College Fee Loan

VUMBUA UTAMU WA AKIBA !

The purpose of this product is mainly to assist members pay College and university fees for themselves or their dependants.

Requirements

All our loan products are accessible by all our members, therefore, you need to be a Sacco Member before you apply for any loan product, you also need to duly complete a loan application form.

Qualifications & Features

» One has to be a member of the society for 6 months
» Based on members share deposits x4
» Applicable for amount between Kshs. 50,000-300,000 based on basic salary
» Repayment periods-18 months
» At least 3 guarantors required to cover the loan
» 1/3 rule of basic salary to apply
» Top up is allowed after repaying 50% of the loan 
» Interest rate at 1.5% per month on reducing balance
» Offset commission charged at 10% of the remaining balance
» Bridging fee of 2% charged on offsets of balances above 50% of issued loan

» Turn around period of 14 days is applicable