WSACCO WAZALENDO SAVINGS AND CREDIT COOPERATIVE SOCIETY LIMITED
Loans or credit, is one of the services that a financial industry that carries on the business of accepting deposits offers to its customers, and in case of Wazalendo SACCO, its members. From the common pool of savings generated collectively, members have a right but also an option to access loans.
Loan Products to WSACCO members.
Loan Size
Quick loans should not be greater than one’s basic salary.
Interest
Interest on emergency loans shall attract 13% per annum on reducing balance.
Repayment Period
Quick loans shall not exceed 3 months from the date of obtaining the loan. Repayments are recovered on a monthly basis using salary deductions by Directorate of Finance of UPDF.
Requirements
- He/She must be a member for minimum of 6 months
- Loan Application Form on Wazalendo SACCO preprinted forms obtainable from Wazalendo office.
- Passport photograph
- Bank Account Statement that clearly shows monthly salary and bank loan deductions if any.
- Letter of Authority issued by Wazalendo SACCO on a preprinted form.
- A member must have 25% of shares and savings for the loan amount applied for
Loan Size
Loan size depends one’s repayment capacity.
Interest
School fees loans are charged 13 % per annum on reducing balance.
Repayment Period
School fees loans, shall not exceed 6 months of the school calendar year. The parent may however select to repay the loan in less than the maximum period allowed.
Other requirements are:
- Must have been a member for at least 6 months
- A member must have ten (10) shares fully paid.
- A member must have 25% of Shares for the Loan amount applied for
- Must present a bank account statement with the last 2 months salary payment
- A maximum of 40% of one’s salary is deducted monthly to pay the Loan.
- Evidence of school fees payable, shall be obtained from school fees slips to be submitted along with the loan application form.
- A member have 2 guarantors
Development Loans
- Nyumba Loan (Shelter or Home loan)
- Asset Financing Loans(Acquisition of Assets)
- Biashara Loan (Trade & Commerce)
- Agriculture Loans(Farming)
Loan Size
Loan size is between Ush 200,000 to Ush 40,000,000.
Interest
Development loans are charged 13 % per annum on reducing balance with an exception of Agriculture Loan at 13% p.a .
Repayment Period
Development loans do not exceed 48 months for Nyumba and Asset Financing Loans, 24 months for Biashara and 36 months for Agriculture loans. The member may however choose to repay the loan in less than the maximum period allowed.
Requirement
- One must have been a member for at least 12 months
- A member must provide two guarantors who are WSACCO members.
- A maximum of 40% of one’s salary shall be deducted monthly to pay the Loan
- Recommendation from UNIT PAC
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A member must have 25% of shares and savings for the loan amount applied for
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A member cannot withdraw below a minimum of 10,000/= from his/her savings account for all Loans