- Loan Purpose
To on lend to farmers in dairy and horticulture sectors and support towards adoption of climate smart and adaptive practices
- Eligibility Criteria
- Proof of residency or project location
- A member of Tower Sacco for at least 6 weeks
- Demonstrate ability to repay - Total net income should be positive i.e. Net Farm Income (Farm Income - Expenses)
- + Net Household Income (HH Income - Expenses)
- Loan deduction must be not be more than 50% of net cash flows
- Clean credit history evidenced by a credit reference bureau report
- Loan Features
- A minimum of 3 months and a maximum of 36 months depending on the loan amount.
- 4 times member deposits for individual members
- Loan amount to be guided by the member ability to pay.
- 25% Non-Withdrawable deposited in a member’s Non Withdrawable deposit account.
- Guarantors who sign a chattel mortgage and open an account with Tower Sacco or have an existing account.
- Irrevocable letter of undertaking from processors/Aggregators/Buyers where applicable
- Chattels mortgage
- Other collaterals like logbooks, title deeds.
- Approval within 48 Hours from receipt of completed loan application form
