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CHAMAA LOANS

Chamaa Loan

  1. Purpose of loan
  • Loan product designed to boost existing projects for registered groups and welfares.
  1. Maximum Amount
  • Deposits multiplied by 3
  • Maximum 12,000,000
  1. Maximum period
  • 36 Months.
  1. Loan Security
  •   SACCO Members.
  • Or acceptable tangible collateral or both
  1. Other Conditions
  • Ability to pay pegged on 70% of monthly savings.
  • 15% interest on loan clearance.
  • Contribute 1% of loan to deposits during term of the loan.
  • Group minutes showing approval.
  • Project proposal.
  1. Interest rate
  • 1.21% per Month (14.5% P.A)
  • Interest charged on reducing balance.