Description

This product is meant to empower Mwito members to engage in development projects e.g buying plots, building houses, farming, starting viable business e.t.c..

Requirements
  1. The rate of interest is 1% per month on the reducing balance(6.5% per annum).
  2. The multiplier shall not exceed 4 times a contributors deposit.
  3. The maximum limit is Kshs 5 million.
  4. Repayment period shall not exceed 60 months.
  5. Every Applicant must have completed all other loans to access it,however outstanding loan of less than 10% of the new loan may be offset from the new loan.
  6. Any payment outside the check off to clear off a loan or boost deposits shall wait at least 3 months before accessing a new development Loan.
TOP UP LOAN

Top Up loans are available to those servicing development loans and have the ability to service both loans concurrently.

Requirements
  1. Top up loan will be as per the borrowers ability to pay.
  2. Repayment period is up to 36 months.
  3. It attracts interest at the rate of 1.5 % per month on the reducing balance(9.75% per annum).
  4. Monthly deposit contribution will be a minimum of Shs. 2,000= or 5% of applicants basic salary, whichever is higher.
MANUFAA LOAN

The loan will be granted to any member who meets the following requirement

Requirements
  1. Have deposits of not less than Kshs.1,000,000.
  2. Shall pledge to maintain a minimum monthly contributions at 10% of their basic salaries (or Shs. 5000.
  3. The loan will be fully guaranteed.
  4. The applicant will not be entitled to any other before paying off half of sum granted.
  5. The multiplier will be four times the deposits.
  6. The repayment period will be 72 months.
  7. The maximum loan will be Kshs.7.5 million.
  8. The interest rate will be 1% on the reducing balance.
EMERGENCY LOANS

Emergencies include sudden hospitalization, funeral expenses, court matters, unforeseen calamities, but shall not include house rent due; or other Loans covered under this policy. In all cases emergency loan applications may have documentary evidence. The following conditions apply:

Emergency Loan 1 Requirements
  1. Every member shall be entitled to only one emergency loan not exceeding Kshs.300,000= at a time.
  2. Repayment period shall be within 18 months.It attracts interest at the rate of 1% per month on the reducing balance(6.5% per annum).
  3. Monthly deposit contribution will be a minimum of Shs 2,000= or 5% of applicants basic salary, whichever is higher.
SCHOOL FESS LOANS

School fee Loans may be granted to a member even though he/she may be servicing other loans subject to the following conditions:-

School Fees Loan 1 Requirements
  1. The total outstanding loans, including school fees, must never exceed 4 times the members’ deposits.
  2. Repayment period shall be restricted to a calendar year.
  3. School fee loan cheques shall be sent direct to the School where applicable and necessary.
    It attracts interest at the rate of 1% per month on the reducing balance.
  4. Monthly deposit contribution will be a minimum of Shs. 1,000= or 5% of applicants basic salary, whichever is higher.
School Fees Loan 2 Requirements
  1. This will be an additional school fee loan (only those servicing school fee 1 will be eligible).
  2. The total outstanding loans, including the new loan must never exceed 4 times the applicants’ deposits.
  3. School fee loan cheques shall be sent direct to the School where applicable and necessary.
  4. It attracts interest at the rate of 2% per month on the reducing balance(13%per annum).
  5. Repayment period shall be restricted to one calendar year.
  6. The maximum amount shall be kshs 250,000
  7. Monthly deposit contribution will be a minimum of Shs. 2,000= or 5% of applicants basic salary, whichever is higher.
COLLEGE / UNIVERSITY LOANS

These loans will be granted to members to pay fees in colleges and universities both locally and overseas

College/University loan 1 Requirements
  1. The total outstanding loans, including this loan, must never exceed 4 times the members deposits.
  2. Maximum repayment period shall be 48 months.
  3. Payment (cheques) shall be sent direct to the colleges/universities where applicable.
  4. It attracts interest at the rate of 1% per month on the reducing balance(6.5%per annum).
  5. The maximum amount shall be kshs 1000,000.
  6. Monthly deposit contribution will be a minimum of Shs. 2,000= or 5% of applicants basic salary, whichever is higher.
College/University Loan 2 Requirements
  1. This will be granted even though the applicant is serving college fee 1.
  2. The total outstanding loans, including this loan, must never exceed 4 times the members deposits.
    Maximum repayment period shall be 36 months.
  3. Payment (cheques) shall be sent direct to the colleges/universities where applicable.
  4. It attracts interest at the rate of 1.5% per month on the reducing balance(9.75% per annum).
  5. The maximum amount shall be kshs 500,000.
  6. Monthly deposit contribution will be a minimum of Shs. 2,000= or 5% of applicants basic salary, whichever is higher.
KARIBU LOAN

This will be accessed by newly employed officers who are less than 12 months old in employment (members) who require support to settle in their new employment. Its conditions are:-

Requirements
  1. Show proof of appointment (avail letter of appointment).
  2. Must enroll as a member and pay share capital .
  3. Maximum loan shall be 300,000/=.
  4. Interest rate will be 1% per month on reducing balance (6.5% per annum).
  5. Repayment period shall not exceed 24 months.
  6. Initial Deposits will be offset from the loan.
  7. Monthly deposit contribution will be a minimum of shs. 2,000= or 5% of applicants basic salary, whichever is higher.
MASLAHI LOAN

This product will be accessed by any member who may or may not be servicing other loans covered by this policy. It shall cover among others unique needs and requirements not covered by other types of products. The following conditions apply:-

Requirements
  1. Application must be within the multiplier of 4 times the deposits.
  2. Maximum repayment is 12 months.
  3. Interest rate is 2% per month on the reducing balance(13% per annum) .
  4. The maximum amount shall not exceed 100,000=.
  5. Monthly deposit contribution will be a minimum of shs 2,000= or 5% of applicants basic salary, whichever is higher.
INSTANT(PESA WAA) LOAN

This is an instant facility (hakuna maswali) whose conditions are as follows:-

Requirements
  1. Maximum amount shall be Shs. 75,000 /=.
  2. The repayment period shall not exceed 12 months.
  3. The rate of interest is 2% per month on reducing balance(13% PER ANNUM).
  4. Monthly deposit contribution will be a minimum of Shs. 2,000= or 5% of applicants basic salary, whichever is higher.
KUJIVINJARI / HOLIDAY LOAN

This is a holiday facility whose conditions are as follows:-

Requirements
  1. Maximum amount shall be Shs. 50,000/=
  2. The repayment period shall not exceed 12 months.
  3. The rate of interest is 2% per month on reducing balance(13% per annum).
  4. Monthly deposit contribution will be a minimum of Shs. 2,000= or 5% of applicants basic salary, whichever is higher.

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