This loan is available to members planning to buy a vehicle.
Features
- This loan product is for motor vehicle purchase only
- Maximum loan amount will be subject to a multiplier of 5
- Maximum loan amount will be Ksh 2,000,000
- Interest rate on loan is 1% per month on reducing balance
- Repayment period of 36 months.
- Application fee at 0.75% of amount applied
- Member must pay 1/3 of the motor vehicle cost
- Security offered shall be the motor vehicle log book and SACCO guarantors
- Member must demonstrate ability to repay the loan applied for
- Members to share standing orders for the repayment amounts
- Repayment is either through payroll or outside the payroll