Loan Eligibility Criteria
In order to get timely credit ,you must meet the credit criteria that have been set by the Sacco as
below.
Character
- Your credit report is a reflection of whether or not you have good credit character.
- There should be no history of default.
- Good financial credit character is displayed by someone who meets her/his financial
obligation on time. - Even if you are sure that you are doing so,it is a prudent practice to check you CRB report at
frequently to see whether everything is in order and your financial obligations appear as they
exist in your credit report. - Suppose you are listed ,clear with CRB and present your clearance certificate upon
submission on your application
Contribution
- Six months of consistency on minimum deposit contribution
Capacity
- When you make your loan application, the Sacco will ask you to submit a whole lot of income
related documents. - This is to judge whether you have adequate capacity or the ability to make a timely
repayment of the loan. - The Sacco will only process your loan application after it is convinced that you will have
enough cash left after paying off your current fixed monthly financial obligations.
Cash Flow
- How much of your income is left once you meet your other debt obligations and paying off
your bills. This portion of your income stream will qualify as your cash flow and the lender
needs to be assured that you have enough of it before it approved your loan.
Capital
- While assessing your loan eligibility the Sacco will also look at your capital on the amount
you have left after you have met your debt obligations. If you have a property in your
name ,it will work in your favour. - The lender needs to be assured that you have enough capital to fall back on to be able to
handle new credit.
Collateral can be inform of guarantor ship or other forms of acceptable collateral
- For Loans secured by other members, they must be in good standing no default history and
loans guaranteed must not be in default. - If you own any property ,it can be used as collateral for a loan . If you don’t make your loan
repayments your collateral will be sold off to recover your loan.
Conditions
In order to assess your loan eligibility the Sacco will also Scrutinize other conditions such as the
stability of your employment. If you have been job hopping too often your instability will work
against you’re a prospective lender essentially looks for stability
On your job profile and will not be impressed by frequent jumps in your career.
How to Determine Which loan to Borrow
- How much do you need to borrow?
- How long do you anticipate will take for you to pay back?
- Your monthly income and other credit repayments.
- Urgency of the amount applying and Security availability.
Loan Products
Our Location
- Our head office is located at Mariira.
- Sub- branch at Gakira shopping center