This product is geared towards supporting small scale entrepreneurs to improve their income generating activities.
Basic Requirement
- Must be a member of Jamii Sacco with minimum savings of Kshs. 3,400 for a period of 8 weeks.
- Registration fees Kshs.300 per member.
- Minimum voluntary savings Kshs. 200 per week or 800 per month.
- Must be willing to abide by Jamii Sacco lending policies, rules and regulations.
- Must provide adequate security for the loan/fully guaranteed by group members.
- Must be a member of a registered self help group operating an account with Jamii Sacco.
- Must provide current 6 months business record book.
- Granted three(3) times a member's Micro Credit savings.
- Granted up to a maximum of Kshs. 3,000,000
- Interest rate of 14.5% per annum or 1.21% per month on reducing balance.
- 2.5 % appraisal fee is applicable.
- Maximum repayment period is 30 months.
- Copies of Business documents such as certificate of registration ,KRA PIN and business assessment report/audited report must be provided.
- To be cleared at 8% after 60% payment of the previous loan.
- The loan can be cleared after 12 months/ 1 year consistent repayment without default.
Benefits:
- Loans between Kshs. 10,000 (min) and Kshs. 2,000,000(max) will be made available to individual members in the Micro-credit Program to assist them start or expand own micro-enterprises.
- Loans are granted 3 times of a member micro/Biashara savings.
