Income alone will not make anyone rich but the spending habit does.
One must have been an active member of Java Sacco for a minimum period of six months in order to qualify for any loan. A member can take a maximum of three times his/her savings as a loan. Download our Loan Policy Here
Our loan products are;
Development loan
Development loan shall be granted on the following conditions:
a) The rate of interest shall be One percent (1%) per month on reducing balance basis.
b) Maximum repayment period will be 36 Months (3 years).
c) The amount that can be granted shall be between Kshs 101,000 to Ksh 2.5 Million
d) Minimum savings to qualify for loan shall be saved for at least six months.
e) Loan insurance fees equivalent to 0.4% of the principle amount and is payable in advance, by depositing in the Society’s bank account, or deducted from the amount loaned.
f) In case of default to pay, a penalty of five percent (5%) per month of the amount defaulted
shall apply.
g) Loan to be processed within 14 working days.
h) The loan must be fully guaranteed.
i) Loan form in a hard copy must also be in the society’s office.
education loan
Education loan shall be granted on the following conditions:
a) The rate of interest shall be One percent (1%) per month on reducing balance basis.
b) Maximum repayment period will be 12 Months (1 Year).
c) The amount that can be granted shall be between Ksh. 31,000 to Kshs. 100,000.
d) Minimum savings to qualify for loan shall be saved for at least six months.
f) In case of default to pay, a penalty of five percent (5%) per month of the amount
defaulted shall apply.
g) Loan to be processed within 14 working days.
h) A member must attach supporting documents such as fees structure.
i) The loan must be fully guaranteed.
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:
a) The rate of interest shall be One percent (3%) per month on reducing balance basis.
b) Maximum repayment period shall be 12 Months (1 year).
c) The amount that can be granted is between Kshs. 6,000 to Kshs. 30,000.
d) Minimum savings to qualify for loan shall be saved for at least six months.
e) Loan insurance fees equivalent to 0.4% of the principle amount and is payable in
advance, by depositing in the Society’s bank account, or deducted from the amount
loaned.
f) The loan applicant must attach documentary proof of emergency.
g) In case of default to pay, a penalty of five percent (5%) per month of the amount
defaulted shall apply.
h) Loan processed within 48 hours.
i) The loan must be fully guaranteed
Refinance Loan
Refinancing loan shall be granted on the following conditions:
a) Only Development loans shall qualify for this loan.
b) The existing loan must have been repaid to at least 1/2 of the principle amount.
c) A fee of 5% shall be charged on the balance of the existing loan.
d) A new loan form shall be filled with the same conditions as the previous loan being
refinanced.
e) In case of default to pay, a penalty of five percent (5%) per month of the amount
defaulted shall apply.
f) Loan shall be processed after all other loans based on availability of funds.
g) The loan must be fully guaranteed
Salary Advance loan
Salary advance loan shall be granted on the following conditions:
a) The rate of interest shall be Three percent (5%) per month paid up front.
b) Maximum repayment period shall be One Month or from the salary of the current
month whichever is earlier.
c) The amount that can be granted shall be between Kshs. 2,000 to Kshs. 15,000.
d) Minimum savings to qualify for loan shall be saved for at least six months.
e) In case of default to pay, a penalty of five percent (5%) per month of the amount
defaulted shall apply.
f) Loan processed by 15th of every month.
g) The loan must be fully guaranteed.
Product Loan
Product loan shall be granted on the following conditions:
a) The rate of interest shall be One percent (2%) per month on reducing balance basis.
b) The maximum repayment period shall be 12 months
c) The maximum amount that can be granted shall be Kshs. 200,000.00
d) The money is payable to the supplier of the product only.
e) Minimum savings to qualify for loan shall be saved for at least six months.
f) Loan insurance fees equivalent to 0.4% of the principle amount and is payable in
advance, by depositing in the Society’s bank account, or deducted from the amount
loaned.
g) In case of default to pay, a penalty of five percent (5%) per month of the amount
defaulted shall apply.
h) Loan processed within two weeks.
i) The loan must be fully guaranteed.