E-Loan Features
- Available to all members.
- Maximum loan amount Kshs. 500,000
- Interest rate: 7.5% upfront
- Recovered once per month.
Conditions
- Access limits are based on performance appraisal.
Additional Conditions
- Failure to repay within the first month will result in a roll over at a higher rate of 10%pm.
- Active account with deposit contributions up to date for the last 45 days.
- Applicant’s deposits must be equal to or greater than the loan amount requested.
- In case of default, recovery will be done from deposits and members MUST repay the recovered deposit before they can be allowed to access the product again.
- Members who default and have their deposits used for recovery will be internally blacklisted.
- Once a member repays defaulted E-Loan, which was recovered from deposits, they MUST wait for one month before reinstatement and are allowed to access E-Loan again.
- Members listed on CRB for defaulting with any financial institution do not qualify.
- Loan limits will be downgraded for members with late payments and defaults.
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