A general purpose loan to all Salaried SACCO members

Funds can be used on personal development eg Personal/consumption, farm production, school fees, household projects etc
Open to all members with ABILITY TO REPAY and a favorable risk factor as per the credit scoring module

Duration to be up to 84 months

Securities options:

• Loan security deposit as per the credit policy [Of which the member may be supported through deposit booster facility deducted from the disbursed loan amount]
• Guarantors

Or other securities options if borrower does not prefer guarantors:

• Land Titles or Allotment Letters
• Listed stocks at NSE
• Paid up insurance policies
• Certified Fixed Deposits
• Moveable assets acceptable as security by the SACCO

Income stream to determine repayment frequency

Loan security deposits (up to 5 times).

Refinancing and top-up allowed during loan term, at a fee -6% of the outstanding loan

Longer period advances to SACCO members against salary/proceeds channeling through NAFASI hence it factors the net salary channeled through the account, net of statutory 1/3rd.

Term is up to 48 months

Loan security options:

• Guarantors (Other NAFASI members, with their salary/deposit)
• Loan security deposit
• Other collaterals acceptable to NAFASI

Monthly repayment

Refinancing allowed during loan term

Saving for a purpose/ goal related savings eg holiday, investment, etc

Linked to national and international funds transfer service providers, Mpesa, etc

• No opening Balance, and
• Deposit any amount, anytime

Limited withdrawals

Earns Interest earning at the end of the year on pro-rata

Other issues:

• Free standing orders
• Monthly/regular check-off to the account
• Advisory services/reminders on the set goals
• NAFASI Loan to support the goal, in case of shortage
• Free SMS reminders on progress towards the goal

Saving for the next holiday destination

Linked to domestic and international holiday products through partnerships with travel companies

• No opening Balance, and
• Deposit any amount, anytime

Withdrawals or Transfers are allowed towards payment of the holiday package

Earns Interest earning at the end of the year on pro-rata

Other issues:

• Free standing orders
• Monthly/regular check-off to the account
• Advisory services/reminders on holiday options
• Free SMS reminders on progress towards the goal

Loan to acquire assets as per the schedule provided

Asset terms guided by the current guidelines given from time to time, as well as any existing MOU

Term of up to 5 years, varying with asset type/years etc (as per applicable schedule from time to time)

Loan size- 100% of the asset price (see asset financing schedule)

One-month account operation required to channel the Income or written commitment acceptable approved at the discretion of Board & Management

Disbursement in cheque drawn/RTGS in favor of the vendor

Security – Asset registered jointly, comprehensively insured through NAFASI insurance agency, and the Sacco interest noted accordingly as well as installed with tracing devise at borrower’s cost

Perfected asset documents (above) lodged with the SACCO’s lending department

Loan to landlords under agents with whom NAFASI has MOU

Unsecured loans to landlords for up to 36 months

Securities options:

• Deed of rental assignment
• Agent guarantee & indemnity
• Guarantee by the registered owner, if not the borrower is not the owner eg parent

Loan security deposits (minimum of 25%). Exemption to the LSD can be issued through proper authorization as per the policy

Refinancing allowed during loan term

A general purpose advancement of funds against grain under documented and confirmed storage within the NCPB silos and other private grain silos under formal bodies such as east Africa grain council

Open to members with ABILITY TO REPAY and a favorable risk factor as per warehouse receipt value (quality, quantity and valuation thereof), CRB credit score and credit history

Qualification amount is 60% of confirmed receipt value (60% of the purchase price of grain in store)

1) Duration of the advance will be up to six months, but payment will be bullet in nature as the grain in store is being released

2) Securities: Lien on confirmed storage documentation endorsed and lodged in the Saco as security, and only released against full loan repayment

Where the member commit to continuously build their loan security deposit as they continue trading in grains, exemption to the upfront LSD will be given through proper authorization as per the policy