Eligibility
• Must be a member of Stima Sacco.
• Must be salaried.
• Must have made uninterrupted 6 months regular contributions prior to application date.
• Must have ability to pay. (Loan repayment not exceeding 2/3 of their basic pay)
• Within the retirement age
• Applicant should have been in work/employment for at least 12 months and in current employment for at least 6 months.
• First time homeowners only
Product Feature
• Interest rate: 9%
• Method of calculation: Reducing Balance.
• Loan insurance fund and seed loan: 1.5%
• No bridging of other loans.
•Disbursement can be done in tranches for a maximum period of 6 months for construction loans.
• No grace periods.
• Loan Tenor: Up to 25 Years (Subject to remaining contract period).
• Mode of Repayment:
• Check off.
• Direct Debit- Frequency of repayment: Monthly.
• Mode of Loan Disbursement: Direct credit to Prime Account.
• Loan Amount: max. Kes 10.5 Million.
• Deposit. Minimum alpha deposits of Kes 200,000/= and minimum shares of Kes 25,000/=
• Contractual monthly deposit: Kes 1,000/=
• Property insurance cover- To be done annually by M-Pawa Insurance Agency.
Eligibility
• Must be a member of Stima Sacco.
• Must be in business or have rental income.
• Must have made uninterrupted 12 months regular contributions prior to application date.
• Must have ability to pay.
• Maximum age of 60 Years
• Applicant should have been in business for more than 3 years.
Product Features
• Interest rate: 9.5%
• Method of calculation: Reducing Balance.
• Loan Insurance fund and seed loan: 1.5%
• No bridging of other loans.
• Disbursement can be done in tranches for a maximum period of 6 months for construction loans.
• No grace periods.
• Loan Tenor: Up to 20 Years. Mode of Repayment:
• Internal Standing Order from prime account.
• Direct Debit.
• Frequency of repayment: Monthly
• Mode of Loan. Disbursement:Direct credit to PrimeAccount.
• Loan Amount: max. Kes 10.5 Million
• Deposit: Minimum alpha deposits of Kes 400,000/= and minimum shares capital of Kes 50,000/=
• Contractual monthly deposit: Kes 1,000/=
• Property insurance cover- To be done annually by M-Pawa Insurance Agency