Short term loan available to all the catholic church-run institutions within the diocese of meru who have register as members of centenary Sacco .

 

LOAN FEATURES

 

  • Maximum loan kshs500,000

  • Repayable in three equal installment on or before 28th feb,15th may and 15th September but may be varied by the decision of policy makers.

  • Interest rate of 12% shall be be paid on equal monthly installment spread over the repayment period

  • Loan application and appraisal fee of kshs 5000 should be paid on application

  • Loan form shall be signed by the institution coordinator and endorsed by the diocesan administrator or the bishop

  • The loan disbursement shall be in chequeform,EFT to the school account or via a direct deposit to their Sacco account

  • As security ,the institution shall be required to open an account with the Sacco which shall be actively operated

  • A personal commitment letter shall be provided by either the institution’s head or head finance

  • Incase of default which in this case shall be after the expiry of the due date the defaulted amount shall attract a penalty of 10% or Kshs 5000 whichever is higher which shall be accrued on monthly basis until the loan is fully repaid

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