Mobi-Loan/Insta Loan
Meant to facilitate any members' immediate short-term financial needs.
Mobi-Loan/Insta Loan
Meant to facilitate any members' immediate short-term financial needs.
Features
- One should have a minimum share capital of 4000 kshs
- The interest rate is 5%.
- The repayment period is a month.
- No guarantors are needed.
- Minimum deposit qualification is 10,000
- If a member has defaulted any other loan, he/she shall not qualify for insta loan (substandard, doubtful and loss categories)
- A member shall qualify for a loan of 10% of their deposits and maximum of Ksh 100,000.
- A member must be active for at least 6 months to qualify for the loan
- Incase one has defaulted on a mobi-loan and has applied for a normal loan, the mobi-loan balance will be deducted first
- Incase one has defaulted, the loan will be recovered from deposits. The defaulter will be blacklisted for 3 months before they can apply for another loan of the same type.
Requirements
- A duly completed loan application form.
- Attach the applicant's ID copy.
- Any member who has saved consistently for six months or any member with an active loan qualifies for this loan provided their total outstanding loans does not exceed three times their deposits.
- The applicant is expected to make the required monthly contribution even as they are servicing the loan.