- Fahari Loan limit rises to Ksh 8 million.
- Normal and Super Loan limits have been increased.
- Members can now use land and buildings as loan security.
Kenversity Co-operative Savings and Credit Society has revised its Fahari, Normal, and Super Loan terms, raising limits and repayment periods.
The changes were approved by the society’s Board of Directors. They apply to all members of the Sacco, which was originally formed to serve Kenyatta University staff before opening its membership to other sectors.
The maximum amount for the Fahari Loan has risen from Ksh 5,000,000 to Ksh 8,000,000. Its maximum repayment period has also been extended, from 96 months to 108 months.
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For the Normal Loan, the deposit multiplier increases from three times to four times a member’s deposits. The Super Loan multiplier rises even further, from three times to five times.
Members can now also use tangible collateral, such as land, buildings, or other acceptable immovable property, as security for loans. This comes in addition to existing security options, subject to the Sacco’s credit policy.
All other terms and conditions governing the three loan products remain unchanged, according to the circular. Members seeking further clarification have been encouraged to contact the society through its official communication channels.
By Benedict Aoya
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