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Savings & Loan Products

SAVINGS PRODUCTS

Building a savings culture. Customers are encouraged to save by opening individual and group account.

1. Group Savings Account:

This is an account opened by members of a group

Requirements

a)            Copy of National Identity Card or passport

b)            Two passport size coloured photographs

c)            Registration Certificate and constitution

d)            Minutes of the meeting held by the group approving the opening of the account

e)            Account opening balance of 3000/=

f)             Payment of Kshs. 2000/= membership fee.

g)            Interest paid on savings account.

h)            Fixed Deposit account with negotiable interest depending on depending on amount and period.

 

2. Personal Savings Account

Requirements

a)            Copy of National Identity card or passport

b)            Two passport size coloured photograph

c)            Account opening Balance of 1000/

d)            Membership fee of Kshs.1000

e)            Fixed Deposit account interest negotiable depending on amount period and market trends.

f)             Interest paid on savings account based on amount saved.


3.  Amsha Savings Account

Specifically targeting medical practitioners and firms.

a)            Opening balance KSh 5,000.

b)            No minimum balance.

c)            ATM visa enabled card.

d)            Monthly statements available.

e)            Free internal transfers.

f)             0.5% cash handling for balances above KSh. 500,000/=.


4 . Ukulima/Biashara – Savings Account

This is an agricultural Savings and loan facility designed to finance business, farming needs and activities e.g. crop production, Livestock farming, poultry, fish, Horticulture farming and any other activity.

Individual farmers save individually or with a registered group.

a)             Daily, weekly or monthly savings

b)            Savings held will guarantee loans granted

 

5 . Sharia Compliant account

a)            This is a non interest bearing account.

b)            Fees or commission shall be charged on each transaction

 

6 . School Fees/Education Account

a)            Bankers’ cheque drawn in the name of the institution/School on the loan amount approved.

b)            Three withdrawals per year

c)            Kshs 500 commission charge for more than three withdrawals in a year

d)            Interest paid on savings account based on amount saved.

e)            Loans given to both individual members and group members.

f)             The minimum opening and operating balance shall be Kshs 1000/=

LOAN PRODUCTS

Methods of credit delivery have been divided into two broad categories of individual and group approaches.

Individual loans will be given to individuals based on their ability and security provision.

Group-based loans will either be to individuals who are members of a group and guarantee each other’s loans.

Some of the microcredit loan products will include:

1. Amsha-Huduma Loan

Amsha-huduma is a bouquet specifically designed for health institutions and individuals setting up their health practice, Educational training Institute, Dental College, Medical Equipment Dealer, and Pharmacies

Product Offering:

Loans offered under this category are:

Asset / Medical Equipment Finance: For the purchase of medical equipment including CT Scanners, Colour Dopplers, Sonography Machines, MRI Machines, X-Ray Machines and other medical equipment.

Motor vehicle: For Acquisition of Doctors personal car, ambulance, stock car, business car.

Infrastructure Loan: For the construction of premises to set up of Clinics, Diagnostic Centres or Hospitals.

Working Capital Finance: We provide working capital facilities by way of Cash Credits and short/long term loans to fund day-to-day operations.

Product Features:

a)            Open Amsha – Afya Savings Account.

b)            Payable weekly at interest of 0.5% or 2.0% monthly

c)            Customer to meet 20% of the equipment / asset cost

d)            Equipment, member’s deposit, households and other business assets to act as loan security

e)            Have a minimum of 2 years in running a healthcare business

f)             Possess a valid Certificate of practice/ operation

g)            Have a good credit history

2. Business Loans

This product will target small and micro businesses. The product will be advanced to individuals with personal security like vehicle log books or individuals in groups who guarantee each other and have had compulsory savings or other securities.

Requirements

a)            Loans from 100,000/= To 5,000,000/=

b)            Easy, flexible security requirements

c)            clients must demonstrate ability to pay

d)            Loan processing within one week

 

3. Elimu Loan

Due to the increase in demand for education, there has been commensurate demand on Loans to finance higher education. Microcredit Elimu Loan shall assist employees who want to further their education and in consultation with their employers and education institutions, employees will be advanced loans

Product Features:

a)      Loan will be paid directly through their college fees accounts

b)      Repayments will be done through salary check-off.

 

4. Group Business Loan

Business loans given to members in a group.

Features and requirements of Group loans:

a)            Group must be registered

b)            Membership of between 5 to 25 members

c)            Loans from as low as 5,000/= to 5,000,000/=

d)            Savings as low as 500/=

e)            Monthly repayments

f)             The initial loan shall be at 2 times the amount of individual’s savings.

g)            Loans below 50, 000/= processed within 48 hours

h)            Flexible repayment period

i)             Loans Appraisal fees of 2.5% shall be charged

j)             Risk Management fee of 2.5% shall be charged.

k)            Loans to be guaranteed by all the group members.

l)             All legal Fees/Costs shall be borne by the applicant.

 

5 .  Asset financing loan – EQUIPMENT/ASSET LOAN

A loan product for Individuals investing in AMCA who plan to purchase chargeable property

a)            The initial loan shall be at a Minimum amount kshs 100,000/=

b)            Flexible repayment period.

c)            Flexible security on loan.

d)            Initial loan will be granted after regular savings of 4 months

e)            Loan appraisal fee of 2.5% shall be charged

f)             Risk Management fee of 2.5% shall be charged

g)            Microcredit shall finance 80% of the property value.

h)            All legal fees, valuation fees and other transaction charges shall be borne by the applicant

6 . Household loan

a)            The initial loan shall be 2 times the amount of individual’s savings.

b)            These loans are accessible to employed persons who are our members.

c)            These are loans to purchase household items such as water tanks, furniture etc.

d)            The initial Loan amount shall be negotiated in relation to savings held.

e)            Repayment period shall be 12-24 months.

f)             Security shall be client’s savings, guarantors and household items.

g)            Minimum savings period shall be 2 months for both group members and individual account holders before accessing initial loans.

h)            All legal fees shall be borne by the applicant

i)             Loan appraisal fee of 2.5% shall be charged

j)             Risk Management fee of 2.5% shall be charged

k)            All legal fees, valuation fees and other transaction charges shall be borne by the applicant.