| Brief description | Imarika SACCO was registered on in 1974 n Kilifi County to provide a savings avenue to members and advancing loans to them at an affordable rate of interest. The membership of the SACCO covers the entire KILIFI County and to some extent beyond the county into the neighboring counties of the Coast province. Read more; |
| Product | Development Loan |
| Brief description | This loan is approved based on eligibility. Assessment is based purely on salary repayment ability. The loan is disbursed within one week of application. Loan processing fees is decided by the Board |
| Collateral | Loan must be guaranteed |
| Duration | Repayment Period is 60 Months. Repayment Period is as follows: Loan from Ksh.100,000- Ksh.399,999- 36 Months Loan from Ksh.400,000- Ksh.999,999- 48 Months Loan over Ksh,1,000,000-60 Months |
| Ceiling amount | - Minimum loan amount Ksh.100,000
- Loan of upto 3 times one's share
|
| Requirements | - Clearance from CRB (Credit Reference Bureau)
|
| Product | Smart Loan |
| Brief description | This loan is open to all BOSA Members and is approval based on eligibility. Assessment is based purely on salary repayment ability. Here, salary has to pass through the Sacco |
| Collateral | The loan must be guaranteed. At its discretion, the Sacco may consider other form of collateral |
| Duration | Repayment period is 72 months. |
| Ceiling amount | Minimum of KES100,000 in long term deposits Loan ceiling of KES 5 Million |
| Requirements | - Clearance from CRB (Credit Reference Bureau)
|
| Product | Karibu Loan |
| Brief description | This loan is approved based on eligibility. The loan to be granted depends on salary ability ensuring 1/3 remains. Upon granting of the loan, a quarter of the loan granted is transferred to shares leaving the member with 75% of the loan to withdraw. This loan caters for new employees who want to start their life. Loan processing fees shall apply |
| Duration | Repayment period is 48 months. |
| Requirements | - Equivalent one-month share contribution and a copy of the current pay slip.
- Clearance from CRB (Credit Reference Bureau)
|
| Product | Ufanisi Loan |
| Brief description | This loan is available to all FOSA members with pay slips and whose salary must be passing through the FOSA account. Pay slip should be able to meet the loan deductions and be left with 1/3 requirement. Assessment is based purely on salary repayment ability/ average monthly savings. |
| Collateral | Loan must be guaranteed |
| Duration | Repayment period is 48 months |
| Ceiling | Loan granted is 3 times one’s share |
| Requirements | - Clearance from CRB (Credit Reference Bureau)
|
| Product | Emergency Loan |
| Brief description | Emergency Loans include all loans for taking care of all calamities e.g. hospital, settlement of civil cases etc. This loan is approved based on eligibility. Assessment is based purely on salary repayment ability/average monthly savings |
| Collateral | Loan must be guaranteed |
| Duration | Repayment Period is 12 Months |
| Ceiling | Loan must not exceed 2 times a member’s premium savings |
| Product | Imarika Vijana Loan |
| Brief description | This loan is for youth between 18-34 years in youth groups, so that they can build their businesses together or individually. Sacco Business Support help in advice on the business |
| Grace period | One month |
| Duration | 24 Months |
| Ceiling | KES 40,000 (when having 10,000/= shares) and KES 100,000 (when having 20,000/=) |
| Requirements | - A Savings Account
- Save regularly
- Show a business and business plan
|
| Product | MSCA Loan |
| Brief description | A group member can get this loan after 10 weeks of consistent premium saving of KES 200/= and security of KES 25 per week. Guarantee is by 15 group members. The loan repayments and MSCA savings (weekly returns) are submitted weekly by the group officials |
| Collateral | No collaterals required |
| Duration | Repayment is within one year on weekly basis |
| Contacts | Imarika Sacco Kitecoh Complex, P.O. Box 712, Kilifi- Kenya Phone:+254 41 7522572/7525017 Email; Website; |
