FEATURES OF THE MY CHOICE LOAN
1. Loan Purpose
• The purpose of this loan is to enable members to improve their livelihoods by financing their economic activities.
2. Loan Amount
• A member shall qualify up to 3 times his/her savings.
• Maximum loan amount to an individual not to exceed 20% of SACCO’s total share capital
3. Loan Term
• Duration for repayment is up to 36 months
• Frequency of repayment is monthly
4. Cost of financing
• Interest Rate is 1% per month on a reducing balance rate.
• Processing Fees 1.5%
• Insurance is 1.5% per annum.
5. Qualification
• Must be a SACCO member for a period of not less than six months
• Consistent and active participation in group activities including but not limited to attendance and consistent saving contribution
• Good credit record from the previous loans borrowed in the SACCO
• Demonstrate ability to repay the applied amount
• Savings must be done continuously as the member repays the loan.
6. Collateral
• Total guarantee by cash collateral (Guarantor savings)
BENEFITS
•Low-interest rate
•Diverse modes of repayment

•No penalties for early repayment

Apply today and take the next step toward your goals!