Crop advance loan available to tea farmers whose tea proceeds are channeled through centenary Sacco.
LOAN FEATURES
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Tea produce to be channeled through the Sacco for at least one month
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The maximum overdraft amount issued will be calculated at the rate of ½ monthly payment rate and only harvested kilos ( as per factory generated receipts) that are pending payment would be used to calculate the advanced amount
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Interest rate will be 5% deducted upfront or 200/= whichever is higher
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Applicants MUST provide national id copy plus previous month’s original pay slip
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No guarantors will be required for this product.
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The overdraft will be recovered in full upon receipt of the previous month proceeds