Kenya USA Diaspora Sacco Loans

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Below is a list of loans offered by the Kenya USA Diaspora Sacco:

—–Normal Loan

A normal loan is designed for development purposes. It enables you purchase or build a house, purchase a plot, buy a car, start a business or even do large-scale farming.

Requirements and Features:

  1. Be a Sacco member with consistent contributions for a minimum of 3 months. Defaulters don’t qualify. Additionally, you will need to provide a collateral to qualify for a loan in excess of 90% of free main savings.
  2. You will be eligible for a loan of up to four times (x4) your current total Main Savings up to a maximum of Kshs. 5 Million subject to the one-third rule.
  3. The loan shall attract an interest rate of 12% per annum on a reducing balance.
  4. The repayment period shall be a maximum of 48 months.
  5. Pay a non-refundable loan-processing fee of 1% of loan amount subject to a minimum of Kes 10,000.
  6. Show proof of ability to repay the loan  by providing the supporting  documents
  7. The Loan Security is member’s own deposit and a charge on the accepted security, subject to the location of the property.(City – 90%, County – 80%, Rural – 50%)

The following are the requirements:

If you are employed:

  1. 3 latest paystubs (Notarized)
  2. Letter from employer confirming employment status (Notarized)
  3. Bank statements for the latest 3 months (Notarized)
  4. Copy of Kenya ID or Kenyan valid Passport
  5. Copy of the latest W2 Form issued by the employer
  6. Security – Copy of the title document of a property acceptable by the Sacco (Minimum lease term 35 years)

If you are Self-employed or Contract:

  1. Bank statements for the latest 12 months
  2. Copy of Kenyan ID or Kenyan valid Passport
  3. Business registration certificate
  4. IRS Business Tax Returns for the latest filing year
  5. Security – Copy of the title document of a property acceptable by the Sacco (Minimum lease term 35 years)
  6. 1099 Forms and/or any other supporting documents

Collateral: Securities accepted by the Sacco

The collateral to be used must be located and registered in Kenya. The following are the types of security/collateral that are acceptable.

  1. Legal Charge: This form of security is used in cases where property in form of land or lease is used as collateral. The security is perfected by creating a charge and registering an encumbrance against the property being held as collateral. . (City-90%, County Headquaters-80%, Rural-50%)

How to apply for a Normal Loan:

  1. Click on member login and complete its entirety.
  2. Depending on your employment status (employed or self-employed), attach copies of supporting documents.
  3. Pay a non-refundable loan processing fee of 1% of loan amount subject to a minimum of $100.

—–Special Normal Loan

A Special normal loan is designed for development purposes. It enables you purchase or build a house, purchase a plot, buy a car, start a business or even do large-scale farming.

Requirements and Features:

  1. Be a Sacco member with consistent contributions for a minimum of 3 months. Defaulters don’t qualify. Additionally, you will need to provide a collateral to qualify for a loan in excess of 90% of free main savings.
  2. You will be eligible for a loan of up to three times (x3) the deposits in member’s Main Savings Account up to a maximum of Kes. 3 million.
  3. The loan shall attract an interest rate of 12% per annum on a reducing balance.
  4. The repayment period shall be a maximum of 36 months.
  5. Pay a non-refundable loan-processing fee of 1% of loan amount subject to a minimum of Kes 10,000.
  6. The Loan Security is member’s own and guarantors’ deposits in the main savings accounts.
  7. Guarantors must be identified from the membership database
  8. A minimum of two guarantors will be required.

The following are the requirements:

If you are employed:

  1. 3 latest paystubs
  2. Letter from employer confirming employment status
  3. Bank statements for the latest 3 months
  4. Copy of Kenya ID or Kenyan valid Passport
  5. Copy of the latest W2 Form issued by the employer
  6. Security – Copy of the title document of a property acceptable by the Sacco (Minimum lease term 35 years)

If you are Self-employed or Contract:

  1. Bank statements for the latest 12 months
  2. Copy of Kenyan ID or Kenyan valid Passport
  3. Business registration certificate
  4. IRS Business Tax Returns for the latest filing year
  5. Security – Copy of the title document of a property acceptable by the Sacco (Minimum lease term 35 years)
  6. 1099 Forms and/or any other supporting documents

Securities accepted by the Sacco

  1. A member deposit or a guarantor’s deposit

How to apply for a Special Normal Loan:

  1. Click on member login to complete its entirety.
  2. Depending on your employment status (employed or self-employed), attach copies of supporting documents.
  3. Pay a non-refundable loan processing fee of 1% of loan amount subject to a minimum of $100.

