Savings Linked Loan
Product Features
- Interest rate on deposits as per the Banks Savings account regime
- Loan period of up to a maximum of 36 months
- Interest charged on declining balance as per reining interest regime
- Mode of loan repayments based on the nature of cash flow
- Loan amount of 2 to 3 times the amount of savings up to a maximum of UShs5 million
Benefits
- Save 25% of loan amount intended for a specific purpose
- Faster loan processing speed
- Attractive interest
- Grace periods offered on a case-by-case basis
- No penalty for early loan repayment
- Entire savings repaid with interest on maturity
Requirements
- Current or Savings Bank account
- Clients of consent age engaged in agriculture
- Completed loan application form
- Maintain regularity in saving UShs. 20,000 every month for a minimum of one year
- Payment of loan processing fees
- Security is hypothecation/mortgage of asset purchased and a lien on savings accumulated
- Financial card