- Loan Purpose
This is a short/ long term loan that is specifically targeted to assist Tower Sacco members to finance working capital, Buy off loans from other financial institutions or consolidate loans
- Target Clients
Individuals in Businesses
- Eligibility Criteria
Individuals in Business
- Must be a member of Tower Sacco.
- Must have been in business for at least 6 Months, legally known as per Kenya Constitution.
- Must have ability to repay as supported by evidence of cash flows
- Product Features
- Method of calculation: Reducing balance.
- Disbursement can be done upon approval and security perfection.
- Loan Tenure: Up to 96 months
- Mode of repayment:
1.Daily collection/normal account operations
2.Standing Orders.
- Mode of Loan disbursement: Direct debit to the operative account.
- Loan Amount: Determined by the ability to repay
- Deposit: Minimum Share Deposit of 1/5 of loan and Share Capital of Kes 2,000.
- Property Insurance-Fire and Perils Insurance to be taken.
- Security/Collateral
- Own Deposits
- Guarantors Eligibility check.
- Motor vehicle
- Legal Charge over the property being purchased or the property where the construction is undertaken.
