Loan Related Products
Our Loan Related Products
At Kanisa SACCO, we cater to your diverse financial needs with a range of tailored Loan Related Products. Whether it's acquiring, clearing, or optimizing your finances, our goal is to empower you with flexible solutions. Our products prioritize your financial well-being, offering convenience and support for your unique financial journey. The solutions offer flexibility and simplicity whether you want to top off your loan, pay off your amount, consolidate debts, or increase your loan eligibility.
Our Loan Related Products
We offer various options to help with your financial goals, like topping up loans, clearing balances, consolidating debts, or boosting loan eligibility.
Refinancing
Refinancing allows Kanisa SACCO members to top up their existing loans without incurring any additional fees. It is a valuable opportunity for members to access extra funds to meet their evolving financial needs, whether it’s for education, medical expenses, or any other purpose.
Key Features & Conditions:
- Enable a member top-up his/her existing loan
- No fee is charged for this product
- Repayment must be completed within the remaining period of the original loan.
Factoring
Factoring is designed to provide our valued members with a hassle-free way to clear their existing principal loan balance, enabling them to apply for a new principal loan immediately. It is specifically designed to simplify the process of obtaining a new principal loan while ensuring that the financial implications remain favorable for our members.
Key Features & Conditions:
- Enables a member to clear the existing principal loan and apply for another
- A fee of 5% applies if the ‘loanee’ has paid 50% of the principal loan
- A fee of 7.5% applies if the ‘loanee’ has not paid 50% of the principal loan.
- Repayment period for the new loan is 48 months.
Consolidation
At Kanisa SACCO, we understand that managing multiple loans can be overwhelming, which is why we offer the Consolidation Loan product. Consolidation allows Kanisa SACCO members to simplify their financial obligations by merging all their existing loans into a single loan account. This consolidation process incurs a nominal fee of 10% of the total loan balances. Once consolidated, members can then apply for additional loans as needed.
Key Features & Conditions:
- Enable a member to merge all their existing loans
- Eliminates the need to juggle multiple repayment schedules and interest rates
- A fee of 10% of the total loan balances apply.
Deposit Boosting Facility
This product will enable a member to boost his/her deposits and qualify for a loan immediately. Under the following features, terms and conditions:
- A member boosts their deposits to qualify for a
bigger loan - A fee of 10% of the boosted amount applies and is
deducted upfront - The fee applies if the boosted amount exceeds
times five(x5) the average of the member’s last 3
months’ contribution; T&C Apply.
Zidisha Deposit Boosting Facility
This is a facility whereby a member applies for his/her deposits to be boosted for the purposes of qualifying for a bigger loan and the boosting amount is paid by the Society;
- A fee of 10% of the boosted amount applies and is deducted upfront
- The fee applies if the boosted amount exceeds times five(x5) the average of the member’s last 3 months’ contribution; T&C Apply.