Designed to assist members acquire that asset you want with speed and ease, at more flexible terms.
Asset Financing Loan
Not pegged to members deposits
Maximum loan amount of Kshs.5,000,000
Repayment term depends on the asset
The Asset shall be used as collateral for the loan.
There are two types of asset loans;
1. Personal Vehicle Loan
Loan shall not exceed 70% of the current value of the vehicle to be financed
The vehicle shall be no more than 10 years old from the date of manufacture
Loan interest charged at 1.2% per month on reducing balance.
Processing fee of 1% of loan amount due on loan issuance
Loan repayment term-36 months for up to 1 Million and 48 months for over 1 Million
Valuation must be done by Sacco recommended valuer at member’s cost
Joint ownership of motor vehicle between member and Sacco
2. Immovable Asset Loan
Loan shall not exceed 75% of the current valuation
Loan interest charged at 1.2% per month on reducing balance.
Processing fee of 1% of loan amount due on loan issuance
Valuation and Charging shall be done by Society-recommended valuers and lawyers respectively at member’s cost