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Super Loan

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REFINANCING LOAN FACILITY

This is to inform our esteemed members that the Board of Directors has approved the introduction of a REFINANCING LOAN FACILITY, effective from May 16th, 2016. The product whose features are detailed below is optional and for members who meet the mandatory requirements.

` FEATURES

               REFINANCING LOAN

Repayment

72 Months

Interest Rate

15% pa (1.25% pm) on reducing balance

Loan Entitlement

3 x Main shares

Restructuring/Top up

Yes, restricted.

2 Months’ charge at 20% p. a

Subsequent restructuring after 2 years

Consolidation

Not available

Security

Guarantors

*The loan multiplier shall remain 2x for Senior Citizen and Police categories.

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a) Bridging Salary Loan

The facility is granted to those who are in premium package scheme who may wish to temporarily bridge there salary advance.  A member is entitled to a maximum facility of upto Kes 500,000 repayable within 14 days at a commission of 10% of the amount lent.  The loan will be based on the main scheme shares subject to availability of funds and the loan will be payable to the ultimate beneficiary institution.

b) Bridging Development Loan

The facility is granted to those who in premium package scheme who may wish to temporarily bridge their development loan.  A member is entitled to a maximum facility of upto Kes 500,000 repayable within 3 months at a commission of 10% of the amount lent.  The loan will be based on the main scheme shares subject to availability of funds and the loan will be payable to the ultimate beneficiary institution.

 

 

FEATURESGENERIC PACKAGEPREMIUM PACKAGE
Salary Advance

Repayment

N/A 2 Weeks

Interest Rate

10% of amount borrowed

Loan Entitlement

Maximum 500,000 Kshs
Development Loan

Repayment

N/A 3 Months

Interest Rate

10% of amount borrowed

Loan Entitlement

Maximum 500,000 Kshs

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A member can take an Emergency loan 3.5 times their shares upto a maximum of Kshs 100,000 in the Premium package Kshs 200,000 in the Platinum package repayable in 2 years! at an interest rate of 15% p.a. reducing balance.

FEATURESGENERIC PACKAGEPREMIUM PACKAGEPLATINUM PACKAGE
Registration Must be a member of Normal Scheme
Monthly Contributions Normal Shares contributions

Loan Eligibility

After 6 months of continuous contributions

Repayment

24 months

Interest Rate

15% p.a reducing

Loan Entitlement

3.5x main scheme shares - Max. loan 70,000 Kshs. 3.5x main scheme shares - Max. loan 100,000 Kshs. 3.5x main scheme shares - Max. loan 200,000 Kshs.

Restructuring & Top ups

Yes

Top-up /Restructuring fee

N/A 2 months’ charge at 20%  per annum 2 months’ charge at 20%  per annum

 

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Membership is open to employees of the Central Bank of Kenya.  In order to join, one is required to fill in a membership application form and pay a registration fee of Kes 1,000.  A member is required to make minimum monthly contribution of Kes 4,000 and is eligible for a loan after six months of continuous contribution.  Under this scheme, a member can apply for development loan 3 times his/her shares repayable within 5 years at an interest rate of 12% p.a. on a reducing balance method.

 

FEATURESGENERIC PACKAGEPREMIUM PACKAGEPLATINUM PACKAGE
PREGISTRATION Kshs. 1000 Ksh. 1000 Ksh. 1000
MONTHLY CONTRIBUTIONS Kshs. 4000 Kshs. 4000 Kshs. 4000

LOAN ELIGIBILITY

 After 6 months of continuous contributions

REPAYMENT

48 months 60 months 72 months

INTEREST RATE

12% p.a reducing

LOAN ENTITLEMENT

3x shares

RESTRUCTURING & TOP UPS

N/A N/A

2months' charge 20% p.a, subsequent restructuring after one year

TOP-UP /RESTRUCTURING FEE

N/A N/A Available one year from date of joining or restructuring,subject to availability of funds

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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