Group Scheme Loans
The loan facility targets non-salaried individuals but with a defined source of income and operating in groups. The groups can be in form of Cooperatives, Associations, Village Savings & Loans groups, or Clubs. The group acts as social collateral and guarantees the loan for its member (s) through deposit of collateral savings with Community Finance Ltd.
- Maximum Loan Term - 6 Months
- Maximum Loan Value - According to the Applicant's capacity to repay from defined income source.
- Loan is deducted from source of income by the Association and remitted on behalf of members to COFI.
- Effective interest rate on reducing balance.
- Accessibility: Product is offered within your community without travelling long distance.
- Faster: Loans are processed within 3 days upon fulfilment of all paperwork.
- Affordable : Interest rates are competitive
- Evidence of Membership or Group Guarantee Letter
- Share certificates in case of cooperatives
Other Loan Products
This is an employer arranged and guaranteed facility that provides personal loans for employed professionals, Self-employed individuals and Pensioners. More details