WANAANGA SACCO

About WANAANGA SACCO

1.1 TYPES OF LOANS
a) Normal/development loan
This is a development loan which is repayable for a period approved by the AGM. The current duration for this loan is 36 months. A waiting period of 2 months is mandatory from the time of first approval to the final approval.
b) Refinancing Loan
This is a loan given when a member has an existing Normal loan and when the said Normal is not enough to complete the intended project. The loan is payable within 36 months.
c) NEW Instant Loan
This is a special type of Normal loan that is granted within 48 hours, and attracts a commission payable at the time of loan disbursement. The loan is payable within 48 months. The Interest Rate is 14.2% Per Annum on a straight line basis. The Loan is given upto a maximum of 4 times the Deposit.
d) School Fees loan
This is a loan given to a member for the purpose of paying school fees. The loan is payable within 12 months. For a member to be granted the loan, the school fees structure must be attached to the application form. The approved amount is paid directly to the school account where applicable. The interest is on a reducing balance.
e) College Fees loan
This is a loan given to a member for the purpose of paying college fees. The loan is payable within 24 months. For a member to be granted the loan, the college fee structure must be attached to the application form. The interest is on a straight line basis.
f) Emergency Loan
This is a loan granted to a member when faced by unforeseen circumstances beyond his/her control. This includes emergency hospitalization, funeral expenses, court fines etc. It is payable within 12 months and the interest is on a reducing balance. For a member to be granted this loan, a prove of the emergency should be attached to the application form.