What is Group Business Loan?
A financing solution for self-help groups to grow and improve their businesses.
What's in it for you?
- Flexible collateral options
- Access to multiple loans subject to the ability
- The loan size is a minimum of Kshs. 5,000 and a maximum of Kshs. 500,000
- Tenure is a minimum of 3 months - 24 Months
How does it work?
- The loan is aimed at business growth and improvement
- Covers agricultural needs
- Kenyan citizen 18 years and over, National ID card, business set-up of at least 6 months
- 20% compulsory savings. Consistent Contributions over 8 Weeks (Lump sums LSF deposits will not be considered)
- Group attendance and discipline for 8 Weeks
- Must have undergone LOS
Want to know more about Group Business Loan?If you want to know more, we've put together some frequently asked questions for you.
- LSUF: 3% of the principal
- GCIF:1.25% of principal p.a
- Chattels mortgage: as per tariff
- All fees are loaded into the principal loan amount
- 20% compulsory savings if the client has only one loan. If more than one please refers to general conditions for details of LSF
- Group pressure
- Chattels Mortgage
- Own collateral 150% of the loan value
- Stock hypothecation
In order for you to qualify for a top-up on your loan, you must have serviced the current loan to half of the loan term with no arrears.