Know ! Sacco Loans
What you need to know about SACCO Loans
- SACCOs mostly lend to their members only. However in exceptional cases, a non member can directly access loans but they must be fully guaranteed by a member whose share equals the required security for the said loan.
- SACCOs lend to members up to 3 times the value of the members savings.
- SACCO loans mostly have a shorter repayment period of between a month and 12 months.
- SACCOs are allowed to charge a maximum of 12% interest on loans they give out to members.
- SACCO Loans are usually guaranteed by member savings in the lending SACCO.