Loan Products
You can now access low interest loans instantly to Mpesa or bank transfer with flexible monthly payments. On account activation, our system will calculate your first loan limit. This limit will be reviewed by our commitee based on your savings and loan repayment patterns. To get higher limits, ensure that you pay loans on time. This ensures that you do not need a guarantor to get a loan that is higher than your savings.
Our loan interest is calculated on a reducing balance whereby the interest for the month is calculated on the outstanding balance. This means that the faster you pay your loan, the lower the interest you pay unlike the flat rate interest. With flexible payment plans, you can pay from as low as Ksh 10. You can access secured loans of up to three times your savings. Loans less than or equal to your savings can be secured by your savings. Loans more than your savings can be secured by guarantors who are members of the Sacco, car log book or land title deed. Our loan producsts are as shown below:
Loan Type | Interest Type | Interest Rate | Minimum Amount | Maximum Amount | Description |
---|---|---|---|---|---|
Instant Loan | Reducing Balance | 5% | 800.00 | 50,000.00 | Short term loans |
School Fees Loan | Reducing Balance | 2% | 20,000.00 | 100,000.00 | Short term loans for school fees payment |
Development Loan | Reducing Balance | 1% | 50,001.00 | 1,000,000.00 | Long term loans for development purposes |
Super Development Loan | Reducing Balance | 1% | 1,000,001.00 | 5,000,000.00 | Long term loans for development purposes |
Loniwa Sacco
Loniwa Sacco Wallet enables you to easily make savings, repay loans and buy shares anywhere any time. Savings can be done via Mpesa and credit cards while withdrawals are done via Mpesa and bank transfers. Processed loans are also held in this account. With this account, you can:
- Transfer to savings account
- Repay loan
- Buy Loniwa Sacco shares
- Transfer to other members who are registered with the Sacco
- Buy Safaricom, Airtel and Orange airtime
Savings/Fixed Deposit Account
This account enables you to save and secure loans. You can either secure your loan or guarantee other people loans. The account also earns you a 5% annual interest. To withdraw cash from your savings account, a one month notice is required after which the cash will be transferred to your Loniwa Sacco Wallet. Withdrawal from this account is only done when one needs to withdraw from the Sacco according to the society rules and regulations and once a member has cleared all outstanding arrears.