—–Emergency Loan

  1. An Emergency loan is designed to help a member meet an unexpected short-term or personal need such as medical bills, funeral expenses, court fines and other unexpected calamities.

You may also need to make that quick holiday travel or vacation and require some money to cater for accommodation and other personal needs. This loan is for you!

Requirements and Features:

  1. Be a Sacco member with consistent contributions for a minimum of 3 months. Defaulters won’t qualify.
  2. Qualifying amount is 90% of deposits in member’s Main Savings Account.
  3. The loan shall attract interest rate of 11% per annum on a reducing balance.
  4. The repayment period shall be a maximum of one year (12 months).
  5. Show proof of ability to repay the loan
  6. The collateral shall be the member’s savings up to a maximum of 90% free main savings.

Documents required when applying for a loan:

If you are employed:

  1. 3 latest Pay-stubs
  2. Bank statements for the latest 3 months
  3. Copy of Kenyan ID or Kenyan valid Passport

If you are Self-employed or Contract:

  1. Bank statements for the latest 3 months
  2. Copy of Kenyan ID or Kenyan valid Passport
  3. Business registration certificate
  4. IRS Business Tax Returns for the latest filing year
  5. 1099 Forms and/or any other supporting documents.

Securities accepted by the Sacco

  1. A member’s Deposit or Guarantor’s Deposit

How to apply for a Emergency Loan:

  1. Click on member login and complete in its entirety.
  2. Depending on your employment status (employed or self-employed), attach copies of supporting documents.
  3. Pay a non-refundable loan processing fee of 1% of loan amount subject to a minimum of $100.

—–Development loan

equirements and Features:

  1. Be a Sacco member with consistent contributions for a minimum of 3 months. Defaulters don’t qualify. Additionally, you will need to provide a collateral to qualify for the loan.
  2. You will be eligible for a loan of up to four times (x4) your current total Main Savings Account contributions..
  3. The amount borrowed shall not exceed KES 6 Million; however a higher loan amount may be approved subject to availability of funds.
  4. The main purpose for the loan will be strictly towards property purchase or construction of property.
  5. The loan shall attract an interest rate of 13% per annum on a reducing balance.
  6. The repayment period shall be a maximum of 60 months.
  7. Pay a non-refundable loan-processing fee of 1% of loan amount subject to a minimum of Kes 10,000.
  8. Show proof of ability to repay the loan – paystubs or other supporting documents
  9. The Security shall be the member’s savings or other acceptable securities
  10. If you use a developed property (e.g. a house) as collateral, the loan value will not exceed 80% of the market value of the property used as a collateral. We will discount the forced values depending on the location (City- 90%, County Headquarters- 80% and Rural- 50%)
  11. If you use an undeveloped property (e.g. a plot) as collateral, the loan given will not exceed 75% of market value of the undeveloped property used as a collateral. We will discount the forced values depending on the location (City- 90%, County Headquarters – 80% and  Rural- 50%)

The following are the requirements:

If you are employed:

  1. 3 latest paystubs
  2. Letter from employer confirming employment status
  3. Bank statements for the latest 3 months
  4. Copy of Kenyan ID or Kenyan valid Passport
  5. Copy of the latest W2 Form issued by the employer
  6. Security – Copy of the title document of a property acceptable by the Sacco (Minimum lease term 35 years)

If you are Self-employed:

  1. Bank statements for the latest 12 months
  2. Copy of Kenyan ID or Kenyan valid Passport
  3. Business registration certificate
  4. IRS Business Tax Returns for the latest filing year
  5. Security – Copy of the title document of a property acceptable by the Sacco (Minimum lease term 35 years)
  6. 1099 Forms and/or any other supporting documents

Collateral: Securities accepted by the Sacco

The collateral to be used must be located and registered in Kenya. The following are the types of security/collateral that are acceptable.

