Vuka Loan
The product is meant to enable members of new MOUs access short term loan upon joining. This product will be supported by the terms of the MOU and will not require guarantors.
Features
- Recoveries to be made through check-off
- Maximum repayment period is 6 months
- Maximum amount is Kshs. 150,000
- Interest is charged 1.25% upfront.
- 15% of amount goes to share capital.
- Capitalization of 10% of loan approved instead of enhancing member deposits
