Sheria Sacco Society Ltd has introduced a new loan product christened ‘Dividend Advance Loan’.
“We are thrilled to inform you about the introduction of our new financial product called the ‘Dividend Advance Loan’. This initiative is a testament to our dedication to offering convenient and easily accessible financial solutions,” read a memo signed by Director Simon Wasilwa.
The financial solution is designed to provide convenient and easily accessible credit to its members.
The loan is secured by the projected interest on deposits, allowing members to access up to 75% of their expected interests for the year 2023 after deducting a 5% withholding tax.
The interest rates for this loan vary depending on the time of application, with a rate of 10% for loans accessed between November 6 and 30, and a rate of 7.5% for loans accessed between December 1, 2023, and February 28, 2024.
“By offering this dividend finance loan, we aim to provide you with an accessible financial tool to manage your finances effectively and fulfill your immediate financial goals,” Wasilwa said.
By Amos Kerich
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