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Development Loan

FEATURES

  • Qualifying amount is 95% of a member’s unobligated/unattached deposits up to a maximum of KES. 20,000,000, subject to a third rule and contract period.
  • Interest rate is 11% p.a on the reducing balance basis
  • Repayment period of 84 months
  • The loan security is the member’s own deposits (no guarantors required)
  • Available to all members borrowing within their deposits not attached to any loan
  • Asset loan is excluded when considering the available deposits

Education Loan

education

Purpose
This product is designed to assist members pay school fees in various institutions of learning.

Features

  • The maximum amount one can borrow  is 3 times the member's deposits upto Ksh. 3,000,000.
  • The interest chargedis 12% per annum on a reducing balance
  • The loan is repayable within 12 months from the time of issue.

Emergency Loan

Purpose
The Emergency Loan is designed to address urgent needs and emergencies.

Features

  • The maximum amount one can borrow is 3 * Deposits up to Ksh. 1.5 million.
  • The repayment period shall be a maximum of 18months subject to the contract period.
  • The loan shall attract an interest rate of 10% per annum on a reducing balance basis.
  • The Security shall be the member's and guarantors' deposits.

This promotion for Emergency loan will run for 6 months starting 1st August 2022.

Instant Loan

Purpose
The product is designed to assist members meet urgent financial obligations and is processed within 24 hours.

Features

  • The maximum amount one can borrow is Ksh. 5 Million.
  • A member can have multiple Instant loans, however, the total outstanding loan amounts for all instant loans at any one time must not exceed KShs.3 million
  • Repayment Period of 36 months applies to any applicant with a running contract period of 9 Months and above or;
  • Repayment Period of 30 months to any applicant with a running contract period of not less than 5 to 9 Months.
  • Interest is charged at 14.5% per annum on a reducing balance

Loyalty Loan

This loan is designed for members who have been loyal to the UN SACCO for over 5 years.
Features

  • The amount borrowed is 4* Deposits up to  Kshs. 20 million.
  • The repayment period is 84 months if a member has an employment contract whose period is over 6 months.
  • The loan shall attract an interest rate of 12.5% per annum on a reducing balance.
  • Minimum of 5 guarantors

Normal Loan

Purpose
The Normal Loan is designed to address the development needs such as Building homes, Large scale farming, Motor vehicle purchase among others.

Features

  • The maximum amount one can borrow is 4 * Deposits up to Ksh. 20 Million.
  • The repayment period is maximumly 60 months subject to contract period.
  • The loan  attracts an interest rate of 12% per annum on a reducing balance basis.
  • The loan security is the member's and guarantors' deposits.
  • One can have a maximum of 3 Normal Loans.

Plot Financing Loan

It is meant to facilitate members in owning land or plots for domestic or commercial purposes within the cities in Kenya

Product Features.

  1. The product is available to all active members for the purposes of purchase of vacant land or plots within the cities in Kenya
  2. The property to be considered must be within the defined city boundaries/metropolis as follows:
      • Nairobi - 50KM Radius
      • Mombasa - 30KM Radius
      • Nakuru and Kisumu - 20KM Radius
  3. Financing will be up to:
      • 90% open market value subject to sale value of City properties
      • 100% sale price of UN DT SACCO/ Wanamataifa sponsored properties
  4. Repayment period of up to 96 months (8 years)
  5. Maximum loan amount of Ksh.15 Million
  6. Deposit multiplier of 7 times
  7. Interest rate of 11.9 p.a. on reducing balance
  8. The funds will be transferred directly to the seller of the land or plot
  9. Sale agreement, copy of title deed/lease and valuation report to accompany the loan application
  10. Valuation to be done by valuers on the UN DT SACCO panel of valuers
  11. For UN DT SACCO/ Wanamataifa sponsored or partnered properties, common valuation will be obtained on behalf of all borrowers
  12. First and final charge on the property being financed in favor of UN DT SACCO 
  13. Repayment period not restricted by contract but minimum contract period of 6 months contract period at the time of borrowing
  14. Borrowers to meet cost of valuation and legal charge costs

 

Premier Loan

premium

Purpose
The Premier Loan product is for development purposes. It is given to members with good standing in the Society.

Features

  • Maximum loan amount one can borrow is up to 5 * Deposits up to  Ksh. 20 Million.
  • The repayment period is  up to 84 months.
  • The interest charged is 15% per annum on a reducing balance basis.
  • The Security is the member’s own deposits and guarantors’ deposits.

Secured Asset Loan

Features

   ·  ·         Qualifying amount is 7 times the member’s deposits up to a maximum of Kshs. 25 Million subject to the location of the property and the one-third rule.

(City – 90%, County – 70%)

NB: Agricultural property not considered.

·         Interest rate of 14% per annum on the reducing balance irrespective of the contract period.

·         Use of reserve value/forced sale value in determining the loan to value.

·         Repayment period of 15 years or 180 months subject to retirement age.

·         The Loan Security is the Asset’s title deed.

Eligibility for this product: Current employment contract, which should not be less than 6 months to expiry.

Guidelines for applying for a secured Asset Loan 

Reviewed Secured Asset Loan features

Seniors' Loan

Available to members who have retired from formal employment.

Features

  • The maximum amount one can borrow is 2* deposits
  • Guarantors must be from existing membership
  • Maximum repayment period is 36 months.
  • Interest rate 12% per per annum 
  • Proof of pension ability to repay the loan.

Settling Down Loan

This loan is designed to help new staff members to settle down smoothly in their new stations of work.

Features

  • Member qualifies after first payroll deduction and raising minimum share capital of 50, 000 Kenyan Shillings.
  • Maximum loan is 3 times monthly basic salary up to a maximum of KShs. 1,000,000.
  • Interest rate is 14.5% per annum.
  • Repayment period is up to a maximum of 12 months or contract period whichever is shorter.

Loan Information

In addition to our wide range of financial products and services, UNSACCO provides loans services to its customers. The information.

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