Saphumula Savings and Credit Co-operative Society

Loan Products

Long-Term Loan

This is a credit product where a member is allowed to borrow up to twice of their ordinary savings at an affordable interest rate. The maximum loan limit is E 200,000.00 per member. To qualify, the member must have saved for a continuous period of 3 months with the SACCO. The loan is payable within a maximum period of 60 months depending on the members repayment ability. This loan is designed to cater for members developmental needs which may include buying a car, building a home, financing educational needs, etc.

Short-Term Loan

This is a credit product where members can borrow up to E 2,000.00 or E 3,000.00 (for members who participate in the likusasa savings) at an affordable interest rate. To qualify, the member must have subscribed in the SACCO for a period of at least one month. The loan is payable within a maximum period of 6 months depending on the members repayment ability. The loan facility is designed to cater for members’ immediate short-term financial needs.

Emergency Loan

This is a loan facility where members are allowed to borrow up to a maximum amount of E 5,000.00 at an affordable interest rate. To qualify, member must have saved for a continuous period of 3 months with the SACCO. The loan is payable within a maximum period of 12 months depending on the members repayment ability. Loan is designed to cater for member’s emergency needs (unforeseen circumstances) such as natural disasters, funeral, hospitalization, etc.

Special Loan

This is a loan facility product where members are allowed to borrow up to a maximum amount of E 20,000.00 at an affordable interest rate. To qualify, members must have saved for a continuous period of 3 months with the SACCO. Loan is payable within a maximum period of 24 months depending on the members repayment ability. Loan is designed to cater for members special needs and it is based on the member’s ability to repay the loan.

School Loan

This is a credit product where members are allowed to borrow up to a maximum amount of E 20,000.00 at an affordable interest rate. To qualify, a member must have a minimum of E 2,400.00 in their school savings account. Loan is payable within a maximum period of 24 months depending on the members repayment ability. The loan is designed to cater for member’s educational needs or that of their immediate family.

Household Items Facility

This is a credit product where members are allowed to borrow up to a maximum amount of E 10,000.00 at an affordable interest rate. To qualify, a member must have saved for a continuous period of 3 months with the SACCO. Loan is payable within a maximum period of 24 months depending on the members repayment ability. This loan is designed to cater for member’s household item needs e.g. furniture, electrical products, laptops, smart phones etc.

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