Tembo Sacco Loans,How to apply and documents required

Below is a list of loans offered by Tembo Sacco, how to apply and documents required:

LONG TERM LOANS

Jumbo Plus

1. One can qualify up to 5 times their Sacco savings.
2. Repayment period up to 96 months.
3. Interest Rate 1.25% per month on a reducing balance.
4. Minimum of three guarantors who must fully cover the loan amount.
5. The loan is insured against death or total disability under loan guard policy.

Jumbo Loan

1. One can qualify up to 5 times their Sacco savings.
2. Repayment period up to 72 months.
3. Interest Rate 1.25% per month on a reducing balance.
4. Minimum of three guarantors who must fully cover the loan amount.
5. The loan is insured against death or total disability under loan guard policy.

Normal Loan

1. One can qualify up to 4 times their shares/deposits.
2. Repayment period- up to 72 months.
3. One must have been a member for 6 months with consistent monthly contributions.
4. Interest rate 1 % p.m on a reducing balance.
5. All loans must be fully secured by either guarantors or collateral security.

Tembo Special

Tembo Special is a credit facility meant to facilitate members to construct (or buy) rental properties.

-To qualify for this loan, one must have been a member of Tembo Sacco (for a minimum of 1year) of good standing with a proven credit history in Tembo or elsewhere by providing statement of previous loans taken and promptly paid.

ATTRIBUTES OF TEMBO SPECIAL.

1.Minimum amount one can apply for is Ksh.15 Million

2. Interest rate 12% p.a or 1% per month on a reducing balance.

3. Repayment period is 180 Months (Fifteen Years)

4 Grace period, during which the member will be required to service the interest component. However, Grace period remains optional.

5.The amount approved will be processed and disbursed into Tujenge savings Account from where the funds will be released in bits as the construction progresses. The society will carry out site visits to inspect progress.

8.Facility arrangement fee of 0.25% of the loan approved (one off) is applicable.

 9. Progress Inspection fee of 0.25% of the loan approved (one off) is applicable. NB: This will only apply for projects within Nairobi and its environs. Higher fee will be charged for projects outside Nairobi.

10.The loan must be fully secured by a collateral security.

11.You will also be required to provide us with projected cash flows from expected rent.

12. Once completed, all the rent must be channeled through Tembo Sacco until the loan is fully paid. NB: The Sacco shall only utilize the amount necessary to service the loan and the balance will be available to the owner of the property.

13.The board reserves the right to reject a loan application without giving any reasons.

14.The loan is insured against death or permanent disability.

15.The member should have obtained all the necessary approvals by the necessary bodies, before the loan is approved.

16. The member should also provide BQs (Bill of Quantities) .

BOMA LOAN

This is a mortgage product tailored for members willing to buy or build their residential homes.

• One can qualify up to 5 times their Sacco savings.
• Repayment period up to 180 months i.e 15 years.
• Interest Rate 1% per month on a reducing balance.
• Collateral security for the loan – The house being purchased or another Property (70% of the property value)
• Proof of income subject to the 1/3 Rule.
• The loan is insured against death or total disability under loan guard policy.
• Maximum Amount Ksh.15,000,000 (Fifteen Million Only), Minimum amount Ksh.2,000,000 ( Two Million Only)
• All other costs associated with the facility to be borne by the member. E.g Legal fees, Valuation fees etc.

MEDIUM TERM LOANS

Jisort Loan

1. One can qualify for upto Ksh. 1,000,000
2. Repayment period – up to 48 months
3. Interest rate 3% Per month (reducing balance)
4. Minimum of 3 guarantors who should be members of the Sacco and must cover the whole loan.
5. Loan request are processed same day.

Jijenge Loan

1. One can qualify up to Ksh 3,000,000
2. Repayment period up to 60 months
3. Interest rate 1.5% per month on a reducing balance
4. Minimum of 3 guarantors who should be members of the Sacco and must cover the whole loan.
5. Loan requests are processed same day

SHORT TERM LOANS

Jienjoy Loan

1. Maximum that one can qualify for at any one time is Ksh 100,000
2. Interest rate 12% per month on a reducing balance
3. Repayment period up to 1 month.
4. Self-guarantor ship is allowed
5. Loan requests are processed same day

Emergency Loan

1. Maximum that one can qualify for at any one time is Ksh 300,000.
2. Interest rate 1% per month on a reducing balance.
3. Repayment period up to 24 months.
4. Minimum of 3 guarantors who should be members of the Sacco and must cover the whole loan.
5. Loan requests are processed same day.
6. No top ups allowed.

Express Loan

1. Maximum that one can qualify for at any one time is Ksh 200,000
2. Interest rate 5% per month on a reducing balance
3. Repayment period up to 36 months
4. Minimum of 3 guarantors who should be members of the Sacco and must cover the whole loan.
5. Loan requests are processed same day

M-Tembo Loan

1. This loan is instant and is applied using the mobile platform
2. One must be registered on the M-Tembo platform.
3. Maximum amount Ksh 50,000
4. Interest rate 6% p.m
5. Repayment 1 month

Maramoja Loan

1. Maximum that one can qualify for at any one time is Ksh 100,000.
2. Interest rate 2.5% per month on a reducing balance.
3. Repayment period up to 12 months.
4. Loan requests are processed same day.
5. No guarantors required.