Types of Ukulima Sacco Loans Guide

Accumulation of savings gradually; Used as loan multiplier; Earn attractive … This is Ukulima Sacco’s transactional account which operates as a current account. Ukulima Sacco Loans Guide

Below is a detailed list of different types of Ukulima Sacco loans. Ukulima Sacco is a savings and credit co-operative society that aims to promote the economic and social welfare being of farmers, by enabling them to save and borrow at a low-interest rate.

The Sacco was registered in February 1972 and has risen the ranks to become on the best SACCOs in Kenya.

Ukulima Sacco currently has more than 27,000 plus stakeholders from government ministries, waterboards, parastatals and NGO’s among other reputable private institutions countrywide.

The Sacco is also open to Kenyans in diaspora and below are different types of Ukulima Sacco loans entrepreneurs and farmers can apply.

Ukulima Sacco Loans

Fosa Loan Products

1. FOSA Daima Loan

This type of Ukulima Sacco loan is given to members who receive their salaries through the FOSA account. It is determined by the net salary and the loan repayment period is 5 years. Interest is determined by the monthly amortization.

The interest rate is 8.0% p.a.

2. FOSA Flex Loan

This type of Ukulima Sacco loan is given to members who receieve their salaries through the FOSA account. It is determined by the net salary and the loan repayment period is 4 years. Interest is determined by the monthly amortization.

The interest rate is 8.2% p.a.

3. FOSA Fahari Loan

This type of Ukulima Sacco loan is given to members who receive their salaries through the FOSA account. It is determined by the net salary and the loan repayment period is 3 years. Interest calculation is determined by the monthly amortization.

The interest rate is 7.9% p.a.

4. Mahitaji Loan

This is a one-month advanced loan given to members who are in dire need of money. It is based on one’s net salary and will be recovered once at 1.7% payable.

5. Bima Loan

This type of Ukulima Sacco loan is given to members who have insurance premiums and want to pay for them. The loan repayment period is 12 months and Interest calculation is determined by the monthly amortization. The interest rate is 11.3% p.a.

6. Shares Investments Loan

This type of Ukulima Sacco loan is given to members who want to purchase shares at the Nairobi Stock Exchange. The loan repayment period is 12 months and Interest calculation is determined by the monthly amortization. The interest rate is 11.3% p.a.

Bosa Loan Products

1. Development (Normal) Loan

This type of Ukulima Sacco loan is given to members who want to develop themselves. The loan is times three of what a member has saved and the repayment period is 48 months. Interest calculation is based on reducing balance each month. The interest rate is 6.1% p.a.

2. Jitegemee Loan

The Ukulima Sacco loan is times three of what a member has saved and the repayment period is five years. Interest calculation is based on reducing balance each month. The interest rate is 7.3% p.a.

3. Super Loan

The Ukulima Sacco loan is times three of what a member has saved and the repayment period is six years. Interest calculation is based on reducing balance each month. The interest rate is 7.3% p.a.

4. Emergency Loan

This type of Ukulima Sacco loan is given to members who are faced with an emergency and are in dire need of money. The loan repayment period is 12 months and interest calculation is based on reducing balance each month. The interest rate is 6.5% p.a.

5. School Fees Loan

This type of Ukulima Sacco loan is given to members who want to pay their school fees. No supporting documents from the school are needed for one to obtain a loan from the Sacco. The loan repayment period is 12 months and interest calculation is based on reducing balance each month. The interest rate is 6.5% p.a.

6. Additional Loan

This type of Ukulima Sacco loan is long term and is given to all members who have uncompleted projects. It is topped up to any development loan. The loan repayment period is 30 months and interest calculation is based on reducing balance each month. The interest rate is 7.4% p.a.

7. La Riba Advance Loan

This type of Ukulima Sacco loan is given to borrowers who want to be Shariah compliant. Liba riba advance loan repayment period is four years and interest rate is nill but members earn nothing on deposit savings.

8. Chipukizi Loan

This type of Ukulima Sacco loan is tailored for newly employed staffs in the public sector. For one to qualify, members need to receive at least their two months salary through FOSA account. The loan repayment period is four years and part of it is deducted and returned to the borrower’s deposit account, to ensure deposit balance of at least 1/3 of the loan amount. Interest calculation is based on reducing balance each month. The interest rate is 6.1% p.a.