Loan Products

1. Normal Loan

This is an all-purpose loan facility advanced to all members for improvements,development on investment. Best for first time borrowers who are looking into paying a long term loan within a short period.Bringing your dreams to reality

Features

Repayment period of 24 months .
Interest rate of 12% per annum on reducing balance.
Maximum entitlement is 2 times of total deposit.
Guarantors and acceptable collateral required.
You can offset other loans with the Sacco at a fee of 5% .
Terms and conditions on self guarantee apply.

Benefits

Interest is on reducing balance.
1 month grace period if loan issued as of 15th of the month
Manageable repayment amounts.
No penalties for early clearance.

2. education Loan

We all want the best for our Children and for many parents that means taking their kids to good schools.If you are down on school fees ,Remican Sacco got you covered.

Features

The Maximum amount is 20,000/=.
Repayment period of 6 month.
The Sacco charges an interest of 12% per annum on flat rate.
A Member is entitled to any only one loan at a time.
Member Must be Sacco member for six months and met all the loan eligibility criteria.
Payment is made directly to the school account.
Submit school fees structure.

Benefits

Quick processing.
Fast approval rate.
Possible disbursement via the school bank Account.

3. Emergency Loan

This product is for member’s to enable them sort out any unexpected emergencies.

Features

The loan is repaid within a period of 12
Interest charged is 1% per month on reducing balance.
No member shall have more than one Emergency Loan.
Self guarantee subject to whole of the loan applied.
Disbursed within an hour after application request.

4. Biashara Loan

Are you looking to start a business?or maybe expand an existing one? You are on the right place Remican Biashara plus loan will boost you if you are looking for working capital.This is the right product ,we are here to empower you.
Features

Maximum entitlement is 2 times total deposit.
Biashara loan is repaid within a period of 24 months.
Interest rate of 13% per annum on reducing balance.
Guarantors and acceptable collateral required.
You can offset other loans with the Sacco at a fee of 5%.

5. Self Guaranteed loan

It’s now easy and convenient.Members applying will ONLY be required to submit the self-guranteed loan application form and attach only a copy of their ID for processing.

Features

Interest rate at 12% P.A
Repayable within a period of 12 to 24 months considering with loan amount.
Maximum loan shall be 95% of own deposits.
Loan is advanced within the member deposits
Member should not have guaranteed any other member.
If a member has guaranteed a loan they will be required to have their loan be guaranteed.

6. Development loan

Are you looking for something golden? Look around us ,we have it.The Development loan is a product intended to empower members to undertake development projects with long term benefit e.g Business ventures and other investments.

Features