INSTANT PREMIUM

The Instant Premium Loan is a product designed to fill a gap for financing needs of SACCOs, which wish to borrow for longer periods; that is 36 months. The Premium Loan has a unique application process.  A SACCO may have two or more loans at one time provided the repayment is not affected.

Features

• Attractive interest rates on loan on reducing balance and fixed for term of the loan.
• Standing order instructions allowed
• Minimum savings period of 6 months
• Multiplier of x3 Savings
• Repayment period of between 3 years
• Statements sent on a quarterly basis
• Minimum monthly savings of  Kshs 5,000/=
• Membership joining fees of Kshs 1,000/=
• Maximum loan amount determined by the SACCOs savings.

Requirements

• Latest Trial Balance
• Minutes of the Management Committee authorized borrowing from CFF
• Latest Financial Statements
• Maximum Borrowing Powers extract
• Insurance cover on the loan
• Bankers Order