Loan Terms and Conditions

• A duly completed and signed loan application form shall constitute a binding loan contract.
• Approved members shall be issued with a loan repayment schedule indicating the loan amount and repayment terms.
• Loans shall be repaid strictly in accordance with the agreed repayment schedule.
• Members may repay their loans in full or in part at any time before maturity without penalty.
• Loan repayment shall be made through regular instalments.
• Members are responsible for ensuring timely loan repayments to avoid delinquency.

Member Declaration, Undertaking & Statutory Authority

I, the undersigned member, hereby declare that all information and documents provided in support of this loan application are true, accurate, complete, and not misleading. I acknowledge that this duly completed and signed loan application, together with the SACCO’s registered By-Laws, Credit Policy, and approved loan repayment schedule, shall constitute a legally binding agreement enforceable in accordance with the SACCO Societies Act, 2008, applicable SASRA Regulations, and the laws of Kenya.

I irrevocably undertake to repay the loan, together with interest, penalties, and any applicable charges, strictly in accordance with the approved repayment schedule. I acknowledge that failure to pay any installment on its due date shall constitute default and may render the entire outstanding balance immediately due and payable at the discretion of the SACCO.

In accordance with the SACCO Societies Act, the SACCO’s By-Laws, and SASRA-approved Credit Policies, I hereby authorize the SACCO, without further notice or my prior consent, to recover any overdue loan obligations from my deposits, savings, dividends, refunds, benefits, or any other monies due to me by the SACCO.

I further acknowledge that where guarantors and/or collateral have been provided, the SACCO shall be entitled to enforce recovery against such guarantors and/or realize the pledged collateral in accordance with its Credit Policy and applicable laws.

I undertake to pay the prescribed loan insurance (Credit Life Insurance) within the stipulated period and authorize the SACCO to recover the same from my deposits in the event of default. I acknowledge that in the event of my death, any outstanding loan balance shall be handled in accordance with the SACCO’s approved Credit Life Insurance Scheme, without prejudice to the SACCO’s rights against guarantors or collateral where applicable.

I consent to the SACCO issuing all loan-related communications, including reminders, demand notices, and default notices, through electronic and physical means, including email, SMS, telephone calls, and postal address as provided. I further agree to bear all reasonable legal, recovery, and collection costs incurred by the SACCO as a result of my default, as permitted under Kenyan law.

I confirm that I have read, understood, and agreed to be bound by the SACCO’s By-Laws, Credit Policy, and the terms and conditions governing this loan.