Normal Loan
This loan was designed to meet the long term needs for our members. Our members are allowed to get a loan which the can repay up to a period of 3 years. This loan is based on the affordability (capacity) and shares that one have as a SACCO member. Based on the history of loan repayment, one can get up to 3 times his/her shares. In normal circumstances every member is eligible to get up to 2 times his/her share that he/she have at that particular period of time.
The maximum repayment period is 36 months and the interest rate is 3.6%.
Note: This loan is payroll based and all the terms and conditions will apply.
Material Loan
This loan was designed to allow SACCO members to get funds that can help them to buy basic materials for various projects that they have at that particular period of time. This is one of the most important short term loans that assists our SACCO members to manage their time frame for various projects otherwise they could not achieve due to the lack of resources. Note that anyone who has the affordability is eligible to get this loan long as it does not exceed the maximum period specified.
The maximum repayment period is 6 months and the interest rate is 4%.
Note: This loan is payroll based and all the terms and conditions will apply.
Pompopompo Loan
This loan introduced (designed) to ease the tension SACCO members have when they have exhausted their affordability and are in dire need of money, especially before salaries. The repayment period is one month and the interest rate is 10%. UnThe repayment period is one month and the interest rate is 10%. Unlike other loans, this is not payroll based therefore a member will be repaying the loan by cash BUT ONLY TO MEMBERS WHO HAVE EXHAUSTED THEIR AFFODABILITY AFTER TAKING LOANS FROM SACCO ONLY.
Note: In case of default in payments, the entire balance including interest and a penalty of …..shall immediately become due and payable on demand at the option of the credit committee. Mchinji Civil Service SACCO retains the right of not approving pompopompo loan to a member based on credit history.
School Fees Loan
The School Fees Loan is specially designed to support SACCO members who are upgrading their education or have dependents in need of financial assistance for tuition and related school expenses. This loan ensures that students can focus on their studies without the stress of being withdrawn due to unpaid fees.
The maximum repayment period is 12 months and the interest rate is 4%.
Note: This loan is payroll based and all the terms and conditions apply
