Group Account (Chama)
This is for both registered and unregistered groups, private entities e.g. businesses, companies, schools, churches etc.
FEATURES
- One account for the entire group.
- 1st loan is a maximum of two times the total amount of the group’s savings.
- 2nd loan is a maximum of three times the total amount of the group’s savings.
- The repayment period will depend on the loan amount applied.
- The interest rate is 1% per month on a reducing balance.
- Collateral is required for loans exceeding KShs. 500,000.
- A grace period of 30 days is given before the 1st loan installment is paid.
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