Wezesha Loan:
A loan product for new members who have ability to pay a loan but have no sufficient deposits to qualify for one. A small portion of the applied loan amount is retained as a member’s deposits while we issue out to the member the remaining amount.
Product features:
- Maximum amount loanable is determined by the member’s ability subject to 1/3 salary
- Processing fee of 2% paid upfront
- Repayment period is 72 months and the loan must be fully guaranteed
- The product is only issued to new members and not readmitted
- Recovery is done at a monthly flat rate combining principle repayment with
The article on Mwalimu Sacco’s Wezesha Loan is informative, providing details on the loan program. However, it lacks depth and could benefit from more comprehensive information about eligibility, interest rates, and application procedures for a more complete understanding.
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