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 |