The EDUCATION LOAN is specifically designed to assist our members in covering their educational expenses, ensuring that they have access to the resources they need to invest in their education and that of their dependents. Here are the key features of this loan product:-

1. Support for School Fees Needs: The primary purpose of the EDUCATION LOAN is to provide financial support to our members for meeting their school fees requirements. Whether it’s for their own education or that of their children, this loan product is tailored to address the pressing need for educational funding.
2. Flexible Repayment Period: To accommodate the varying financial situations of our members, the EDUCATION LOAN offers a maximum repayable period of 12 months. This allows borrowers to spread out their repayments over a manageable timeframe, easing the financial burden associated with educational expenses.
3. Eligibility Requirements: In order to qualify for the EDUCATION LOAN, applicants must have been members for a minimum of six months. This ensures that borrowers have established a relationship with the SACCO and have demonstrated their commitment to the cooperative principles. Additionally, applicants are required to provide a signed fees structure as part of the application process, verifying the intended use of the loan funds for educational purposes.
4. Competitive Interest Rates: The interest rate for the EDUCATION LOAN is calculated at 1% per month on the reducing balance. This competitive rate ensures that borrowers are able to access affordable financing options for their educational needs, enabling them to invest in their future without incurring undue financial strain.