Lending Products

As a licensed Sacco, Hardware Sacco provides a platform for its members to access credit at affordable rates to enable them realize their goals and plans. Our products are tailor made to ensure there is equality at all times in the best interest of the member ranging from:-

NO. LOAN PRODUCT TERMS
1 NORMAL LOAN Repayment – 72 Months
Security – Salary, deposits, other savings, guarantors, chattels, and charged collateral.
Rate – 1.25%
2 ITEM LOAN Repayment – 48 Months
Security – Salary, deposits, other savings, guarantors, chattels, and charged collateral.
Rate – 2%
3 DEVELOPMENT LOAN Repayment – 72 Months
Security – Salary, deposits, other savings, guarantors, chattels, and charged collateral.
Rate – 1.25%
4 TOPUP LOAN Repayment; As per the loan product.
Qualification; loan to be topped up must have been 50% paid up.
Security – Salary, deposits, other savings, guarantors, chattels, and charged collateral.
Appraisal fee – 4% of the outstanding loan balance.
5 RESCHEDULE LOAN Repayment – 72 Months
Security – Salary, deposits, other savings, guarantors, charged collateral, and other properties.
Rate – 1.25%
Reschedule terms;
Done once in its lifetime.
One qualifies for instant, school fees and emergency loans after 2-months of rescheduling.
One qualifies for other loans after six months of reschedule with strict adherence to the 2/3 rule
No reschedule shall be done on guarantor and asset finance loans.
Appraisal fee – 4% of the outstanding loan balance.
6 ASSET FINANCING Security: land with title deed/log book; 20% deposit/savings of the price of asset to be acquired; full share capital.
(NB; The cost of perfection shall be catered for by the applicant)
Rate – 1.25%
Repayment period;
Land – 60 months
Motorcycle – 12 months
Tuk-tuk – 12 months
Motor vehicle – 24 months
Maximum loan amount will be;
Motor cycle – ksh 150000
Tuk-tuk – ksh 400000
Motor vehicle - 1500000
Additional terms; one should only have one Asset finance loan running.
Management committee discretion applies.
7 INUA BIZANA LOAN Loan limits members; non-check off members.
One qualifies for a loan 2-times (INUA/BIZNA savings)
1st loan upto ksh 20000 for 6 Months
2nd loan upto ksh 50000 for 12 Months
3rd loan upto ksh 100000 for 18 Months
Thereafter maximum loan duration will be 24 Months
Loan limits members; check off members.
One qualifies for a loan 2-times (INUA/BIZNA savings)
1st loan upto ksh 100000
2nd loan upto ksh 200000

Thereafter one shall be given a loan 3-times (INUA/BIZNA savings) for maximum duration of 24 Months

Requirement: National ID copy, KRA pin copy, active bank statement for 4 months, sacco saving statement for 3 months, sketch map to residence and business location, business income and expense projections.
Weekly Savings: minimum of ksh 250

Security – Salary, deposits, other savings, guarantors, chattels, and charged collateral.
Rate – 1.5%