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Cell Group Account
Cell Group Account
This account is meant for ukristo na ufanisi sacco members who form savings groups comprising of 5 to 20 people, who guarantee each other loans.
FEATURES
No collateral required, group members guarantee each other.
The total loan amount that a group member can apply for is three times their savings.
The 1st loan is is a maximum of Kshs. 300,000, which is repayable within 12 months from date of issue.
The 2nd loan is a maximum of Kshs. 1,000,000 which is payable within 24 months from the date of issue.
The 3rd loan is a maximum of Kshs. 3,000,000 which is payable within 36 months from the date of issue.
The 4th loan is a maximum of Kshs. 4,000,000 which is payable within 48 months from the date of issue.
The interest rate is 1% per month on a reducing balance.
A grace period of 30 days is given before the 1st loan instalment is paid.