Loans

Loans

Msilikali SACCO offers a wide range of loan products at competitive interest rates to meet the diverse needs of its members. To ensure transparency and member satisfaction, a 10-day cooling-off period applies to all loan applications. During this time, members may reconsider or cancel their application without incurring any interests. For more information on loan rates and charges click here

Personal Loans

These are personal loans available to all members, providing convenient access to credit for a wide range personal financial needs

Simple Accordion

1. Member loan

  • This is a payroll loan offered to MSACCO members to help them meet their personal needs and goals.
  • The maximum loan is MK 20 Million, which is to be repaid for a maximum period of 36 months.
  • Members can refinance the loan after repaying at least 50% of the principal.

    • 2. Education loan

  • This loan is designed to support education expenses for MSACCO members or their dependents covering school fees, uniforms and books.
  • Loans of up to MK 4 million are available, with a maximum repayment term of 24 months.
  • Loan disbursements are paid directly to the educational institution in accordance with the provided invoice or authorization letter.
  • The loan can be refinanced after repaying 50% of the principal amount.

    • 3. Emergency loan

  • This is a short-term loan designed to assist MSACCO members in covering unforeseen expenses.
  • The maximum loan amount is MK 1 million, repayable over a period of up to 12 months.
  • Loan applications are processed every day and disbursed within 24 hours.

    • 4. Ndapata loan

  • This loan is available to new MSACCO members upon joining the SACCO.
  • Loans of up to MK1 Million are available, with a maximum repayment term of 12 months.
  • MSACCO utilizes 20% of the approved loan amount to capitalize the member’s redeemable shares.
  • Loan applications are processed every day and disbursed within 24 hours.

    • 5. Pa easy Loan

  • This loan is essentially a debt consolidation tool, helping members pay off existing loans from other financial institutions.
  • The maximum loan amount is MK 5 million, with a maximum repayment term of 24 months.

    • 6. Chiombola loan

  • This is a one-month salary advance loan offered to MSACCO members to bridge unexpected financial needs.
  • The maximum loan is MK 200,000.00
  • Loan applications are processed every day and disbursed within 24 hours.

    • 7. Asset Insurance Loan

  • The loan provides members an opportunity to pay for general insurance to cover their assets i.e. vehicles, houses, business against accidents, fire, theft etc.
  • MSACCO partnered with CIC General Insurance Ltd to provide members with access to affordable and reliable insurance services
  • Members obtain instant cover for their asset whilst paying for insurance over longer period
  • A maximum loan amount is MK 2 million to be repaid for a maximum period of 12 months

    • 8. Member consolidation loan

  • This loan is a debt consolidation tool, helping members to merge the existing loans within MSACCO into one loan.
  • The maximum loan is MK 20 Million, which is to be repaid for a maximum period of 36 months.

    • 9. Ongeza loan

  • This is a loan refinancing or a loan top up i.e. replace the existing one with new one to secure affordable terms or access additional amount on top the existing loan.
  • Applicable on loan products requiring top-ups and refinancing
  • Maximum loan is MK20,000,000.00
  • Processed weekly

    • Development loans/Asset

    These are loans available to all members helping you acquire assets or invest in long term projects.

    Simple Accordion

    1. Material loan

  • This loan provides MSACCO members with the opportunity to purchase various materials, including agricultural inputs, electronics, building materials, and other essential items.
  • The loan is paid directly to the suppliers upon provision of quotation or pro-forma invoice.
  • The maximum loan amount is MK 4 million, repayable over a period of up to 24 months, depending on the types of materials purchased.

    • 2. Development loan

  • This loan provides MSACCO members with the opportunity to procure land for future development.
  • MSACCO provides such loan in partnership with Real Estate Companies
  • Procured land shall form part of collateral along with member savings.
  • A maximum loan amount is MK 7.5 million to be repaid for maximum period of 24 months
  • The loan is paid directly to the supplier.

    • 3. Green Financing loan

  • MSACCO provides access to finance environmentally sustainable projects and activities that help combat climate change and conserve natural resources,
  • MSACCO provides such loans in partnership with Renewable Energy Companies or Suppliers.
  • The loan is paid directly to the suppliers upon provision of quotation or pro-forma invoice.
  • The maximum loan amount is MK 7.5 million, repayable over a period of up to 24 months, depending on the types of materials purchased.

    • Business/Group loans

    These loans are for groups, cooperatives, or entities, allowing
    members to collectively access funds.

    Simple Accordion

    1. Mathu group loan

  • This loan is offered to MSACCO members organized in groups or cooperatives to invest in or boost their individual businesses.
  • A maximum loan amount per group is MK20 Million to be repaid for a maximum period of 12 months

    • 2. Phezulu loan

  • This loan is designed to finance businesses of MSACCO members and other SMEs
  • A maximum loan amount is MK 30 million to be repaid for a maximum period of 18 months.
  • MSACCO finances the business that aligns with the Environmental Social System (ESS) policy.

    • Become a member of Msilikali SACCO

    Join Msilikali SACCO today and enjoy the benefits.

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