Loan Products
Our Loan Product
customers. Summary information of these loan products is as follows:
| SN | TYPE OF LOAN | CONDITIONS | REPAYMENT PERIOD | MAXIMUM LOAN AMOUNT | INTEREST RATE |
| DEVELOPMENT/CAPITAL LOAN | |||||
| 1. | CAPITAL/DEV | o Any member applying for a fresh loan will be required to have made at least one repayment of the previous loan before submitting a new application
o Approval of Loans Above 3M Shall be determined by the Board upon review of documentary evidence |
48 months | 3 times member’s deposit
Members ability to repay |
o 10% p.a. on reducing balance
o 1% Processing fees o 1% Insurance fees |
| o 3% Refinance fee on outstanding loan amount. | |||||
| o 1.25% Consolidation fees on outstanding loan amount | |||||
| EMERGENCY LOANS | |||||
| 2. | EMERGENCY | o Emergencies include sudden hospitalizations, funeral expenses, court fines, fire and other disasters
o No documentary evidence needed |
24 months | 3 times member’s deposit
Members ability to repay |
o 10% p.a. on reducing balance
o 1% Processing fees o 1% Insurance fees |
| SCHOOL FEES/EDUCATION LOAN | |||||
| 3. | SCHOOL FEES/
EDUCATION LOANS |
o Maximum of three (3) loans shall be granted in a calendar year.
o Applicants are encouraged to apply a month preceding for consideration. |
12 months | 3 times member’s deposit
Members ability to repay |
o 10% p.a. on reducing balance
o 1% Processing fees o 1% Insurance fees. |
| $NOW LOANS | |||||
| 4. | $NOW LOANS | o $ NOW loan cannot be refinanced. | 12 months | Maximum Loan limit is KES 300,000/=.
Irrevocable standing order. |
o 1.25% per month on straight line collected upfront
o 1% Processing fees o 1% Insurance fees |
| o $NOW can be consolidated Loan to be disbursed within 72 hours of submission of loan application forms. | |||||
| o No guarantors required | |||||
| OKOA JANUARY LOAN | |||||
| 5. | OKOA JANUARY | o Up to 50% of applicants projected interest on Deposit (base is amount received in previous financial year.)
o Loan disbursement shall be in January after end year Audit. |
o 3% one off interest rate of the amount applied | ||
| VEHICLE INSURANCE | |||||
| 6. | VEHICLE INSURANCE | o PP SACCO advances members the insurance premium due at 0% interest | 6 months | Loan limit of 4% value of the vehicle being insured | o 1% Processing fees |
| SACCO CARE | |||||
| 7. | SACCO CARE | o PPSACCO advances members the Health Insurance premium due at 1.5% interest per annum. | 12 months | Irrevocable standing order. | o 1% Processing fees . |
| NO QUESTIONS ASKED | |||||
| 8. | NO QUESTIONS ASKED | o This loan is designed to enable members them sort out any unexpected dire emergencies o No guarantors required
o Irrevocable standing order to be set up by applicant |
3 months | 200,000/= Irrevocable standing order. | o 2% flat rate per month |
| SALARY ADVANCE | |||||
| 9. | SALARY ADVANCE | o This is product by PPSACCO is for members whose salary is channeled through IPPF
This loan is also available to members employed in other organizations servicing their loans through PPSACCOSs irrevocable standing order |
1 month | 100,000/= | o 8% per month |
| PPPESA MOBILE LOAN | |||||
| 10. | PPPESA MOBILE LOAN | o PPPESA/M-Cash is a mobile solution that enables our members to transact through their mobile phones at the comfort of their workplaces/homes
o The loan product targets active PPSACCO members only |
2 months | 70,000/= Irrevocable standing order | 5% one off interest deducted upfront |
| SELF-GUARANTEE LOAN | |||||
| 10. | SELF-GUARANTEE LOAN | o Loan is advanced within the members deposits who haven’t guaranteed any loan. Member should not have guaranteed other members No guarantors required. Hoewever If a member has guaranteed a loan, they will be required to have their loan guaranteed as well. | 48 months | Maximum loan Limit is 95% of members own deposits | o 10% p.a. on reducing balance
o 1% Processing fees o 1% Insurance fees |