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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