.m on reducing balance.
Member’s ability to pay back the loan is determined by the applicant’s payslip or bank statement for the last 3 months. This is for members who don’t have a monthly salary.
2/3 rule applies.
Kenya Bankers Sacco gives loans once every month and 10th of every month is the deadline for application.
Disbursement of loan is normally done on the 10th of the subsequent month.
3. Super Loans
The loan amount is times 4 of what a member has saved.
Maximum loan repayment duration is six years.
Super loan is given to members who have savings above Ksh. 500,000.