Checklist for Loan Applications
Just before you submit that loan application, check the following:
- Members who have saved for three months or more.
- Members who tranfer their deposits from other Saccos will be deemed as a continuing member.
- Fully completed loan application form.
- The applicant signature MUST be witnessed by a member of the Sacco.
- Minimum three guarantors who must be active members.
- Provide Guarantors’ and/ Collateral equal to or more than the loan applied for.
- Employer MUST sign and rubberstamp the application form.
- A most current pay slip certified by the applicant’s employer’s payroll officer, MUST be attached to the application
- KRA Pin certificate and a copy of an acceptable form of identification (National ID/Valid Passport) MUST be attached to the application.
- All loans should not exceed three times of the deposits (with exception of Motor Vehicle & Machinery and Instant loans).
- All loans are insured against death and permanent. The premium is paid from the loan applied.
- Maximum loan ceiling is Kshs: 15,000,000.
- All deductions should not exceed 2/3 of gross salary.
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