M-chapaa Loan can be accessed through M-Sacco and provides members with instant access to cash. With this loan, members can easily apply for and receive funds directly to their mobile phones, making it a convenient option for those in need of quick financial support. With a streamlined application process and flexible repayment terms, the M-chapaa Loan makes it easier for members to manage their financial needs on the go regardless of geographical location.
Features
- Accessible via USSD *346#
- Interest rate of 7.5% per month
- Default starting amount of 1,000/=, which can increase over time as members repay their loans.
- To be eligible for this loan product, members must have a minimum share deposit of KES 15,000.
- Member monthly salary must have been processed through the Sacco at least in the previous month.
- Requirement (3) above shall be exempted only if the member has MEHO scheme savings.
- Member can have only one M-Chapaa loan at a time.
