This is a short to medium term loan granted to customers for purchase of capital assets, mainly motor vehicles, construction equipment, industrial plant & machinery, agricultural equipment and Land.

Features:

• The Sacco will finance the cost of the asset from between 50% to 80% of the total cost with the client funding the balance.
• Finance periods range from 12 to 48 months with the duration being fixed at the beginning of the facility.
• Interest rates charged on a reducing balance at between 1.33 – 1.5% pm reducing balance.
• For all assets they will be jointly registered in the names of the client and Dimkes SACCO until the loan is fully repaid.
• For vehicles they must be fitted with approved anti-theft devices.
• Vehicles must not be more than eight (8) years old.
• The vehicle must be insured with a comprehensive policy for its full value and the Sacco interest noted on the policy document.
• The insurance company issuing the policy must be approved by Dimkes SACCO. The insurance company must be approved by the SACCO.
• Charges:The loan will attract a 1% processing fee plus an excise duty of 10% of the processing fee on top of the charges incurred on different collaterals as will be directed by the credit department.

Requirements

The member must be operating an active current account with us for a minimum of three months. If not, then they must be having normal shares, a minimum of a third of the loan amount applied and have saved for a minimum of six months.

Other Requirements are;

For Individual, Sole Proprietor or Partnership

1. Copies of ID and PIN
2. Copy of business registration certificate (for sole proprietors/partnership)
3. Latest bank statements for the past six months
4. Copies of three months pay slips (if in employment)
5. Pro-forma invoice of Asset being purchased
6. Valuation certificate of asset being purchased from a recognized valuer.

For Limited companies

• Copy of certificate of incorporation & certificate of change of name (where applicable)
• Copy of CR 12
• Copy of pin certificate for the company
• Copies of directors ID’s and PIN certificates
• Audited accounts for two years (in case of borrowing exceeding KShs.5M)
• Latest bank statements for the past six months
• Company profile detailing organizational structure and accomplishments / nature of business of the company.
• Copy of latest annual returns together with filing receipt
• Pro-forma invoice of Asset being purchased
• Valuation certificate of asset being purchased