Loan Products offered by Kewisco

The Sacco offers both short term and long term loans

Short term loans comprises of loans repayable in a maximum of Twelve (12) months. These included loans such as

  • Emergency Loan
  • School fees
  • Instant /Hapo Hapo Loan
  • Mapokezi Loan
  • ESS Loan
  • Asset Finance Loan

Long Term Loans are the loans repayable in more than Twelve Months Includes

  • Development One and Two
  • Development Reloaded One and Two
  • Super Saver Loan

When appraising the member loan eligibility, the Sacco look at

  • The members ability to repay demonstrated mostly by the payslip 1/3 rule
  • The members deposits- Maximum loan must be a maximum of three time s members deposits
  • Guarantors-Member must be guaranteed if the loan amount is higher than the deposit.

FEATURES OF THE LOANS

Development loan One

  • Repayable in 36 Months
  • No Maximum Amount
  • Interest at 1.08% Per Month
  • Installment is at Reducing Balance

Development loan Two

  • Repayable in 60Months
  • No Maximum Amount
  • Interest at 1.25% Per Month
  • Installment is at Reducing Balance

Development loan One-Reloaded

  • Repayable in 36 Months
  • No Maximum Amount
  • Interest at 1.08% Per Month
  • Installment is at Constant  Reducing Balance

Development loan Two Reloaded

  • Repayable in 60Months
  • No Maximum Amount
  • Interest at 1.25% Per Month
  • Installment is at Constant Reducing Balance

Super Saver Loan

  • No maximum limit
  • period 60 months
  • interest rate 1.4%
  • constant reducing

Emergency loan

  • Maximum of 300,000
  • period of 18 months
  • interest rate of 1.08%

School Fees loan

  • Maximum of 300,000
  • period of 18 months
  • interest rate 1.08%

Mapokezi loan

  • Repayable in (12) Twelve Months
  • Maximum Amount- Fifty Thousand Only
  • Interest at 1.08% Per Month
  • Installment is at Reducing Balance
  • Available for the newly employed members 

Asset Finance loan

  • Repayable in (12) Twelve Months
  • NO Maximum Amount
  • Interest at 2% Per Month
  • Installment is at Reducing Balance
  • Available to purchase assets from suppliers who we have MOU with such as
    •  Roto Tank and  Keintainers  for tanks,
    • Safaricom for communication gadgets,
    • Hotpoint Appliances for household appliances
    • CIC for all insurance products/services
    • Ryce East Africa for motorcycles

Instant Loan

  • Maximum 30,000 regardless of member‘s deposits
  • Repayable in 6 month
  • Interest 5%

Angel Loan

  • 90% of Angel Savings
  • Repayable in 12 months
  • 0.8% per Month

Mkombozi loan

Product Name  Mkombozi Loan

Repaymnet period   24 Months

Maximum Amount  Two hundred Thousands Only 

Intrest Rate   1.2% Per Month 

Processed Time   Same Day 

Deposit(Share) Boost

Amount                                                           Determined by 1/3 Rule

Repayment and Processing Period                 Determined by loan type

Charges                                                           5% of Amount of deposit boosted

Others                                                  Amount earn intrests at the rate determined at ADM

Senior citizen

  • 80% of members deposits
  • Deposits should be free fromguarantor ship
  • interest rate of 1%
  • Duration 36 months

Platinum Loan

  • Accessible to all members
  • A member is required to commit himself by retaining 100% of interest on deposits for the period of the loan
  • Interest on deposit retained is used to boost  deposits
  • The loan repayment is 72 months interest calculated under constant reducing balance.
  • interest rate is 1.2% per month
  • Loan processed within 14 days.
  • A member can access this loan in addition to other loan products and needs to fill a commitment letter when submitting the loan form
  • Boosting of deposits allowed either by cash or through loan proceeds.
Loan Type Amount Period Interest Rate
Development Loan Option 1 No Maximum 36 Months 1.08% Per Month
Development Loan Option 2 No Maximum 48 Months 1.25% Per Month
Development I Reloaded No. Maximum 36 Months 1.08% per Month Constant Reducing Method
Development 2 Reloaded No. Maximum 48 Months 1.25% per Month Constant Reducing Method
Super Saver Loan Kshs. 5,000,000.00 60 Months 1.4% Constant Reducing Method
Emergency Loan 200,000.00 12 months 1.08% per Month
School Fees Loan 200,000.00 12 months 1.08% per Month
Education Savings Scheme Loan for ESS Members 30,000.00 12 Months 2% per Month
Mapokezi Loan 50,000.00 12months 1.08% per month
Asset Finance loan No Max 12 Months 2% per Month
Masomo Loan 90% of Masomo Savings 12 months 0.8% per Month
Angel Loan 90% of Angel Savings 12 Months 0.8% per Month

Loan consolidation and top up are allowed for all loans but a member shall pay 5% of the loan balance.

In this a member can get a new loan before the earlier existing one is fully paid.

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