Consolidated Loan
One Loan, One Focus, One Step Closer To Financial Freedom
Combine all your loans and pay them off at once
Managing multiple loans can feel overwhelming, but it doesn’t have to be. With our consolidated loans, we simplify your financial journey by bringing everything together into one manageable solution. Enjoy the ease, clarity, and control you deserve, because peace of mind is priceless.
Loan Details
- Consolidated loan is designed for a member who has existing loan balances but due to limited income, is unable to take an additional independent loan. Thus, their only option is to ‘consolidate’ their previous loans with the new loan, such that the new loan repayment
amount remains more or less the same with the initial repayment(s). - Once loans are consolidated, they become Development loans.
- Members will be eligible for a loan of up to four times (x4) their current total deposits.
- The amount borrowed shall not exceed Kshs 11 million; however, a higher loan amount may be approved subject to availability of funds, and provision of adequate security acceptable to the SACCO.
- Consolidation fee of 2% will be charged on consolidated loan balances.
- Interest is charged at 1% per month or 12% per annum on reducing balance.
- The repayment period shall not exceed 84 months.
- A non-refundable processing fee of 1.5% shall be recovered from the new loan.
- The cost of valuation and administration legal fee will be catered by the member and will be deducted from new loan.
Build Your
Financial Future
Key Benefits
Low interest rates of upto 1.17% on loans reducing balance
Great interest rates on your savings of upto 7% p.a.
Borrow upto 5x your savings amount
Extended repayment periods of upto 84 months