Types of Waumini Sacco Loans

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Waumini Sacco Loans

Today, we are going to share different types of Waumini Sacco loans that may be of help to you. Waumini Sacco Society LTD is one of the leading Saccos in Kenya, whose main objective is to empower their clients economically.

The Sacco was registered in 1980 under the Co-operative Societies Act of the Laws of Kenya.

Waumini Sacco currently has over 25,000 members from 979 Catholic institutions across the country.

In 2019, the Sacco introduced FOSA (Front Office Service Activity) to offer their members banking services and up to date, Waumini Sacco has integrated Mobile Banking Services eg: M-Sacco.

The institution offers loan facility to their clients and today, we are going to take a look at them.

Different types of Waumini Sacco Loans

Waumini Sacco Loyalty Loan

This type of loan is a long term one aimed at encouraging borrowers to borrow more and repay within a long period of time.

Features

  • The maximum loan amount is Ksh. 10 million.
  • 4 times of what a member has deposited.
  • 72 months is the repayment period.
  • You need to have guarantors or collaterals.
  • Interest rate is 1.25% pm on reducing balance basis.

Advantages

  • If a borrower extends their repayment period, the loan amount will increase.
  • Purchase bank loans at no extra cost.
  • Bridge existing loans.

Waumini Sacco Chapaa Papo Loan

This type of loan isshort term and is given to borrowers with more disposable income but have minimum savings.

Features

  • 4 times of what a member has deposited.
  • 12 months is the repayment period.
  • You need to have guarantors or collaterals.
  • 2/3rd rule applies.
  • After 6 months is when new members can qualify for a loan.
  • The loan is normally processed within 6 hours.
  • Loan limit is Ksh. 300,000.
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Waumini Sacco Emergency Loan

This type of loan is given to borrowers who have emergencies and are in urgent need of money i.e. School fees and hospital bills among other things.

Features

  • 3 times of what a member has deposited.
  • Interest rate is 12% per annum.
  • Repayment period plan is 12 months. This is maximum.
  • 2/3rd rule applies.
  • Loans must be fully secured.

Waumini Sacco Development Loan

This type of loan is given to borrowers who want to develop their project.

Features

  • 3 times of what a member has deposited.
  • Interest rate is 12% p.a.
  • Repayment period plan is 5 years.
  • Loans must be fully secured.
  • 2/3rd rule applies.

Waumini Sacco Instant Loan

This type of loan is a short term one and is normally given to borrowers who have finished 2/3 of their salaries and are in urgent need of finance.

Features

  • The maximum loan amount will be determined by times two of your net salary.
  • Interest rate is 10% of the approved loan payable upfront.
  • Repayment period plan should not exceed 6 months.
  • Processing period of the loan is 12 hours.

Waumini Sacco Mazao Loan

This type of loan is given to members based on dividends for the previous year.

Features and Benefits of the loan

  • Mazao Loans are always available to Waumini Sacco members starting from September every year.
  • Repayment of the loan is every month or offset against dividends.
  • Maximum loan entitlement is 75% of the previous year’s dividends.
  • Current year’s dividends are what will act as security.

Waumini Sacco Asset Loan

This type of loan is given to members who want to purchase assets.

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Features

  • Repayment period plan is 3 years.
  • Immediately after opening a FOSA account, one can apply for Asset loan. If an applicant has not started receiving their salary through FOSA, they need to bring a signed MOU from their employer.

Waumini Sacco Fosa Loan

This type of loan is given to Waumini Sacco members.

Features

  • Borrowers need to have at least 1/4 of BOSA deposits.
  • Borrowers can apply any loan amount based on their qualifications.
  • After opening a FOSA account, members can start applying for loans immediately.
  • Immediately after opening a FOSA account, one can apply for Asset loan. If an applicant has not started receiving their salary through FOSA, they need to bring a signed MOU from their employee.
  • Borrowers can use Waumini Sacco plots with or without title deeds as securities.
  • Repayment period plan is 3 years.

Waumini Sacco Tulia Loan

This type of loan is aimed at helping employees who are new or have been transferred and want to settle down or build shares.

Features

  • Borrowers need to have FOSA accounts.
  • 6 months is the repayment period plan.
  • Loan applicants must retain at least 1/3 of loan for Bosa deposits.
  • 5% interest rate pm reducing.
  • Borrowed loan against the first salary will be received through FOSA.
  • The maximum loan amount is Ksh. 100,000.
  • Given 3 times net salary.

Waumini Sacco LPO Loan

This type of loan is aimed at helping members with pending LPO to sort out their customers.

Features

  • Applicants need to have an active FOSA account.
  • Repayment period plan is 3 months.
  • Applicants need to present their original and copy of approved LPOs.
  • Interest rate is 15% pm payable in full at the end of the second month.
  • Loan qualification will be determined by the applicant’s account history.
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Waumini Sacco Mjengo Loan

This type of loan is aimed at helping members repay their mortgages and also develop plots bought through the Sacco.

  • 15 years is the maximum period given for repaying the loan.
  • The maximum loan amount is Ksh. 3 million.
  • 14% is the interest rate pa on reducing balance.
  • Land and building to be constructed, title deed and Waumini Sacco plots with title deeds or not will act as security.
  • Members need to come up with 20% within 3 months.
  • Members are required to settle charges related to the process.
  • Members are permitted to use the provident fund of up to 60%.
  • Ksh. 60,000 to help in valuation, insurance, and processing of the loan.
  • Grace period of 2 months.
  • Penalty on early payment at 6 % if the balance is settled before 3 years elapse.

Waumini Sacco Contacts

In case of any concerns related to Waumini Sacco loans, use the contacts below.

Call: 0734 666 226 or 0728 606 059
Sms: 0727 508 699
Email: info@wauminisacco.com

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