Motor cycle loan
This loan product is designed for those who need a motorcycle as their source of income. The product has a direct impact on creating employment.
Key Features
Member Admission fees | Applicable |
Loan Processing Fees | Applicable |
Frequency of meeting | No Meeting |
Cash Collateral against principal loan | Applicable |
Interest of savings | Not Applicable |
Type of loan product | Motorcycle loan (Individual) |
Loan size (1st cycle) | KSH 100,000 |
Loan duration | 6 months and 12 months |
1st loan disbursement | After two weeks |
Loan increment each cycle | Not Applicable |
Service charge/Interest Rate | Applicable |
Mode of repayment | Weekly |
1st instalment | After one week |
Number of instalment | 25 weeks / 6 months or 50 weeks / 12 months |
Instalment | 50 Weekly instalments or 12 Monthly instalments |
Loan insurance/risk premium | Applicable |
Risk cover | LOP will be written-off in case of borrower death |
Advance instalment | Last 5 instalments ONLY for weekly instalments term. |