Features and requirements of Group loans:

• Group must be registered with the relevant authority
• Membership of Group shall be at least 10 members
• Group shall provide minutes authorizing the application of a loan facility which shall be stamped and certified by Oversight Ministry.
• At least 2/3 of group members must sign the minutes
• Loans to be guaranteed using duly executed and registered personal indemnity guarantee by all members.
• Group must have saved consistently for a minimum of six months.
• Monthly Loan repayment amount for loan applied should not exceed 90% of monthly total savings for last six months.
• Maximum loan accessible under this product is Ksh.1 Million.
• Tangible security to be provided for loans above one million up to a maximum of Ksh.20 Million for 72 Months.
• Interest rates as low as 1.25% p.m. reducing balance
• Loans repayment period up to 36 months
• The loan will attract a 2% processing fee and loan insurance of 0.6% p.a
• All legal Fees/Costs shall be borne by the applicant.
• A dedicated Chama Officer to offer free training and financial advisory
• Group personalized cheque book available to ease group account operations
• Free monthly E-Statement