  1. Legal Charge: This form of security is used in cases where property in form of land or lease is used as collateral. The security is perfected by creating a charge and registering an encumbrance against the property being held as collateral (City – 90%, County Headquarter – 80%, Rural – 50%)

How to apply for a Development Loan:

  1. Click on member login and complete in its entirety.
  2. Depending on your employment status (employed or self-employed), attach copies of supporting documents.
  3. Pay a non-refundable loan processing fee of 1% of loan amount subject to a minimum of $100.

—–Loyalty Loan

Requirements and Features:

  1. Be a Sacco member with consistent contributions for a minimum of 3 months. Defaulters don’t qualify. Additionally, you will need to provide a collateral to qualify for the loan.
  2. Qualifying amount is 5 times the deposits in member’s main savings account up to a maximum of Kshs. 10 Million subject to the one- third rule
  3. The main purpose for the loan will be strictly towards property purchase or construction of property.
  4. The loan shall attract an interest rate of 14% per month on a reducing balance.
  5. The repayment period shall be a maximum of 72 months.
  6. The member must have at least Kes 100,000/= in the Shares account.
  7. Must have been a member for at least five years with a clear track record in credit history.
  8. The Loan Security is member’s own deposit and assets title deed, subject to the location of the property.(City – 90%, County – 80%, Rural – 50%)

The following are the requirements:

If you are employed:

  1. 3 latest paystubs
  2. Letter from employer confirming employment status
  3. Bank statements for the latest 3 months
  4. Copy of Kenyan ID or Kenyan valid Passport
  5. Copy of the latest W2 Form issued by the employer
  6. Security – Copy of the title document of a property acceptable by the Sacco (Minimum lease term 35 years)

If you are Self-employed:

  1. Bank statements for the latest 12 months
  2. Copy of Kenyan ID or Kenyan valid Passport
  3. Business registration certificate
  4. IRS Business Tax Returns for the latest filing year
  5. Security – Copy of the title document of a property acceptable by the Sacco (Minimum lease term 35 years)
  6. 1099 Forms and/or any other supporting documents

Collateral: Securities accepted by the Sacco

The collateral to be used must be located and registered in Kenya. The following are the types of security/collateral that are acceptable.

  1. Legal Charge: This form of security is used in cases where property in form of land or lease is used as collateral. The security is perfected by creating a charge and registering an encumbrance against the property being held as collateral (City – 90%, County Headquarter – 80%, Rural – 50%)

How to apply for a Loyalty Loan:

  1. Click on member login and complete in its entirety.
  2. Depending on your employment status (employed or self-employed), attach copies of supporting documents.
  3. Pay a non-refundable loan processing fee of 1% of loan amount subject to a minimum of $100.

—–Msafiri Loan

Requirements and Features:

  1. Be a Sacco member with consistent contributions for a minimum of 3 months.
  2. A member will be eligible for a loan of up to three quarters their deposits in the Main Savings Account up to a maximum of Kes. 1 million.
  3. The loan shall attract an interest rate of 0.83% per month on a reducing balance.
  4. The repayment period shall be a maximum of 9 months.
  5. The Loan Security is member’s own deposits in the savings accounts.
  6. A member can have this product and any other loan product with the Sacco.

The following are the requirements:

If you are employed:

  1. 3 latest paystubs
  2. Bank statements for the latest 3 months
  3. Copy of Kenya ID or Kenyan valid Passport
  4. Copy of the latest W2 Form issued by the employer

If you are Self-employed or Contract:

  1. Bank statements for the latest 12 months
    2. Copy of Kenyan ID or Kenyan valid Passport
    3. Business registration certificate
    4. IRS Business Tax Returns for the latest filing year
    5. 1099 Forms and/or any other supporting documents
    Securities accepted by the Sacco
    1. The member’s savings deposit.

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