| Brief description | Maisha Bora Sacco was established in 1974 to create a vehicle to promote a savings culture and to lend out short term micro loans to the members for personal development, school fees and medical expenses. Read More; |
| Product | Development Loan |
| Brief description | Development loans address the development needs of members e.g. to acquire property and other assets, start or boost business, undertake large scale farming, motor vehicle purchase among others. |
| Interest rate | - 1% per month on reducing balance
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| Collateral | Guarantors’ deposits, member deposits, Fixed deposits, Property.
Quick loan processing: Up to 4 days and 4 weeks where property is collateral. |
| Duration | Maximum repayment period is 72 months (6 years). |
| Ceiling amount | 3 times member’s deposits |
| Requirements | - Full Sacco membership of at least 3 months
- Evidence of ability to pay.
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| Product | Emergency Loan |
| Brief description | Emergency loans enable our members to pay for emergencies e.g. hospital bills. The loan is processed within 1 day maximum with no processing charges |
| Interest rate | 1% per month on reducing balance |
| Collateral | Guarantors’ deposits, member deposits, Fixed deposits |
| Duration | Maximum repayment period is 12 months |
| Ceiling | 3 times member’s deposits |
| Requirements | - Full Sacco membership of at least 3 months
- Evidence of ability to pay
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| Product | Special Loan |
| Brief description | Special Loan is used to consolidate loans |
| Interest rate | 12% per annum reducing balance |
| Duration | Repayment period of up to 72 months |
| Ceiling | 3 times of share deposits |
| Requirements | |
| Product | Refinancing (Spec) Loan |
| Brief description | This loan facility enables members to complete their development projects by consolidating existing loans to create room for more while stretching the repayments. |
| Interest rate | 1% interest rate per month on reducing balance |
| Collateral | Guarantors’ deposits, member deposits, Fixed deposits, Property Quick loan processing: Up to 4 days and 4 weeks where property is collateral |
| Duration | - Repayment period: Up to 72 months
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| Ceiling | 3 times member’s deposits |
| Requirements | • 2.5% once off refinancing fee applies
• Full Sacco membership of at least 3 months and evidence of ability to pay |
| Product | Boresha Makao Loan |
| Brief description | Boresha Makao loan facility enables members to buy discounted household products e.g. Tanks, water purifiers, fridges, cookers etc. We actualize this through various partnerships. There is no waiting period for qualifying new members and evidence of ability to pay. |
| Interest rate | 1.25% per month interest on reducing balance |
| Collateral | Guarantors’ deposits, member deposits, Fixed deposits |
| Duration | Maximum repayment period is 36 months |
| Ceiling | The maximum amount is pegged on installments of 2/3 of a member’s net pay Quick loan processing: 2 days maximum |
| Requirements | - 2.5% once off processing fee
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| Product | Karibu Loan |
| Brief description | This is a loan facility advanced to new members who wish to take out a loan before the 3 months of membership period is over |
| Interest rate | 2% per month straight line |
| Collateral | Guarantors’ deposits |
| Duration | - Maximum repayment period is 3 months
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| Ceiling | The maximum amount is pegged on installments of 2/3 of a member’s net pay Quick loan processing: 3 days maximum |
| Requirements | - 1% once off processing fee
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| Product | Karibu Tena Nyumbani Loan |
| Brief description | This is a bank loans buy-back facility. It enables members to transfer expensive bank loans to the Sacco |
| Interest rate | 1.16% per month on reducing balance |
| Collateral | Guarantors’ deposits, member deposits, Fixed deposits |
| Duration | Maximum repayment period is 72 months |
| Ceiling | The maximum amount is pegged on installments of 2/3 of a member’s net pay or business income. Quick loan processing: Up to 4 days and 4 weeks where property is collateral |
| Requirements | - One-off processing fee: 2.5 %
- Full Sacco membership of at least 3 months and evidence of ability to pay
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| Product | Moto Vehicle Loan |
| Brief description | This facility enables members to acquire/own motor vehicles
Accepted vehicles are Brand new and Second (2nd) hand personal vehicles manufactured within the last 8 years |
| Interest rate | 1.25% per month on reducing balance |
| Collateral | Motor Vehicle Logbook |
| Duration | Maximum repayment period is 36 months |
| Ceiling | Maximum amount to lend is 100% of forced Sale Value per the valuation report subject to credit appraisal. Quick loan processing: Up to 3 weeks |
| Requirements | - Qualifying loan shall be within the member’s ability to pay pegged on existing cash flow or supported by a verifiable and realistic business plan. Loan not pegged on deposits.
- Charging (joint registration) and valuation cost is to be borne by the loan applicant.
- 1% once off processing fee
- Full Sacco membership of at least 3 months and evidence of ability to pay
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| Product | Bima Loan |
| Brief description | Bima Loan is available to all members to enable them pay for insurance premiums |
| Interest rate | Interest rate is 0% |
| Collateral | Member deposits, Fixed deposits |
| Duration | Maximum repayment period of 6 months |
| Ceiling | Maximum amount is the actual amount of the insurance premium Quick loan processing: 1 day maximum |
| Requirements | - One-off processing fee:3.5%
- Evidence of ability to pay
- Approval by CIC insurance provider
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| Product | Maisha Golden Loan |
| Brief description | Maisha Golden loans address the development needs of members e.g. to acquire property and other assets, start or boost business, undertake large scale farming, motor vehicle purchase among others. |
| Interest rate | 1.125% per month on reducing balance |
| Collateral | Guarantors’ deposits, member deposits, Fixed deposits, Property Quick loan processing: Up to 4 days and 4 weeks where property is collateral. |
| Duration | Maximum repayment period is 84 months (7 years). |
| Ceiling | 4 times member’s deposits |
| Requirements | - Full Sacco membership of at least 3 months
- Evidence of ability to pay
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| Product | Share Reinstatement Loan |
| Brief description | Share reinstatement Loan |
| Interest rate | 1.25% per month on a reducing balance |
| Collateral | Guarantors’ deposits, member deposits, Fixed deposits |
| Duration | Maximum repayment period of 72 months |
| Ceiling | Maximum amount is the amount deducted to pay guarantees Quick Processing period: Up to 4 days |
| Requirements | - 5% once-off processing fee
- Evidence of guarantee debit
- Evidence of ability to pay
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| Product | Share Capital Loan |
| Brief description | This loan facility enables members to increase their share capital. In effect they earn more dividend returns i.e. up to 25% going by the latest dividend returns payout |
| Interest rate | 1% per month on a reducing balance |
| Collateral | Guarantors’ deposits, member deposits, Fixed deposits |
| Duration | Maximum repayment period of 48 months |
| Ceiling | Maximum loan amount: KES 500,000 Quick Processing period: Up to 3 days |
| Requirements | - Membership spanning at least 3 months
- Evidence of ability to pay
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| Contacts | Maisha Bora Sacco Society Limited
Unilever Kenya Ltd, Commercial Street, Industrial Area
P. O. Box 72713-00200,
Nairobi-Kenya Phone: +254 709 446 000
Email; Website; |
