Terms and conditions of Kefra products

1. A sacco member qualifies for loans if they, have saved with the sacco consistently for 6 months
   without failure.
2. All Loans issued at 3 times maximum of one’s deposits. (example: deposit ksh 100, loan to be
   issued from ksh 100 to ksh 300 maximum) If one is taking more than a 1/3rd one need a guarantor.
3. A member can not accumulate more than one loan.
4. If one is taking more than a 1/3rd one need a guarantor.
5. A sacco member can guarantee more than one member as long as he/she has 50% of the deposit
   to cover the loan.
6. This terms and condition policy shall be reviewed as may become necessary from time time
7. All loan application forms shall be submitted together with current pay slips and photocopies of
   member’s National ID cards.
8. Every member should write the bank account / M-pesa details on the application form in the space
   provided.
9. All application forms should be fully filled and signed by the Sacco representative at the company
   before submission to the office.
10. Any defaulted Loan amounts shall attract a penalty of not less than 30% and applicant shall give a
    grace period of one month before applying for any other loan.
11. Any defaulted Loan amounts shall attract a penalty of not less than 30% and applicant shall give a
    grace period of one month before applying for any other loan.