RE: ADVANCE AGAINST EXPECTED REBATE FOR THIS FINANCIAL
This is to inform you that Advance against expected Interest rebates for this financial year will officially be rolled out soon.
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The product is officially accessible to members subject to the following terms and conditions:
- The advance is available via MwalimuHELA platform App and USSD *633#
- The accessible amount will be 50% of the earned interest rebates for last financial year ended 31st December based on deposit balances then, at flat interest rate of 1.75% per month of the amount applied, subject to all other eligibility criteria. The interest rate will apply throughout the period of the facility.
- Any subsequent application of the advance will be on a top-up basis, the same way a bridging facility is handled. Any member who wishes to access additional advance must first clear the existing advance for this product line. They should, therefore, apply for a higher amount than the existing balance of advance sufficient to clear the previous one and leave them with the desired amount.
- Members who may have defaulted on any lending product of the SACCO or with arrears on any Sacco obligations are NOT eligible for this product unless their accounts are regularized.
