Motor Vehicle Loan

Motor Vehicle Loan

Terms and Conditions:

  • Deductions shall be effected within Thirty (30) days of the loan being granted and for a maximum period of Thirty SIx (36) months. Only organizations that are consistent with clearance through Care Coop can apply beyond 36 months.
  • Loan Repayment Period cannot exceed the end of contract date.
  • The maximum loan amount is 250,000.00 including Vehicle registration costs.
  • The total loan to be paid is the loan amount plus interest of 1.25% per month. The loan amount will include purchase price, registration and all related costs.
  • The invoice shall be in the name of the Care Cooperative Savings and Credit Society Ltd.
  • A member must have a minimum of 20% in savings calculated on the total loan amount applied for and accessed.
  • This loan cannot be granted if net pay is less than 20% of applicants' net pay after Tax & NAPSA but not less than K500.00 after deductions.
  • Unpaid loan balances shall be deducted from the member's savings with full interest
  • This loan cannot be granted if net pay cannot absorb deductions.
  • A member should show consistency in contributions and previous loans repayments
  • A member who has been inconsistent with monthly repayments will have to clear all outstanding balances and be consistent for at least 3 months before being able to access a new loan
  • CareCoop reserves the right to approve or reject any loan application.

Eligibility Criteria for Loan

  • A member is eligible for this loan after saving with CareCoop for One (1) month. This will be within a member’s savings for the first Three (3) months
  • New Members on DDACC can only borrow within their savings for the first three (3) months.
  • This loan cannot be granted if net pay is less than 20% of applicants’ net pay after Tax & NAPSA but not less than K500.00 after deductions.
  • A member should show consistency in contributions and previous loans repayments
  • A member who has been inconsistent with monthly repayments will have to clear all outstanding balances and be consistent for at least 3 months before being able to access a new loan
  • Members will have to provide collateral to access loans above K100,000.00 if their organisations:- (a) Do not pay gratuity to their staff who leave employment midterm or (b) Do not clear their staff with and remit to CareCoop upon leaving employment

Documentation

The following documents are required along with your Loan application:

  • Copy of NRC or Valid ID
  • Latest Copy of Pay slip
  • Copy of Valid Contract of Employment
  • Organization Clearance Form
  • Proforma Invoice (for Commodity Loan)
  • Copy of Mandate Form (for General Members)
  • Bank Statement (for General Members in Active Business)
  • ZRA Tax Certificate (for General Members in Active Business)
  • Cash flow projecion (for General Members in Active Business)

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