Below is a list of loans offered by Verona Huruma Sacco:

LOAN CHAP CHAP

This loan type is based on one’s deposit and is only accessed through the Mobile Application.

  • This is a type of loan secured by one’s deposits.
  • The loan interest rate is 4.65% per month.
  • A member has to be active for at least three consecutive months and has paid minimum share capital
  • Security is 80% of one’s available deposit
  • As a repayment period of up to 3 months
  • Loan amount limited up to KES 50,000

NAWIRI LOAN

  • Self-guaranteed loan
  • Interest rate 1 % per month on reducing
    balance
  • Refinancing / Top-up facility available.
  • The maximum repayment period is based on categories;
    Loan amount of between:
    1,000 – 500,000: 48 months
    500,001 – 1,000 000: 60 months
    Above 1,000,000: 120 Months
  • Account to be active for 3 months

JIPANGE LOAN

  • Maximum eligibility is 4 times one’s deposit
  • The interest rate of 1.08% p.m on guaranteed loans on reducing balance
  • Refinancing / Top-up facility available.
  • The repayment period is as follows;

     Loan amount between:

  • 1,000 – 500,000: 60 months
  • 500,001 –1,000,000: 72 months
  • Above 1,000,000: 84 Months
  • Account to be active for 3 months

ELIMU BORA LOAN

  • Maximum repayment period of 12months
  • The interest rate is at 0.83% per month on reducing balance.
  • Self-guaranteed loan
  • The maximum loan granted is Kes 500,000
  • Rescheduling allowed only once to a maximum of 1 year
  • Loan refinancing is not available
  • Can be applied from either junior or parent/guardian’s account
  • Account to be active for 3 months

NB: Fees paid directly to the school

Development Loan

  • Maximum loan entitlement 4 times own deposits
  • The interest rate of 10 % p.a on reducing balance.
  • Loan secured by the land, house, or member’s logbook
  • Refinancing / Top-up facility available.
  • The maximum repayment period is 120 months for land and house security. For Car security maximum period is 72 months.
  • The title/logbook shall be charged against the loan granted.
  • Sacco shall finance up to 80% for plots within Nairobi and its metropolitan, 60% for outside plots, and 50% for SACCO plots (based on the purchase price and not market value).
  • Car security is 50% of the car value. Account to be active for 1 year

Mazao Loan

This loan is based on the previous year’s dividends

  1. 50% of the previous year’s dividends whichever is lower.
  2. Available from June to December
  3. The interest rate of 7.5% one-off fee is deducted upfront.
  4. Repayment period of up to 3months.
  5. No application fees.

Disclaimer: One cannot withdraw their membership before the financial year ends unless they repay the loan fully.Car Loan

This facility enables members to purchase private or private commercial vehicles through co-ownership with the Sacco

  • Maximum loan entitlement 4 times deposits.
  • Security – Original logbook
  • The age limit for vehicles maximum is 10 years.
  • Sacco shall finance up to 50% of valuation on second hand and 80% on new vehicles.
  • Interest rate 1.1% per month on reducing balance.
  • The maximum repayment period is 48 months
  • Account active 1 year
  • Rescheduling and refinancing are not available





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January 29, 2024

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