Stoke Uk Diaspora Sacco

development loan

Empowering you to accomplish your development projects

This product enables members to undertake development projects with long-term benefits e.g. buying Land, constructing Residential & Commercial buildings, Business ventures, large-scale farming, and other investments.

Product Features:

– Maximum Loan is Kshs 5 million.

– Loan issued up to 4 times one’s deposits.

– Repayment period shall not exceed sixty (60) months.

– Interest rate- 1% p.m or 12% p.a on reducing balance.

– Must be fully guaranteed by self and another member (s)’ withdrawable shares

– Refinancing/ Loan top-up facility available.

– Disbursed within 5-10 working days.

– If using collateral e.g. title deed, the application will take 1 month

Requirements

1. To qualify, one must have completed at least 6 months of membership and must be up to date with their monthly contributions.

2. Ensure contributions have been consistent for at least 3 months prior to the loan application.

3. Ensure that savings contributed in a lump sum for the purpose of taking a loan have been in the Sacco for at least 6 months

4. Show proof of ability to repay the loan.

5. A member who transfers shares from another society will only be eligible for a loan after 3 months.

6. All loans shall be insured by a reputable insurance company against death or permanent disability.