Types of Sheria Sacco Loans for Kenyans Below are different types of Sheria Sacco loans. Sheria Sacco is a savings and co-operative society that has risen the ranks to become one of the best Saccos in Kenya.
The Sacco was founded in 1972 and its main objective is to empower their clients economically.
The Sacco currently has more than 10,000 members pooled from the AG chambers, Judiciary, Government ministries and business persons among others.
It is also opened to anyone who is above 18 years and has a source of income.
Today, we are going to look at different types of Sheria Sacco loans that may be of help to you.
Types of Sheria Sacco Loans
Bosa Loan Products
1. Diamond Loan
Features
- The maximum loan amount is Ksh. 12 million.
- Interest rate is 1.15% per month on reducing balance.
- The maximum loan repayment period is 6 years.
- Easy top-up facility.
- The loan is times 3 of your savings.
Terms and Conditions
- The loan applicant must be a member of Sheria Sacco.
- Applicant should save monthly.
- Check off is the mode of recovery.
Click HERE to download Sheria Sacco loan form.
2. Bima Loan
Features
- Member’s savings is what guarantees the loan.
- The maximum loan amount is Ksh. 300,000.
- Interest rate is 1.15% per month on reducing balance.
- The maximum loan repayment period is 10 months.
Click HERE to download Sheria Sacco loan form.
3. Development Loan
Features
- The maximum loan amount is Ksh. 12 million.
- Interest rate is 1% per month on reducing balance.
- The maximum loan repayment period is 5 years.
- The loan is times 4 of what a member has saved.
- Easy top-up facility.
Terms and Conditions.
- The loan applicant must be a member of Sheria Sacco.
- Applicant should save monthly.
- Check off and Standing order are the mode of recovery.
Click HERE to download Sheria Sacco loan form.
4. Emergency Loan
Features
- The maximum loan amount is Ksh. 12 million.
- Interest rate is 1% per month on reducing balance.
- The maximum loan repayment period is 1 year.
- Easy top-up facility.
Terms and Conditions
- Check off and standing order are the mode of recovery.
- Member’s savings is what guarantees the loan.
Click HERE to download Sheria Sacco loan form.
5. Education Loan
Features
- The maximum loan amount is Ksh. 500,000.
- Interest rate is 1% per month on reducing balance.
- The maximum loan repayment period is 1 year.
- Easy top-up facility.
Click HERE to download Sheria Sacco loan form.
6. Jipange Loan
Features
- The maximum loan amount is Ksh. 200,000.
- Interest rate is 1.15% per month on reducing balance.
- The maximum loan repayment period is 1 year.
- Easy top-up facility.
Terms and Conditions
- Check off and standing order are the mode of recovery.
- Member’s savings is what guarantees the loan.
Click HERE to download Sheria Sacco loan form.
7. Shamba Loan
Features
- The maximum loan amount is Ksh. 2 million.
- Interest rate is 1% per month on reducing balance.
- The maximum loan repayment period is 4 years.
- The loan is based on the member’s ability to pay it back.
- Land will remain co-owned until the loan is fully repaid.
- The loan will be paid to the Sheria Housing Co-operative.
- The loan commitment form to be signed by 3 parties i.e loan applicant, Sheria Sacco Society, and the Housing Co-operative.
Terms and Conditions
- Check off is the mode of recovery.
- Member’s savings is what guarantees the loan.
Click HERE to download Sheria Sacco loan form.
8. Refinancing Loan
Features
- The maximum loan amount is Ksh. 12 million.
- Interest rate is 1.15% per month on reducing balance.
- The loan is times 3 of what a member has saved.
- The maximum loan repayment period is 2 years.
- Easy top-up facility.
- The loan processing fee is Ksh. 300.
Terms and Conditions
- Check off and standing order are the mode of recovery.
- Member’s savings is what guarantees the loan.
Click HERE to download Sheria Sacco loan form.
Fosa Loan Products
1. Business Loan
Features
- The maximum loan amount is Ksh. 5 million.
- Interest rate is 1.15% per month on reducing balance.
- The loan repayment period is 4 years.
- The loan applicants must have an active Fosa business account that has been in operation for at least 6 months.
- Applicants must have class A or B shares or both saving account and class A shares.
- Collateral or Member’s savings is what will guarantee the loan.
- Show ability to repay the loan either through standing order or salary.
- Insurance and processing fee is 2% of the loan value.
- Vehicle logbook or land title deed can act as collateral.
Terms and Conditions
- Check off and standing order are mode of recovery.
Click HERE to download Sheria Sacco loan form.
2. Salary in Advance Loan
Features
- The maximum loan repayment period is 3 months.
- The maximum loan amount is 80% of your net income.
- Income must have been processed through Fosa account at least once.
- Interest rate is 2.5% per month on outstanding balance.
Click HERE to download Sheria Sacco loan form.
Sheria Sacco Contacts
Matumbato Close, Upperhill, Nairobi, Kenya
Email: bosa@sheriasacco.coop
Tel: +254 20 780 1500
