This covers unforeseen contingencies like sudden hospitalization, funeral expenses, court fines, and other unforeseen circumstances beyond a members’ control, but shall not include house rent dues or other loans covered by the sacco.
Has 12 months’ repayment period.
- Applicant must have been member for least 6 months’ membership and can only qualify 2 times their deposit.
- The interest rate shall be 1 % per month on reducing balance or as may be determined by the BOM from time to time.
- The maximum amount is Ksh 100,000.
- Only one emergency loan shall be granted at a time.
- Evidence of the emergency must be produced during application.
- Appraisal fees of 0.5%shall be charged on the approval loan.
- Turnaround is within 48hours after approval.