Share Financing Loan

Terms and Conditions:

The maximum loan amount is up to the Value of Share Offering per member

The total loan to be paid is the loan amount plus interest of 3.00% per month

Loan Repayment Period cannot exceed the end of contract date.

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 loan applicant and will be calculated from the total loan.

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.

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

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 projections (for General Members in Active Business)