Types of Kenya Bankers Sacco Loans Guide

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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

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

Requirements

  • 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

Requirements

  • 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

Requirements

  • 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.
  • Interest rate is 1.17% on reducing balance.

READ :  Types of Sheria Sacco Loans

4. Education Loans

Requirements

  • The loan amount is times 3 of a member’s savings.
  • The maximum loan repayment duration is 3 years.
  • Interest rate is 12% p.a on reducing balance.

5. Smart Life Loans

Requirements

  • The loan is based on a member’s deposits.
  • The maximum loan amount is Ksh. 80,000.
  • The applicable rate is 5% on reducing balance.
  • Maximum loan repayment duration is 10 months.

6. M-Loans

Requirements

  • The loan is based on the member’s deposits.
  • The minimum loan amount is Ksh. 10,000 and maximum Ksh. 20,000.
  • The maximum loan repayment period is one week, two weeks and 1 month.
  • Interest rate is 4%, 7% and 10%.
  • A member needs to have a Fosa account and be on M-banking platform to be given this type of loan.

7. Micro Loans

Requirements

  • The loan is based on member’s savings.
  • The maximum loan amount is Ksh. 500,000.
  • Maximum loan repayment duration is 2 years.
  • Interest rate is 15% on reducing balance.
  • Disbursement of loan is weekly.

8. Karibu Loan

Requirements

  • The maximum loan amount is Ksh. 100,000.
  • Interest rate is 1.25% on reducing balance.
  • Loan repayment duration is 1 year.
  • A member should have at least save for 3 months.
  • 2 guarantors.
  • The processing fee is ksh. 2,000.
  • 50% credited to main savings.
  • 50% disbursed.

9. Boresha Loan

Requirements

  • The maximum loan amount is Ksh. 200,000.
  • Interest rate is 2% p.m. on reducing balance.
  • Loan repayment duration is 1 year.
  • The loan amount is times 4 of what a member has saved.
  • 3 guarantors.
  • The processing fee is Ksh. 2,000.
  • Proforma invoice.

Kenya Bankers Sacco Contacts

Tel: +254 020 514 6500
Email: kenyabankers@kenyabankers.coop

I hope that this post on types of Kenya Bankers Sacco loans has been of great help to you.


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