Loan
Group lending entails lending to individuals who are members of a self-selected group whereby the whole group is liable for the repayment of the loan. This product is designed for:- Formal and informal savings groups (Chama’s) such as self-help groups, Merry-go-rounds and other solidarity groups, Jua Kali MSE operators, Youth and women groups, Occupation based groups and Community based groups
Requirements
- Be a member of a registered group
- Copy of national ID of the borrower
- Copy of national ID of the next of kin
- Mobile details form
- Passport size photo
- Utility Bill and/or Lease agreement
- Loan form dully completed
- Business records where applicable
Key Features
- Loan size from ksh 5000 to 100,000
- Very low Interest Rates
- Repayment period 3,6,9,12 months
- Processing Period 24 hours i.e. 1 day
- Savings 35% of loan amount in the first cycle. This can be reduced on subsequent loan.
- Members loan to be credited to their personal account.
- Pre - loan Training Period for group members to access loan 6-8-weeks
