Queensway SACCO Ltd besides being set up to assist its members to save, another basic need was to allow the members to have easily accessible loan facility. All loans are subject to normal processing by the Credit Committee and/or Management Committee.
Our society extends to its member’s four types of loans:
1. Emergency Loan.
This loan is extended to a member to assist him/her when faced with unexpected and immediate financial crunch. The maximum amount under emergency loan is KShs 100,000 and it is repayable within twelve months, at a rate of 1% per month on a reducing balance. The purposes which qualify under these criteria include; School fees, Medical bills, bereavement, etc. A member qualifies for a second emergency loan so long as three months have elapsed since the previous loan was affected and the two loans are recovered simultaneously.
2. Development/Normal Loan.
This is a loan for development purposes. A member is eligible for this loan six months after joining the Society. One qualifies for a loan equal to three times his/her share capital up to a maximum of KShs 1,500,000. The loan is payable within four years (48 months) at a rate of 1% per month on reducing balance method.
3. Supersaver Development Loan.
This is a development loan and is targeted for high savers to borrow over KShs 1,500,000 to a maximum of KShs 2,000,000 as long as such a member’s savings/deposit is over KShs 1,000,000. This loan is payable within three years (36 months) at a rate of 1% per month on reducing balance method.
4. Insurance Loan.
This loan is given to assist members cater for their pressing insurance needs and is repayable in six months. It is given a maximum of KShs 80,000 repayable with an interest rate of 1.25% per month on reducing balance basis.
5. Property Investment loan
This is a guarantor free loan advanced to members to assist them in acquiring property investments(land/houses) opportunities available in the Housing Co-operative. This is a joint arrangement between the two Societies that is aimed at enhancing member's investment needs. All members are legible so long as they fulfill the SACCO borrowing terms.
6. Queensway Quick Cash
This is a revolutionary salary advance product given to members within 48 hours of application. At a maximum of Kshs. 30,000, all you need is to complete an application form accompanied by your most recent payslip. Once done the advance is wired straight to your bank account.