Club Special Loan
Is your chama or investment group/ club trying to finance a development project whether it is to purchase land, development of property or other viable investment?
The Co-op Club Special Loan is designed to help chamas reach new heights. Get a maximum loan amount of up to 50 million or five times the group’s savings with a repayment period of up to 72 months.
Features of Club Special Loan
- Maximum loan amount of up to 50 million or 5 times the group’s savings
- Repayment period of up to 72 months
- 100% financing of the project cost
- Affordable interest rate
- The loan is accessible to groups as a corporate body
Requirements
- The group must be registered with the concerned registering body e.g. ministry of social services, ministry of gender etc.
- Group account operational for 6 months with Co-operative bank or with other banking institutions
- Open Mshiriki current account and an investment company account with the Co-operative bank
- Group must be making monthly contributions through the Mshiriki account
Security
The securities acceptable to the Bank under this loan product include:-
- Cash
- Shares quoted in the Nairobi Securities Exchange.
- Residential Properties
- Commercial Properties
- Land
- Supported Debentures
- Chattels Mortgages on Motor Vehicles, Machinery, etc.
- Guarantees supported by Tangible Securities.
- Approved Overseas Guarantees
- Treasury Bills & Treasury Bonds
- Approved Endowment Insurance Policies.
Product Fact sheet
PRODUCT | INTEREST RATE | APPLICATION/ NEGOTIATION FEES | APPRAISAL FEES | MAX. TENOR |
CLUB SPECIAL | 13% Reducing balance | None | 3% | 60 months |
