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.
| FEATURES | GENERIC PACKAGE | PREMIUM 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 |