Whether you’re building your dream home, paying school fees, or handling unexpected expenses, our loan products are designed to meet your needs. With flexible terms, fair interest rates, and quick approvals, we’re here to help you achieve more.
Normal development loan are processed within a month from the date of receipt of the loan application form
Maximum repayment period is forty eight (48) months
Loan granted is three times the member’s savings less all outstanding loans provided that the two third rule is not violated.
The maximum amount is Kshs 500,000.
Interest rate is 1% per month on reducing balance.
A member must have a running development loan in order to qualify for a refinancing loan.
Maximum repayment period is eighteen months.
The amount granted is three times a member’s shares less all outstanding loans subject to the two third rule
Refinancing loans are granted once a week.
Interest rate is 1% per month on reducing balance
Maximum amount is Kshs 100,000.
Maximum repayment period is twelve months
Emergency loans are disbursed once a week.
Interest rate is 1% per month on reducing balance
Applications MUST be received by close of business every Tuesday to facilitate the disbursement of the loans by Friday afternoon.
One must have an existing emergency loan in order to apply for an emergency loan top up.
Maximum amount is Kshs 100,000
Maximum repayment period is twelve months
Granted once a week.8.5.5 One needs to sign an offset agreement
5% interest charged as a one-off payment on the loan balances being offset.
Applications MUST be received by the close of business every Tuesday to facilitate the disbursement of the loans by Friday afternoon.
Maximum amount is Kshs 200,000
Maximum repayment period is twelve months
Granted once a week.8.6.4 Interest rate is 1% per month on reducing balance
Applications MUST be received by close of business every Tuesday to facilitate processing for cheques to be ready for dispatch by Friday afternoon.
This loan can be used to clear running emergency, education or refinancing loans.
The existing loans must have been repaid for a period of not less than two months
5% interest charged as a one-off payment on all loan balances being cleared.
Maximum repayment period is 24 months8.7.5 Two thirds rule will apply
Granted within 2 weeks.8.7.7 Interest rate is 1% per month on reducing balance
Maximum repayment period is 12 months.
Two thirds rule will apply
Must be fully guaranteed
Interest rate is 1% per month on reducing balance
Insurance available with CIC Insurance only8.8.6 Granted once a week8.8.7 Maximum set limit is one year’s premium payable
Maximum loan limit is KES 50,000
Application can be made anytime of the month
Interest applicable is 5% per month
Loan will be processed within 24 hours8.9.5 Repayment period is Maximum TWO months
Financial appraisal will apply-(PD Cheque or Bank Standing order accepted as Security)
These loans go beyond the usual options, offering tailored benefits to meet unique needs. These are subsidized loan products to CAPYEI Alumni and Students.
Loan equivalent to KES 50,000 or 100pcs, Three week old chicks
Application can be made anytime of the month.
Interest applicable is 3% per month.
Loan will be processed within ONE week.
Repayment period is Maximum 18 months.
Appraisal of Poultry housing space to be done by Management before approval9.1.7 Free Poultry Training and marketing support to be done through CAPYEI
Open farm Drip Irrigation Loan equivalent to KES 100,000 or a quarter Acre Drip Irrigation Kit with 1000 Liter tank
Application can be made anytime of the month
Interest applicable is 3% per month
Loan will be processed within TWO weeks
Repayment period is Maximum 18 months9.2.6 Appraisal of Farm to be irrigated to be done by Management before approval
Free training on Snow Peaks, Sugar Snaps and marketing support to be done by CAPYEI
Greenhouse Rental Loan equivalent to KES 150,000 or Ksh.100 per sq. meter per month up to maximum 1500 sq. meters or average of Ksh.20,000 per month
Application can be made anytime of the month
Interest applicable is 3% per month
Loan will be processed within TWO weeks
Repayment period is Maximum 18 months
Appraisal of Farming space to be done by Management before approval9.3.7 Free Training, Technical Services and marketing support to be done through CAPYEI
Dairy package Loan equivalent to KES 200,000 to purchase Heifer
Application can be made anytime of the month
Interest applicable is 3% per month
Loan will be processed within TWO weeks
Repayment period is Maximum 18 months
Appraisal of Heifer housing space to be done by Management before approval
Free Heifer Training and 6 months care support to be done through CAPYEI
An application for a loan shall only be considered when an authorized loan application form is used.
