This loan provides members with the financial boost to effectively manage their crops throughout the year, ensuring higher yields, Better Quality and increased income.
Key Features
- Multiplier Effect: Borrow up to 5 times of share deposits deposits
- Convenient Repayment: Loan term is up to 12 months or until the next bonus payout.
- Secured Options: Loan secured by guarantors, logbook or title deed.
- Leverage Your Bonus: Access funds based on your bonus payments.
- Flexible Loan Amount: Tailored to your ability to repay upon bonus payout.
- Manageable Repayments: Monthly payments cover only the interest, easing your cash flow.
- Fast Processing: Get approval within 24 hours of a completed application
Eligibility criteria
- One must be an active member of Tower Sacco.
- There must be a proof of bonus payment for the last 2 years (provide 3 years for application).
- Member must change pay point to Tower Sacco.
- The net bonus after loan repayment will be at least 20% of your total bonus.
- One must have a clean credit history evidenced through CRB credit ratings.
- Loan application must be endorsed by the Factory Manager.
- One must sign irrevocable instructions.
- There must be an O.U. between Tower Sacco and the Factory.
Requirements
- Formal loan application from Tower Sacco.
- Copy of your ID and PIN.
- Proof of bonus for the last three years.
- 6 months of bank statements showing monthly pay.
- Monthly pay slips.
