Asset finance may be granted for the purpose of investing in machinery, personal vehicles,
The following conditions apply:-
- A member can get a facility of up to 3 times the members’ deposits.
- Loans shall be paid directly to the vendor.
- The Sacco shall be a co-owner of the asset until such a time when the member fully repays his loan.
- Repayment period for asset finance loans shall not exceed 36 months.
- Every member applying for an asset finance Loan must have completed repaying all other loans at the time of application.
- Interest rate for the loan is @ 1.5% per month on reducing balance.