Loan applications shall be considered in the order in which they have been received, approved and registered. A loans queue shall be maintained for all loans received pending payment.
Any outstanding loan must be cleared before a new loan of the same category is disbursed.
The monthly salary to be considered during appraisal will include basic pay, transport, house, entertainment and hardship/ hazard allowances. Any allowance, which is not part of the loan applicant’s monthly income, shall not be considered. The Credit Committee may advise on any other allowance, which may be considered for loan appraisal.
No member will be permitted to suffer total deductions including savings, loan repayment and interest in excess of two-thirds of his/her monthly salary .
All loan applications shall be made on the Society’s prescribed forms, which shall in each case set out the amount applied for, the purpose of the loan, terms of repayment and type of security provided. The loan application form shall be fully completed and supported by at least two most recent pay slips certified by the employer and a copy of the applicant’s national ID or passport.
All loans to members shall be insured against death and permanent disability .The insurance premium shall be paid by the member and will be deducted directly from the loan approved upon disbursement.
Loan applicants who are not in employment but have other sources of income shall be considered on their income from other sources. They will have to attach evidence of that income.
All loan applications shall be duly received and stamped on the date of receipt. All loan applications must be recorded in the loan application register in the order in which they are received. Each loan shall be assigned a loan application number.
It shall be an offence for an applicant, Society employees or guarantor to give false information regarding shares / deposits, loans and guarantees.
An application for a loan shall only be considered when an authorized loan application form is used.
Loan applications shall be considered in the order in which they have been received, approved and registered. A loans queue shall be maintained for all loans received pending payment.
Any outstanding loan must be cleared before a new loan of the same category is disbursed.
The monthly salary to be considered during appraisal will include basic pay, transport, house, entertainment and hardship/ hazard allowances. Any allowance, which is not part of the loan applicant’s monthly income, shall not be considered. The Credit Committee may advise on any other allowance, which may be considered for loan appraisal.
All loan applications shall be made on the Society’s prescribed forms, which shall in each case set out the amount applied for, the purpose of the loan, terms of repayment and type of security provided. The loan application form shall be fully completed and supported by at least two most recent pay slips certified by the employer and a copy of the applicant’s national ID or passport.
No member will be permitted to suffer total deductions including savings, loan repayment and interest in excess of two-thirds of his/her monthly salary.
All loans to members shall be insured against death and permanent disability .The insurance premium shall be paid by the member and will be deducted directly from the loan approved upon disbursement.
Loan applicants who are not in employment but have other sources of income shall be considered on their income from other sources. They will have to attach evidence of that income.
All loan applications shall be duly received and stamped on the date of receipt. All loan applications must be recorded in the loan application register in the order in which they are received. Each loan shall be assigned a loan application number.
It shall be an offence for an applicant, Society employees or guarantor to give false information regarding shares/deposits, loans and guarantees.
Every loan must be fully secured by a minimum of three guarantors
Where a member chooses to use his own shares to guarantee his loan, the loan applied for and interest payable must be less than or equal to shares and Savings.
A member may guarantee maximum of eight loans.
A member shall not be allowed to guarantee more than his/her shares/savings.
All guarantors must be members of the Society.
The obligation of the previous guarantors shall cease upon change of guarantors but subject to new guarantors being accepted by the Society. The obligation of the guarantors shall also cease when all loans guaranteed have been cleared.
Committee Members and staff are automatically disqualified from guaranteeing loans of the general membership, in accordance with Bylaw No 77.
