The purpose of this product is to finance acquisition of property including land, buildings and private motor vehicles, motor cycles etc. With Asset, the cost of equipment will be spread over the course of its economic life, with reducing monthly payments on agreements from 48 to 72 months.
Features:
- You need to be a Sacco member
- Have maintained an active account with NAIROBI CONSUMERS REGULATED NON WDT SACCO SOCIETY LTD for at least six months
- A duly completed loan application form.
- The Total cost of the Asset must not exceed three times your savings to get 100% financing
- The total savings in account must be equal or more than a third of the amount to be financed
- In case of a motor vehicle, limit age is 5 years for commercial and 8 years for personal cars from the year of the manufacture (Repayment period is 48 months). The insurance cover should be comprehensive. Log book will be co-shared.
- Property including land and building must have a title deed, (repayment period 72 months). The property will be charged.
- Qualifying loan is 4 times member’s deposits
- Interest rates are 1.15% per month on reducing balance.
- All legal fees, valuation fees and other transaction charges shall be borne by the applicant Security is the asset to be purchased.