Below are important details about Maktaba Sacco:
Karibu Loan
Karibu loan is a loan product designed for new members who have been contributing to the Society for at least three months. This loan offers a maximum amount of Kshs. 120,000 to eligible members. It is an ideal loan product for those who have just joined the Society and are in need of financial assistance. With Karibu loan, new members can get the necessary funds to meet their financial obligations such as paying school fees, purchasing household items or even starting a small business.
Features
- Eligible to new members who have been contributing to the Society for at least three months.
- Maximum of Ksh.120,000.00
- Interest rate @1.25% reducing balance per month
- Three times member’s deposits
- 12 months maximum repayment period
- Must have paid full share capital of Ksh.15,000.00
Weekend Loan
Weekend loan is a quick and easy solution for members who need immediate financing for their personal needs. This small, short-term loan can be approved and provided on the same day, so members can access the funds they need without delay. Whether it’s for weekend plans or urgent expenses during the weekend, our weekend loan is designed to help members take care of their financial needs quickly and conveniently.
Features
- Available once in a month
- Disbursed only on Thursdays and Fridays
- Recoverable from the monthly salaries
- Based on member’s monthly salary
- Interest rate @ 10%
Development Loan
Development loan offers an opportunity for individuals to access financing that can make a significant difference in their lives, whether it’s by providing a home for their family, investing in a business or pursuing other personal aspirations. With development loan, members can take control of their financial future and make their dreams a reality.
- Loan limit of Kshs. 5,000,000
- Multiplier of X3 member deposits
- Available to members who do not have Jipange Loan
- Repayable in 60 months
- Interest charge of 1% per month on reducing balance.
- Loan top up at one off fee of 5% on the balance
Emergency Loan
Emergency Loan is designed to provide quick financial assistance to our members in times of unexpected or urgent needs. Whether you need to cover unexpected medical bills, home repairs, or any other emergency expense, our emergency loan product is here to help.
- Multiplier of X3 member deposits
- Maximum repayment term of 12 months
- The interest rate on this loan is 1.2% p.m on reducing balance.
School Fees Loan
Our School Fees Loan is tailored to meet the education needs of our members and their dependents. This loan product offers a reliable source of financing to cover the high cost of tuition fees, making it easier for members to provide quality education for their children. With favorable terms and features, this loan enables members to access short-term financing for their education needs and achieve their academic goals without financial stress.
- Current maximum amount granted Kshs. 200,000
- The maximum repayment period is the calendar year.
- The interest rate on loan is 1.2% per month on reducing balance.
Okoa Loan
Okoa loan is designed for members who already have an existing loan and need additional financing to complete a project or business. With this loan, members can access the funds they need to finish their existing ventures without delay.
- Loan limit of Kshs 5,000,000
- Multiplier of X3 member deposits
- Loan top- up facility available.
- Repayable in 48 months.
- Interest rate 1.3% per month on reducing balance
Halal Savings & Loans
Halal Saving Scheme
Features:
- Must be members of Maktaba Sacco as per the by-laws
- Registration fees of Ksh.1,000.00
- Minimum monthly contribution of Ksh.3,000.00
- Service charge of Ksh.500 per month
- Do not attract dividends in compliance to Sharia law
Halal Loan
Available to members who are saving regularly with Halal Saving Scheme for not less than 6 months. Members may access three types of Halal loans subject to halal savings eligibility and salary ability with disbursement subject to funds availability.
- Halal Development loan repayable in 48 months
- Halal Education loan repayable in 24 months
- Halal Emergency loan repayable in 12 months
Features:
- The loan is interest free
- Credit processing fee of 2% deductible upfront
- Granted up to 3 times a member’s total deposits
- Top up facility terms applicable after clearing 50% of the previous loan
- Guarantorship limited to guarantors’ deposits
- Maximum loan limit Ksh.3,000,000.00
College Fee Loan
Our loan product is specifically designed to support members and their children who are attending college. With this loan, members can access the financing they need to cover tuition fees, accommodation, and other related expenses.
- Loan limit of Kshs. 500,000
- Multiplier of X3 member deposits
- Interest rate 1.2% per month on reducing balance
- Repayable in 24 months
- Loan top- up facility available
Home Comfort Loan
- Eligible to members who hold MEHO Savings account.
- Current maximum amount granted is Kshs. 500,000
- The ratio to deposits is 3 times.
- Loan top- up facility available.
- MEHO savings remains unwithdrawn until the loan is cleared.
- Additional deposits made after borrowing will be withdrawable.
- The repayment period for this loan is 12 months.
- The interest rate on this loan is 1.0% per month on reducing balance.
Address: Maktaba Kuu Building, Ngong Road, Upperhill.
Ground Floor, Library Entrance
Phone: 0703245921
Email: info@maktabasacco.com
Business Hours
Monday – Friday 9am to 5pm
Saturday -Closed
Sunday – Closed
