The INSURANCE PREMIUM FUNDING service is designed to provide our members with a convenient solution for covering their insurance premiums. Here’s a detailed overview of its features:

1. Security Options: Members have the flexibility to fully guarantee the loan with their deposits or opt for a maximum of three guarantors. This ensures that the loan is adequately secured, providing peace of mind for both the member and the SACCO.
2. Maximum Repayment Period: The INSURANCE PREMIUM FUNDING loan offers a maximum repayment period of 9 months, allowing members to spread out their repayments over a manageable timeframe.
3. One-off Interest: A one-time interest charge of 3.5% is applied to the loan amount, providing members with clarity and transparency regarding the cost of borrowing.
4. Direct Payment to Insurance Company: Upon approval, the loan amount is paid directly to the insurance company on behalf of the member. This eliminates the need for members to handle cash and ensures timely payment of their insurance premiums.
5. Fast Processing: With a processing time of just 24 working hours, members can access funds quickly and efficiently to cover their insurance obligations, providing them with peace of mind knowing that their insurance needs are taken care of in a timely manner.