Small loan

This product aims at empowering women who have small businesses of low income. The individual businesswomen interested in this product must be willing to form a group of between 15 to 25 members, however they can start with five members but increase the number to be able to get the small loan.

Key Features

Member Admission fees

Applicable

Loan Processing Fees

Applicable

Frequency of meeting

Weekly

Cash Collateral against principal loan

Applicable

Interest of savings

Not Applicable

Type of loan product

Group based small loan with individual liability (female  only)

Loan size (1st cycle)

KSH 25,000

Loan duration

6 months and 10 months

1st loan disbursement

After two weeks

Loan increment each cycle

Maximum KSH 15,000

Service charge/Interest Rate

Applicable

Mode of repayment

Weekly

1st instalment

After one week

Number of instalment

25 for 6 months loan and 40 for 10 months loan

Loan insurance/risk premium

Applicable

Risk cover

LOP will be written-off in case of borrower death

Advance instalment

Last 4 instalment for 6 months loan, 5 instalment for 10 months