Cash Assistance

Easy Application

Fair Interest Rates

Project Financing

Advance Loans

Getting a loan with Tower Sacco will be beneficial to you as we ensure that your financial emergency situation will be sorted to your fulfillment. Check out the advance loans offered at our sacco.

Salary Advance

  • Maximum amount is Kshs.50,000
  • Maximum repayment period 12 months.
  • Requirement of 1 pay slip.
  • Minimum salary Kshs.1,200
  • Minimum repayment period 1 month

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Dividend Advance

  • Repayable by dividends
  • Open to all members when board passes resolution to offer them.

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Salary In Advance

  • Maximum amount equivalent to one month’s salary
  • Interest is loaded to the principal.
  • Recovered immediately salary is received.

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Kilimo Advanced Loan

Purpose:  To on lend to farmers in dairy and horticulture sectors and support towards adoption of climate smart and adaptive practices.

Eligibility Criteria: 

  • Proof of residency or project location
  • A member of Tower Sacco for at least 6 weeks
  • Demonstrate ability to repay – Total net income should be positive i.e. Net Farm Income (Farm Income – Expenses)
  • Net Household Income (HH Income – Expenses)
  • Loan deduction must be not be more than 50% of net cash flows
  • Clean credit history evidenced by a credit reference bureau report

Loan term: A minimum of 3 months and a maximum of 36 months depending on the loan amount.

Multiplier: 4 times member deposits for individual members

Loan amount:  To be guided by the member ability to pay Normal Appraisal Process

Repayment terms: No grace period allowed

Security/Collateral : 

  • 25% Non-Withdrawable deposited in a member’s Non Withdrawable deposit account.
  • Guarantors who sign a chattel mortgage and open an account with Tower Sacco or have an existing account.
  • Irrevocable letter of undertaking from processors/Aggregators/Buyers where applicable
  • Chattels mortgage
  • Other collaterals like logbooks, title deeds.

Capital Build up: The minimum Sacco monthly shares contribution shall apply i.e. Ksh500 as minimum monthly deposit contribution.

Processing time: Approval  within 48 Hours from receipt of completed loan application form

Penalties: A default rate of 10% per annum over and above the prevailing interest rate shall be applicable on any outstanding sum

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