Co-op Bank’s Club Special Loan is Here to Help Finance your Chama Projects

Is your Chama or investment group or club trying to finance a development project whether it is to purchase land, development of property or other viable investment?

When a group of people come together and form a Chama, they always have a goal that they want to achieve. Most of these groups are formed with the intention of venturing into investments.

Members of a Chama will put together all of their resources so as to see that their goal is achieved.

There are investment projects that require a lot of finances to see them through and this may tend to be a challenge to the Chama. Such times when projects have had to be left pending due to financial constrains are a thing of the past since the Co-operative Bank of Kenya (Co-op Bank) has a solution for you with the Co-op Club Special Loan.

The Co-op Club Special Loan is designed to help Chamas reach new heights. Get a maximum loan amount of up to 50 million or five times the group’s savings with a repayment period of up to 72 months.

Features of the Co-op Special Loan include the following:

1. Maximum loan amount of up to 50 million or 5 times the group’s savings
2. Repayment period of up to 72 months
3. 100 percent financing of the project cost
4. Affordable interest rate
5. The loan is accessible to groups as a corporate body

Requirements include:

• The group must be registered with the concerned registering body e.g. ministry of social services, ministry of gender etc.
• Group account operational for 6 months with Co-op Bank or with other banking institutions
• Open Mshiriki current account and an investment company account with the Co-operative bank
• Group must be making monthly contributions through the Mshiriki account    

The securities acceptable to the Bank under this loan product include:

• Cash
• Shares quoted in the Nairobi Securities Exchange. 
• Residential Properties
• Commercial Properties
• Land
• Supported Debentures
• Chattels Mortgages on Motor Vehicles, Machinery, etc.
• Guarantees supported by Tangible Securities.
• Approved Overseas Guarantees
• Treasury Bills & Treasury Bonds
• Approved Endowment Insurance Policies.