Fagia Loan
This is a type of development loan that offsets all other outstanding loan balances freeing a member to service only one consolidated loan
Fagia Loan
Offsets all other outstanding loan balances freeing you to service only one consolidated loan.
Features
- All outstanding loan balances are deducted before issuing the loan.
- Terms and conditions of the development loan apply.
Requirements
- The applicant is required to pay an administration cost of 10% on all principle loan balances.
- A duly completed loan application form.
- Attach ID copies of both the applicant and the guarantors.
- You need to be a member of Eagle’s Eye Sacco.
Key TakeAways
- This loan is granted by our Sacco and must be fully secured either by guarantors who are members of this Sacco or by use of collateral. Collateral includes a title deed or a logbook.
- The applicant is required to have been an active member of the Sacco for a minimum period of 6 months.
- The member’s credit history is a major determinant for this and other future loans.
- The member is expected to make the required monthly contribution even as you service the loan.