Products
Asset Finance Loans
1. Jamii Asset Finance Property Loan
This product was developed under Asset Finance to support members in acquiring and the development of their existing properties. The Sacco is cognizant of the difficulties that members face in obtaining guarantors for big loans.
- Must be a member of the Sacco for a minimum of 24 months to enable the applicant to build a credit history.
- The member must be in good standing with Jamii Sacco in terms of credit history, from at least one loan successfully paid with Jamii Sacco
- Maximum repayment period is 120 months (10 years).
- Maximum amount of loan is Kshs. 15 million subject to the value of property/land and member ability to repay. The value of the property must be higher than the loan to be granted.
- The Sacco shall consider the Forced Value of the property/land as per the valuation report.
- The loan shall be granted 10 times the member deposits.
- Minimum deposits contribution per month is Kshs. 5,000 for members who shall borrow this loan product. The deposits shall be considered together with the land or property and locked such that a member cannot guarantee any other loan with the same deposits.
- Collateral land with a free hold title or lease certificate of not less than 20 years before expiry. Urban and commercial agricultural land will be taken as security with first preference being the property under development. The Sacco shall not accept ancestral or community land as collateral.
- Interest rate is 12.5% per annum on reducing balance.
- There is No Grace Period. The first loan instalment shall be paid upfront by recovering from the loan disbursed.
- The property must be insured by insurance firm on the Sacco's panel of service providers.
- Ability computation is either from employment income with payslip, business income with one year bank statement or a combination of both.
- A business site visit appraisal and risk assessment must be done to establish the business ability to repay, the suitabilty of the property being offered as collateral and any other risk.
- A post-loan-disbursement appraisal shall be carried out to establish prudent use of the loan as per the purpose.
2. Jamii Asset Finance Land Loan
- Granted 5 times the member asset savings.
- Maximum repayment period is 120 months.
- Interest rate of 13% per annum on a reducing balance.
- Maximum loan amount of Kshs. 10M for commercial land.
- Maximum loan amount of Kshs. 6M for agricultural land.
- Loan processing fee is 2%.
3. Jamii Asset Finance Motor Vehicle Loan
- Accessed 60% of the forced value of the motor vehicle.
- Maximum repayment period is 48 months.
- Maximum loan amount of Kshs. 4M.
- Interest rate of 13% per annum on a reducing balance.
- Age limit for used cars is 8 years from the date of manufacture.
- Loan processing fee is 2%.
4. Jamii Asset Finance Merchandise Loan
- Deposits multiplier of 4 times of asset finance savings.
- Interest rate of 12% per annum on a reducing balance.
- Maximum repayment period is 24 months.
- Loan to be fully secured by guarantors or security and not the merchandise.
- Money to be paid directly to the vendors.
- Maximum loan amount of Kshs. 2M.
- The purchase to be made from Sacco's prequalified vendors and merchandisers.
Want to apply for a loan?
- Get the loan application form...