Application for this type of loan is to assist members meet college, school or university fees obligations. Maximum recovery period is 24 months at an interest rate of 1% on reducing balance. Effective annual rate for this loan is 6.5%, but also subjected to ability to repay as there is no maximum ceiling.
Application can be made as need arises and cheques collected or money transferred to member account via Electronic Fund transfer between two to three days or a banker's Cheque can be issued to the Institution on request.
Ushuru Sacco Paybill