Loan Products
Reliable, transparent, and member-focused financial solutions for every stage of life.
To qualify for any loan, a member must have been actively registered with Java Sacco for at least six months. Members are eligible to borrow up to three times their total savings.
Salary Advance
Salary advance loan shall be granted on the following conditions:
- Access salary advance any moment via the Power app, real time processing.
- The rate of interest shall be six percent (6%) per month deducted end of the month at once.
- Maximum repayment period shall be One Month or from the salary of the current month whichever is earlier.
- Limit is determined by payslip allowance.
- Minimum savings to qualify for loan shall be saved for at least six months.
- In case of default to pay, a penalty of five percent (5%) per month of the amount defaulted shall apply.
Emergency Loan
Emergency loan shall be granted in case of unforeseen circumstances such as hospitalization, funerals court fines e.t.c. on the following conditions:
- The rate of interest shall be One percent (3%) per month on reducing balance basis.
- Maximum repayment period shall be 12 Months (1 year).
- The amount that can be granted is between Kshs. 6,000 to Kshs. 200,000.
- Minimum savings to qualify for loan shall be saved for at least six months.
- Loan insurance fees equivalent to 1% of the principle amount and is payable in advance, by depositing in the Society’s bank account, or deducted from the amount loaned.
- The loan applicant must attach documentary proof of emergency.
- Processing fee of 0.5% on loan amount is applied.
- In case of default to pay, a penalty of five percent (5%) per month of the amount defaulted shall apply.
- Loan processed within 48 hours.
- The loan must be fully guaranteed
Education Loan
Education loan shall be granted on the following conditions:
- The rate of interest shall be One percent (1%) per month on reducing balance basis.
- Maximum repayment period will be 12 Months (1 Year).
- The amount that can be granted shall be between Ksh. 31,000 to Kshs. 100,000.
- Minimum savings to qualify for loan shall be saved for at least six months.
- In case of default to pay, a penalty of five percent (5%) per month of the amount defaulted shall apply.
- Loan to be processed within 14 working days.
- A member must attach supporting documents such as fees structure.
- The loan must be fully guaranteed.
Development Loan
Development loan shall be granted on the following conditions:
- The rate of interest shall be One percent (1%) per month on reducing balance basis.
- Maximum repayment period will be 36 Months (3 years).
- The amount that can be granted shall be between Kshs 101,000 to Ksh 2.5 Million.
- Minimum savings to qualify for loan shall be saved for at least six months.
- Loan insurance fees equivalent to 1% of the principle amount and is payable in advance, by depositing in the Society’s bank account, or deducted from the amount loaned.
- Processing fee of 0.5% on loan amount is applied.
- In case of default to pay, a penalty of five percent (5%) per month of the amount defaulted shall apply.
- Loan to be processed within 14 working days.
- The loan must be fully guaranteed.
- Loan form in a hard copy must also be in the society’s office.
Refinance Loan
Refinancing loan shall be granted on the following conditions:
- Only Development loans shall qualify for this loan.
- The existing loan must have been repaid to at least 1/2 of the principle amount.
- A fee of 5% shall be charged on the balance of the existing loan.
- A new loan form shall be filled with the same conditions as the previous loan being refinanced.
- In case of default to pay, a penalty of five percent (5%) per month of the amount defaulted shall apply.
- Loan shall be processed after all other loans based on availability of funds.
- The loan must be fully guaranteed
Refinance Loan
Product loan shall be granted on the following conditions:
- The rate of interest shall be One percent (3%) per month on reducing balance basis.
- The maximum repayment period shall be 12 months.
- The maximum amount that can be granted shall be Kshs. 200,000.00.
- The money is payable to the supplier of the product only.
- Minimum savings to qualify for loan shall be saved for at least six months.
- Loan insurance fees equivalent to 1% of the principle amount and is payable in advance, by depositing in the Society’s bank account, or deducted from the amount loaned.
- Processing fee of 0.5% on loan amount is applied.
- In case of default to pay, a penalty of five percent (5%) per month of the amount defaulted shall apply.
- Loan processed within two weeks.
- The loan must be fully guaranteed.