Types of Angaza Afrika Sacco loans full Guide

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Why be a member of Angaza Afrika Sacco Angaza Afrika Sacco – is a Kenyan … Our loans are tailored to suit each of our members specific and unique needs. Angaza Afrika Sacco Loans

Below are types of Angaza Afrika Sacco loans. Angaza Afrika Sacco is a registered Sacco in Kenya that offers credit facilities to its members who have saved with them, and want to borrow different types of loans so that they can meet their needs.

The Sacco was formed in 2014 under the Kenyan law, Co-operative Societies ACT (Cap 490) and as a result, 5k members who bought shares at that time are now shareholders.

Majority of Kenyans who have benefited from Angaza Afrika Sacco loans, have used the money to do farming and also purchase motorcycles to transport commuters at a fee.

Today, we are going to look at different types of Angaza Afrika Sacco loans that may be of help to anyone who wants to join the Sacco.

Types of Angaza Afrika Sacco Loans

1. Plot Financing Loan

This type of loan is given to members who want to purchase plots.

Benefits

  • The loan repayment period is three years.
  • Processing of the loan is two days.

Requirements

  • Price of the plot a member wants to purchase should be three times the savings.
  • Members should save for at least six months.
  • Clear copy of National ID.
  • Colored passport-sized photo.
  • Copy of KRA PIN.
  • 60% of the cost of plot for new members who have minimal savings.

2. Bodaboda Loan

This type of loan is given to members who want to purchase motorcycles.

Benefits

  • Repayment period of loan is 12 months.
  • Processing of the loan is two days.
  • Security is the motorcycle.

Requirements

  • Members should save for at least six months.
  • Joint ownership.
  • Be a full member of the Sacco through repayment of shares.
  • Clear copy of National ID.
  • Colored passport-sized photo.
  • Copy of KRA PIN.
  • Comprehensive insurance of the motorcycle and logbook.

3. Normal Loan

This type of loan is given to members who are eligible as per their deposits.

Benefits

  • Enables Sacco members to access loans at flexible and affordable terms.
  • Member’s savings can act as security.

Requirements

  • Members should save for at least six months.
  • The loan amount is three times of a member’s savings.
  • The loan repayment period is 24 months.
  • Clear copy of ID.
  • Title deed, logbook, savings or guarantors can act as security.

4. Salary Loan

This type of loan is tailored for salaried employees.

Requirements

  • Members who are first-time borrowers can access up to Ksh. 300,000 or 1.5 times their savings. Subject to 2/3rd rule.
  • The loan amount is three times of a member’s savings.
  • The loan repayment period is 18 months.
  • Clear copy of ID and 2 colored passport-sized photos.
  • Legally binding Agreement for Check-off with the Employer.

5. Soko Loan

This type of loan is given to members who are in to groceries business and want to increase their stock.

Benefits

  • Maximum loan amount a member can borrow is Ksh. 10,000.
  • Three months of savings.
  • Repayment of shares can be done in installments.
  • A shop can act as security.

Requirements

  • The loan amount is three times of a member’s savings.
  • Clear copy of National ID.
  • Guarantor
  • To qualify for Soko loan, a member needs to have at least save Ksh. 3,500.

6. School Fees/ Elimu Loan

This type of loan is given to members who want to pay school fees for their children or further their studies.

Benefits

  • Processing of loan is two days.
  • Member’s savings can act as security.

Requirements

  • Members who are first time borrowers can access up to Ksh. 300,000 or 1.5 times their savings.
  • Save for at least six months.
  • The loan amount is three times of a member’s savings.
  • The loan repayment period is 18 months.
  • Clear copy of National ID.
  • Copy of KRA PIN.
  • Title deed, logbook, savings or guarantors can act as security.

7. G-Inue – Special Needs Loan

This type of loan is tailored for persons with disability who want to fulfill their dreams.

Benefits

  • Access to Angaza Afrika Sacco at a discounted rate of 0.5% p.m.
  • Access to free seminars or business workshops.

Requirements

  • Save for at least six months.
  • The loan amount is three times of a member’s savings.
  • The loan repayment period is two years.
  • Clear copy of National ID
  • Title deed, logbook, savings or guarantors can act as security.

8. Kodi Loan

This type of loan is given to members against their expected monthly rental income.

Benefits

Members can use their rental houses that don’t have title deeds can be used as requirements.

Requirements

  • Proof of ownership of rental houses must be availed, and a site visit is done.
  • Save for at least six months.
  • The loan amount is three times of a member’s savings.
  • The loan repayment period is two years.
  • Clear copy of National ID

In case of any issue related to Angaza Afrika Sacco loans, kindly contact the customer care department using the contacts below.

Angaza Afika Sacco Contacts

Tel: 0723 200 200 or 0723 415 554


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