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 48 months.
  5. Every member applying for a development loan must have completed repaying all other loans at the time of application; however outstanding loans of less than 40% of the new loan may be offset from the new loan at a fee.
  6. Any payment outside the check off to clear off a loan or boost deposits shall wait at least 1 month 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 subject to the maximum of kshs 5000,000.
  2. Repayment period is up to 48 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. Every member applying for a development loan must have completed repaying all other loans at the time of application; however outstanding loans of less than 40% of the new loan may be offset from the new loan at a fee.
  4. The loan will be fully guaranteed.
  5. The applicant will not be entitled to any other before paying off half of sum granted.
  6. The multiplier will be four times the deposits.
  7. The repayment period will be 60 months.
  8. The maximum loan will be Kshs.7.5 million.
  9. The interest rate will be 1% on the reducing balance.
  10. Applicant must channel Net Salary through Mwito Fosa Account
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 12 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 Requirements
  1. The total outstanding loans, including school fees, must never exceed 4 times the members’ deposits.
  2. Repayment period shall be restricted to 12 months.
  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.
  5. The maximum amount shall be Kshs 500,000
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 36 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 24 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. Must complete repayment to qualify for another loan.
  8. 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. 100,000 /=.
  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.
GROUP ACCOUNT (CHAMA)

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

Requirements
  1. Registration fees is kshs 1000.
  2. Minimum monthly contribution will be kshs 5000
  3. Group constitution to be submitted during registration.
  4. Group minutes should be availed during registration.
  5. Qualifying period shall be six months.
  6. Loan granted shall be 90% of the groups total savings.

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