- info@majaneessaco.com
- Limuru , Mabroukie Tea Factory
- +254 745 537 367
- +254 743 588 078
- +254 745 239 348
Group/Chama Loans
Group/Chama Loans
Overview
The Group/Chama Loans at Majanees RNWDT SACCO LTD are designed to provide financial support to groups and Chamas (investment clubs) for their collective financial needs. These loans facilitate group projects, investments, and other initiatives by offering substantial funding with favorable terms.
Key Features
- Loan Amount: Determined based on the group’s collective deposits and eligibility.
- Repayment Period: Flexible terms, typically aligned with the group’s financial plan.
- Interest Rate: 1% per month on a reducing balance.
- Monthly Deposits: Minimum of Ksh 1,500 per month.
- Guarantee: Loans must be guaranteed by full members of the SACCO.
Benefits
- Collective Financial Support: Provides substantial funds for group projects and investments, enhancing the group’s financial capabilities.
- Flexible Repayment Terms: Tailored to align with the group’s financial plan, ensuring manageable repayments.
- Affordable Interest Rate: The 1% reducing balance interest rate keeps the cost of borrowing low.
- Strengthened Group Bonds: Encourages savings and financial collaboration among group members.
Eligibility and Application
- Eligibility: Must be a registered group or Chama with at least six months of SACCO membership and regular deposits.
- Application Process: Submit the group/Chama loan application form along with required documentation, including registration documents and proof of monthly deposits.
- Processing Fee: A 1% initial processing fee is charged on the loan amount.