Development Loan

The Development loan is another great example of a loan service customized to enable you to enhance your educational skills, start-up and/or revamp your own business practice.
The Loan includes:-

  • Ceiling of amount borrowed capped at 3 times the member’s deposits
  • Interest rate 1% per month amortized.
  • Disbursement is on a 1st come 1st served basis.
  • Mandatory minimum monthly savings as follows:
    • Loans up to 1 Million: 1% of loan
    • Between 1 and 3 Million: 0.5% of loan
    • Over Ksh3 million: 0.25% of loan
  • Repayment up to maximum of 60 Months
  • Top up and refinance facility is available for this loan for members who have paid at least 1/3rd of the initial loan.

Equity Release Loan

The terms and conditions for the product are as follows:-

  • The loan product shall be secured by Assets other than the ones being acquitted using the proceeds of the loan.
  • The loan shall be advanced to a maximum of 100% of the Mortgage value with an option to include transaction costs to a maximum of 5% of the loan amount.
  • All charges associated with perfection of the Securities for the Loan shall be met by the borrower and the process shall be executed by the Sacco lawyers.
  • The Interest rate for the Loan is 14 %p.a. amortized or as shall be determined by the board subject to the source pf the loan funds.A fixed rate shall however out for those preferring it.
  • The Maximum loan repayment period shall be 84months or shall be determined by the Board from time to time.
  • A loan processing fee of 0.5% one-off shall be charged to borrower’s payable over the first year of the loan.
  • In addition to the Asset securing the loan, the borrower shall execute a chattels mortgage with the Sacco lawyers.
  • The Asset shall be valued by reputable Valuers from the Sacco’s List of appointed Valuers from the SACCO's list of appointed valuers before disbursement of the loan.
  • The Assets shall be insured with a reputable Insurance company through TIBA Insurance Agency throughout the period of the loan.

The amount of Equity Release loan has also been increased from Forced Sale Value to 100% of Mortgage Value with an option to include transaction costs to a maximum of 5% of the loan amount.

Asset Financing

The Sacco is keen to support  doctors seeking to acquire assets without the need to tie up any other properties as collateral. The SACCO remains the custodian of the asset documents of title for the duration of the loan. the member has to however show proof of payment of one thrid of the value of the asset.

The Loan includes:-

  • Ceiling of amount borrowed capped at two third of the value of the asset
  • Interest rate 14% per annum amortized
  • Repayment up to maximum of 60 Months

Requirements;

  • Account must be active
  • Duly filled loan application form
  • Sale agreement
  • Evidence of the 1/3rd payment to the seller and buyer
  • Copy of National ID for both seller and buyer
  • Copy of KRA PIN Certificate for both seller and buyer
  • Current Asset Valuation and particulars of the machine
  • Original Asset ownership documents e.g. Log Book, Title deed
  • Any other documents as may be required

 

Emergency Loan

The Loan includes:-

  • Ceiling of amount borrowed capped at 2 times the member’s deposits
  • Maximum loan amount KShs. 1,000,000.00
  • Good credit history
  • Loan processing within one week
  • loan repayment up to 12 months
  • Interest rate at 1% per month amortized

Insurance Loan

Through this product, the SACCO offers full financing to an active member who wishes to take up one or several insurance covers for themselves or their family but is limited by the availability of cash for the premium.

No guarantors are required for this loan and its processing period is only 7 working days.

The Loan includes:-

  • Maximum amount of Kes. 150,000
  • Interest rate 1.17% per month amortized
  • Repayment up to maximum of 10 Months

 

Furnishing Loan

Furnishing Loan

Who can Apply

 Active Sacco members

  • Members with a home loan product
  • Clinics, Hospitals and Offices that need furnishing.

Purpose

Purchase of furniture/fixtures/furnishing and other gadgets.

Loan Limit

The maximum amount Kes. 1,000,000 fully secured.

Interest rate

14.0 % P.A

Loan Repayment Period

A maximum of 24 months.

Insurance

The furniture and equipment’s to be insured through Tiba Agency. (Optional)

 

 

 

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Mid-Term Development

Mid-Term Development

This enables members with existing development loan to borrow another loan to the maximum they qualify

3 times member’s Sacco deposits to enhance their developments and revamp their business practice

Rate at 1% interest rate per month

Amortized for a maximum repayment period of 36 months.

Swift Development

Swift-Development

This loan is customized to help you access funds swiftly within 7 working days without waiting for 21 days processing period like the normal development loan.

This enables you to enhance your developments, start-up and/or revamp your own business practice.

The amount borrowed is capped at 3 times the member’s Sacco deposits.

Rate at 14% interest rate per annum.

Amortized for a maximum repayment period of 60 months

Dividends Advance Loan

Dividends Advance Loan

Purpose:

KMA Sacco Ltd dividend advance is a product designed for members who wish to access their dividends in advance before the year ends. Members can only access up to 50% of the previous year's earned dividends. 

Eligibility:

  1. Must be an active Sacco Member Saving Regularly
  2. Members loan account must be well serviced and not in default.
  3. No partial withdrawals or loan offset within the year

Repayment:

Dividend advance is recovered as a one-off settlement when the dividends are declared and approved in an Annual General Meeting(AGM)

Charges

10% interest recovered once when dividend are declared and approved in an annual general meeting.

Requirements:

Members are required to fill in a loan application form online and send to us for processing.

Payment can either be through cheque or transfer to member’s bank Account.

Intern Loan

The Intern loan is a loan service customized for Interns and is informed by the existing gaps in our public service system causing salary delays. The product is customized to  provide a financial cushion for medical interns (Intern Medical Officers, Intern Dentists and Intern Pharmacists) upon their posting while they wait for their first salary.

 

The borrower undertakes to provide 3 guarantors as part of security for this loan. One guarantor shall be an active member of KMA SACCO, while the other two shall be either active members or fellow interns applying for the same facility.

 

 

The Loan includes:- Necessary documents required
  • Maximum amount of Kes. 50,000
  • Interest rate 1.34% per month amortized
  • Disbursement is on a 1st come 1st served basis.
  • Repayment up to maximum of 9 Months
  • Posting letter from the Ministry
  • Arrival letter dully signed by the Superintendent
  • Copy of your ID
  • Copy of your KRA PIN
  • Two passport size photos

MOBI Loan

MOBI Loan

This is an Instant Loan;

  • Maximum Loan amount is Kes.50,000
  • Repayment Period is 3 months.
  • Interest rate is 10% paid one-off

 

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