Refinancing Loans

 Refinancing loans

  1. The refinancing loan product is a loan for members of Angels Compassion SACCO who have successfully serviced their loans up to 70% and require more money to complete the project or to meet high level of college or university fees.
  2. It is a loan product that targets all members of Angels Compassion SACCO that have on-going loans and require more funding.

Features:

  1. Maximum repayment period is 12 months
  2. Security can be savings/deposits supplemented by other forms of security where necessary.
  3. Guarantee from other members
  4. Commitment letter by employer (where applicable)
  5. Pricing: Interest rate shall be as approved by the Board of Advisors.

All refinancing loans shall be approved by the credit committee

School fees loans and Emergency loans below Ushs. 1,000,000 shall be approved by the staff management credit committee in consultation with chairperson. Any amounts outside the bracket shall be approved by the credit committee.