This loan facility is to assist members meet their unforeseen financial shortfalls which include medical, funeral and even dowry expenses. Maximum recovery period is 12 months at an interest rate of 1% on reducing balance. Effective annual rate for this loan is 6.5% and there is no maximum ceiling subject to ability to repay.
Application can be made as need arises and cheques collected or money transferred to members bank account via Electronic Fund transfer between two to three days. At the members request a Banker's Cheque can be issued to the Institution.
Ushuru Sacco Paybill