FEATURES OF THE TALANTA BOOST 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.
• The approved amount to offset the outstanding loan balance from the previous My Choice Loan and the difference to be disbursed in the client’s account.
• 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 the product
• Interest Rate is 1% per month on a flat rate.
• Renewal Fees of 1.5%
• Insurance is 1.5% per annum.
5. Qualification
• Must be an active SACCO member
• Must be having an active My Choice Loan WITHOUT any outstanding arrears by the time of application.
• The Outstanding Loan Balance for the normal loan should be less than 50% of the initial loan amount.
• Consistent and active participation in the group’s 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)
• NOTE: Guarantors must sign the guarantee form afresh and the previous guarantee of the cleared loan becomes null and void.

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