• Done after 6 weeks of savings and training
  • Group members to co guarantee each other
  • Borrow 3 or 5 times of their savings depending on the category of the group
  • Group to have a select Credit Committee to work with Kwetu Sacco officer
  • Group to go through loan preparation training Before any loan disbursements
  • Topics to be covered eg Group lending policy,Terms and conditions of the loan,Repaymentmode,maintainance of group records,co- gurantee concept and its implications,Enterpreneurial qualities.
  • Must have borrowed and fully repaid at least two micro loans
  • Site visit to verify business location
  • Client MUST provide pin certificate and utility bill
  • Business permit is a must
  • Maximum Repayment period 48 months
  • Targets women who are self employed and carry their business from a fixed premises

Requirements

  • MUST open a transactional Account and operate it at least for one month
  • MUST be in business
  • MUST be a member in kwetusacco
  • Can be accessed by women groups
  • Kentanks
  • Meko Gas
  • Solar Products
  • Bodaboda
  • Repayment is by way of monthly Installments comprising the capital value plus interest charges over an agreed finance term.
  • Ownership of the asset automatically passes on to member upon the last repayment
  • 70% value of fixed amount, Negotiable between 80% – 90% gradually.
  • Interest 12%
  • Processing fee 1.5%
  • Life Insurance cover 2.5%a
  • Chama given three – five times their savings after three months of savings
  • For special groups, they will acquire their loans after one month’s savings. This is after proving with previous Account statement and transfer of savings to Kwetu Sacco
  • Group officials to fill the loan application form
  • Resolution to borrow from all group members
  • Application signed by Area Chief/Assistant chief
  • Pin KRA for Chama officials
  • Passport coloured for the officials
  • Proforma invoice incase it’s an application for asset
  • A member must have operated a Biashara account 3-6 months
  • Loan is 3 times their savings
  • Business assessment done by a Relationship Officer
  • Provide business photos and business permit
  • Sketch maps for residential and business area
  • A member must have operated account from 1- 3 months
  • Statements from other credit institutions
  • Must have a running registered Business
  • 5 times their shares
  • Business assessment done by Relationship officer
  • Provide business photos and business permit
  • Sketch maps for residential and business area
  • Interest 1% per month
  • Processing Fee 1.5%
  • Insurance Fee 2.5%
  • Loan form charges Kshs100