This is a salary advance loan that enables members to access loans against a definite expected income.
Features
- Have maintained an active account with Moto Hope Sacco.
- Minimum 6 months consistent saving.
- Granted 3 times net salary or 3 times member savings whichever is lower but subject to the 2/3 rule.
- There must be legally binding agreement for check-off with the employer
- Interest rate of 2 % per month fixed.
- Loan amount ranges between Ksh. 20,000 to Ksh. 300,000.
- Repayment period: A maximum of 3 months.
Requirements
- You need to be a Sacco member.
- A duly completed loan application form.
- Identity card/passport (both original & copy).
- KRA pin.
- Original current pay slips for the latest month.
- 2 recent colored passport size photos.
- 100 for CRB report.
Note: There are charges for processing fee and insurance on each loan product.