The Society shall maintain a record of all guarantors to every loan in each member’s personal file.
The Credit Committee shall sit every week to approve loans.
The loan officer shall ensure that all loans presented before the Credit Committee are duly appraised.
The Credit Committee shall inquire carefully into the characters and financial conditions of each applicant and of his guarantors, to ascertain his ability to repay fully and promptly the obligations incurred by him and to determine whether the loan shall be of benefit to the borrower.
The Credit Committee may refer a loan to the Management Committee for further discussion and approval.
All loan forms approved by the Credit Committee shall be signed by the members of the committee. The Credit Committee shall prepare a list of all loans approved after every sitting.
All loans shall be disbursed by cheque and in the manner laid down in the financial policy manual.
A remittance advice clearly showing the principal loan and interest payable shall be issued to the member upon disbursement of the loan.
Employees of the Society shall be eligible to apply for loans as members of the society but shall not be eligible to become members of the Management Committee or any other committee in the same Society.
No member of the committee approving loans shall be present when his/her loan application is being considered.
Loans to employees and committee members will be approved by the credit committee and thereafter the management committee.
An employee, member or officer of the Society who tampers with his/her monthly share/savings contribution or loan repayment records shall be liable to prosecution under the Co-operative Societies Act.
The repayment period shall be determined by the Management Committee but shall not exceed 48 months.
Where a member changes employers and has a running loan, he should make arrangements to continue servicing the loan through check off or standing order.
For the formally employed members, the Monthly loan repayments, interest and savings contributions shall be deducted through check-off by the employer and remitted to the Society, or transferred through irrevocable banker’s order to the Society’s account. Payments may also be made through cash deposits, MPESA or personal cheques.
A member shall not be allowed to withdraw part of his/her shares/deposits or offset part of the shares/ deposits against an outstanding loan unless he ceases to be a member of the Society.
Deductions for loan repayments shall commence immediately but not later than the month following that in which the loan was paid to the member. There shall be no grace period.
A member’s shares/savings pledged as security for another member’s loan shall not be surrendered to offset his outstanding loan unless the former can provide alternative security or guarantors for the latter’s loan.
No member shall be allowed to suffer total deductions (including savings, loan repayment and interest) in excess of two-thirds (2/3) of his/her monthly income.
A member who reduces the loan repayment as set in the irrevocable order by the Management Committee shall be fined a sum of money as set by the Management committee.
Nothing in the foregoing should prevent any member from repaying his/her loan and interest in whole or in part, prior to its maturity.
The refinancing or extension for time in which to repay shall be agreed only by the Management Committee in the most exceptional circumstances as laid down in bylaw no.80.
A member is free to repay the loan from any other sources besides the individual salary.
In case a loan is not repaid in a particular month, the Society shall inform the loanee immediately in writing with a copy to each guarantor.
If no repayment is effected during the second month, the guarantors shall be informed of this fact and be notified that they will be called upon to honor their obligations if no repayments are effected at the end of the third consecutive month.
After 90days, the loan is said to be in default, and the entire balance of the loan becomes due. All deposits owned by the member and any interest on deposits due to the member will be used to offset the balance owed.
Any loan balance remaining thereafter will be recovered from the deposits of the guarantors immediately.
The member may present a repayment proposal to the management committee for consideration.
The member will be liable for any costs incurred in collection of the loan balance and accumulated interest.
Where a member wishes to withdraw from the Society’s membership, he may be required to give the Society a written notice of up to 60 days, of his intention to withdraw.
A member shall not withdraw his/her membership from the Society while still on loan or whilst a guarantor to a member on loan unless he/she clears the outstanding loan or makes a suitable substitution of a guarantor in consultation with the borrower. In both cases, sixty (60) days written notice will be required except as provided under section 13 of the Society’s by-laws.
A member who retires from employment, but retains his membership in the Co-operative.
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