General Insurance loan provides opportunity for a member to pay for general insurance to cover their assets i.e. vehicles, houses, business against accidents, fire, theft etc. A Member is allowed to access a development loan alongside other loans subject to shares, deposits and payslip capacity. Loan maximum amount is K2,000,000 but the loan amount should be 3 times the member’s shares and savings payable directly to the Insurance Company. Repayment period is 6 months for Third Party and Comprehensive Vehicle Insurance while for General Insurance repayment period is between 6-12 months depending on the amount. Insurance loan has an interest rate of 2.5% monthly or 30% per annum. This loan type has a loan processing fee of 5% for a maximum of K250,000 and it is processed within 48 hours.

Requirements:

• Be a member for 90 days
• Contact your closest branch to check how much loan can be taken depending on your shares and current loans if any or check through Mobile Banking by dialing *327#
• Provide National ID, Driving Licence and Bluebook
• Fill a loan application form and get it approved on salary deduction
• Provide a pay slip

Ndapata Loan is a tailor-made loan for new members upon joining MSACCO. Ndapata loan offers the members a maximum of K1,000,000 which is repayable up to 12 months.

However, the loan amount is subject to payslip capacity. 20% of this Loan amount is deposited into the members account as shares.

The Education Loan was launched to support members and their families with the payment of tuition and other fees.

Members access a maximum loan amount of K2,000,000 which is paid directly to the institution. The repayment period is 24 months with an interest rate of 2% monthly or 24% per annum.

This loan type has a loan processing fee of 5% for a maximum of K250,000. To calculate how much the loan will charge please Click here and select Education loan; type in the loan amount and number of months you want the loan to be deducted with a maximum of 12 months. The details of deductions will display below

Material loan provides funds to acquire agricultural materials, electronics, household and building materials. A Member is allowed to access a material loan alongside other loans subject to shares, deposits and payslip capacity.

Loan maximum amount is K2,000,000 but the loan amount should be 3 times the member’s shares and savings. Repayment period is either 6 months or 12 months with an interest rate of 2.17% monthly or 26% per annum.

This loan type has a loan processing fee of 5% for a maximum of K250,000. To calculate how much the loan will charge please Click here and select Material loan; type in the loan amount and number of months you want the loan to be deducted with a maximum of 12 months. The details of deductions will display below

Requirements:

• A quotation of materials to be bought

These loans are meant for emergency personal needs and they are processed within 24 hours. Repayable for a maximum of 6 months, with an interest rate of 3% monthly or 36% per annum-a member is allowed to get a maximum of K500,000 subject to shares, deposits and payslip capacity.

This loan type has a loan processing fee of 5% for a maximum of K250,000.  A bank transfer fee of K3,000 is charged if the loan is paid through the bank.