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Education Loan

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The Society introduced Higher Education Loan Scheme to enable members to save for higher education especially those planning to go for parallel degree programs or those whose children are in colleges etc.  A member is required to make minimum monthly contribution of Kes 500 and is entitled to a loan 2 times his/her share contribution.  The loan will be repayable in 18 months at an interest rate of 15% per annum.

FEATURESGENERIC PACKAGEPREMIUM PACKAGE
Registration Kshs. 100 Ksh. 100
Monthly Contributions Kshs. 500 Kshs. 500

Repayment

18 months

Interest Rate

20% p.a reducing

Loan Entitlement

2x shares

Restructuring & Top ups

N/A Yes, after one year from last drawdown/ restructure

Top-up /Restructuring fee

N/A 2 months’ charge at 20% per annum

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Membership is open to members of Banki Kuu SACCO Society Ltd. In order to join the Scheme, one is required to fill in a membership application form and pay registration fee of Kes 100. A member is required to make minimum monthly contribution of Kes 300 and is eligible for a loan in January twice his/her shares based on his/her shares held on 30th June of the immediate past year and repayable within a calendar year at an interest rate of 20% p.a. on reducing balance. The sources of funds include a revolving fund from members’ deposits and borrowings from the Co-operative Bank of Kenya.
 

 

FEATURES PREMIUM PACKAGE PLATINUM PACKAGE
Registration Kshs. 100 Ksh. 100
Monthly Contributions Kshs. 1000 Kshs. 1000

Repayment

Within one calender year

Interest Rate

14.5% p.a reducing

Loan Entitlement

3x shares Education shares Deposit

Restructuring & Top ups

Yes

Top-up /Restructuring fee

2 months’ charge at 20%  per annum 2 months’ charge at 20%  per annum

 

ISO 9001

Banki Kuu SACCO is now ISO 9001 Certified for compliance and regulation adherence. ISO 9001 is a certified quality management system (QMS) for organisations who want to prove their ability to consistently provide products and services that meet the needs of their customers.

© 2016 BANKI KUU SACCO. All Rights Reserved. Designed By Kirimi

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