New Member Welcome Product
KARIBU LOAN
Zero-Wait Credit Access for Newly Registered SACCO Members
KARIBU LOAN
New Members & Short Term
Interest Rate
1.375% p.m. reducing balance
Repayment Horizon
Up to 12 Months
Borrowing Limit
Instant Upon 1st Contribution
Annual Equivalent
16.5% p.a.
Product Name
KARIBU LOAN
Interest Rate
1.375% p.m. reducing balance
Repayment Period
Up to 12 Months
Security / Multiplier
Instant Upon 1st Contribution
Purpose & Description
True to its name ('Karibu' meaning 'welcome'), this product is specifically designed to help a new member access loan with limited savings without waiting through the traditional 6-month period. This loan is granted once the first shares/savings instalment has been paid.
Features & Qualification Criteria
The following are the exact mandatory specifications for KARIBU LOAN:
i) Granted once the first shares/savings instalment has been paid.
ii) First or latest two (2) pay slips required.
iii) Non salaried provide requisite security.
iv) One-third (1/3) of basic salary should remain after all deductions.
v) One-fourth (1/4) of approved loan retained as savings/share capital (minimum Kshs. 5,000).
vi) Monthly repayments commence not later than the month following disbursement.
Frequently Asked Questions
Do I need 6 months of savings to apply?
No! You can apply immediately once your first monthly shares/savings installment is paid.
What is the 1/4 retention rule?
One-fourth (25%) of the approved loan is deposited into your savings/share capital to build your equity.
Apply for KARIBU LOAN
Please Visit Chuka University SACCO to Apply
To apply for the KARIBU LOAN, please visit our Chuka University SACCO Main Office to complete the official loan application form and submit your supporting documents (guarantor forms & payslips) with our credit desk.
Office: Chuka University SACCO Offices, Main Campus
Telephone: +254 772 689 460
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.