By offering friendly payment terms, the SACCOs have made it possible for ordinary members to own parcels of land for the construction of residential homes.

Wakadiri Sacco commit to consistently promote SACCOs through advocacy and provision of quality technical and financial products that exceed the members’ expectations.

Development Loan

i. Must be a member of the society for at least six months
ii. Must have saved with the SACCO at least Kshs. 10,000
iii. Must submit an application for the loan on an official form issued by the SACCO.
iv. Maximum repayment period shall be 42 months.
v. Interest rate shall be as approved by the Board of Directors. (12% Reducing balance)
vi. Attach two latest original pay slips and a photocopy of national ID.
vii. A member shall provide at least three guarantors whose deposits pledged can be able to cover loan applied.

Emergency Loan

This loan facility is given to members who need cash for unplanned and uncertain events
i. Maximum repayment period shall be 12 months
ii. The maximum amount given will be 150,000 Kshs for this facility.
iii. Attachment of a supporting document will be an advantage to form part of appraisal but this is not a MANDATORY requirement.
iv. The loan is advanced at a time frame of not more than 72 hours of APPLICATION

Educational Loan

i. A member should provide a report card and a fee structure as evidence of school fees requirement and shall be required to complete an official form where names of their children, the names of schools and the amount required for each child will be shown.
ii. Repayment shall be twelve (12) months
iii. Interest rate shall be as approved by the Board of Directors

Kampuni Ushirika Loan

i. Must be a Corporate entity of the society for at least six months
ii. Must have saved with the SACCO at least Kshs. 120,000
iii. Must submit an application for the loan on an official form issued by the SACCO, signed by all its directors.
iv. Maximum repayment period shall be 42 months.
v. Interest rate shall be as approved by the Board of Directors. (12% Reducing balance)
vi. Guarantors can be provided for this facility

Salary Advance

This is a short term product that SEEKS TO ADDRESS SOME SHORT TERM needs from members STRICTLY IN EMPLOYMENT. To qualify for this facility one must;
i. Be in employment with a company that has a Memorandum Of Understanding with WAKADIRI SACCO
ii. A member qualifies only 50% of his/her Gross Pay payable in a maximum payable time frame of three months.
iii. An authorization will have been provided by the employer prior to disbursement of the member.
iv. Interest will be at 7.5% one off of the amount requested.

Refinance Loans / Top Ups

i. Maximum repayment period is 42 months
ii. Security is savings/deposits
iii. Guarantee from other members
iv. Commitment letter by employer
v. 2.5% bridging interest will be charged on outstanding balance. However, this interest shall be reviewed from time to time by the Board of Directors.
vi. Pricing: Interest rate shall be as approved by the Board of Directors. (12% reducing balance)

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