What We Do
Group Loan Details
Group Loans Made Simple
This loan product is designed for those clients who come together and guarantee each other so as to be able to access credit facilities as individuals. It’s often a short term loan and with a minimum of 8 and a maximum of 35 active entrepreneurs owning individual businesses.
Under this loan product, an individual must have personal collateral — property and also guarantors because in case of defaults, the guarantor is in position to pay back the Sacco money. This loan rely so much on the integrity of the borrower to repay the loans principal and interest.
This loan product is given to entrepreneurs, who already began their own small businesses and want to boast/increase the business. It’s important for any entrepreneur to remember that the inherent purpose of his/her business is to make a profit.
Please note that all loan applications requires the following:
- A loan fee of 10,000
- Monitoring fees (2.5%) of the money borrowed,
- The account should have 30% of the money needed,
- Guarantor (passport photos) and collateral security and
- The interest rate vary from 2.5- 3%
- Ground check.