Cooperative Bank offers overdraft for SACCOs when the financial institutions require urgent cash. The terms and interest rates of the overdraft is as follows.
Overdraft is provided for short term advances to members, to finance working capital needs for the SACCO, or for SACCO operations to bridge the gap in case of check off remittance delays
Features / Key benefits
- Marked on current account
- Period-Up to 12 months
- Interest at Bank base rate i.e. currently at 17.5% p.a
- Appraisal fee-Negotiable-Maximum 2.5%
- Application fee-As per Bank tariff-Maximum Kes 10,000
Application requirements
- Security: Check off, Lien over collateral deposits or tangible security provided