Top Up/Refinancing Loan
This is a top-up loan facility for an already existing development loan. A member shall qualify for a top-up loan after one has paid 75% of the previous development loan. The balance must be recovered in full from the top-up before the loan is granted.
Top Up/Refinancing Loan
This is a top-up loan facility for an already existing development loan.
Features
- Have maintained an account with Eagle’s Eye Sacco.
- The maximum amount of loan granted is 3 times your deposits.
- Provide security. Security options include title deed.
- The loan term does not exceed 60 months.
- The maximum amount of loan granted is 3 times the deposits.
- The interest rate does not exceed 1% monthly on reducing balance.
Requirements
- A duly completed loan application form.
- The applicant should have cleared 75% of the previous development loan to qualify for refinancing.
- Attach ID copies of both the applicant and the guarantors.
- For a top up/refinancing loan, the development loan requirements apply.
Key Take Aways
- This loan is granted by the 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.
- This loan is issued to an individual or corporate, member that is unable to finalize a project with the loan earlier taken and needs a top up to finish the project.
