Premium Loan

Premium Loan

Terms and Conditions:

  • Deductions shall be effected within Thirty (30) days of the loan being granted and for a maximum period of Eighteen (18) months
  • Loan Repayment Period cannot exceed the end of contract date.
  • The maximum loan amount is twice the applicant’s savings.
  • The total loan to be paid is the loan amount plus interest of 2% per month.
  • 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.
  • This loan will attract 1% insurance cover to cater for the death of a loan applicant and will be calculated from the total loan.
  • Unpaid loan balances shall be deducted from the member’s savings with full interest

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.
  • 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
  • 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

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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