types, requirements, forms and invoice number

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In Kenya, the best way to get loan services is to be a member of the Credit and Savings Society. One of the oldest companies is Nyati Sacco, which was registered in 1977. While the company was originally intended for G4S employees, it now accepts memberships outside the company. Over the years, Nyati Sacco loans have become popular, with flexible payments and friendly terms.

Image: nyatisacco.co.ke
Source: UGC

The cost of credit is cheaper in Saccos than traditional banking institutions. This has prompted more people to join these financial institutions and save in the hope of obtaining loans on favorable terms. Saccos also fills the void left by banking institutions which tend to alienate those who work in the informal sector. By diversifying loan services to cater for this group, Saccos, like Nyati, has grown tremendously and now serves thousands of Kenyans.

List of Nyati Sacco loans

As part of the diversification of credit services, Nyati Sacco offers seven types of loans. Each type of loan has its own set of terms and conditions, a maximum value and a maximum repayment period. If you want to borrow money, you will have to choose from these types of loans by Nyati Sacco:

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1. Asset financing

Asset Finance is a new loan service from Nyati Sacco. The service intends to give members the financial power to own property in Kenya. With an interest rate of 1.25% (on declining balance), the company has one of the lowest interest rates in asset financing.

Requirements

The requirements for an Asset Finance loan include:

  • Three payslips in progress
  • At least two guarantors
  • Identity copies of guarantors
  • Copy of your ID
  • A proforma invoice

Loan limit and repayment period

After submitting the form and the five documents, Nyati Sacco will contact you after 14 days. If the demand reaches the loan threshold, you will get the finances within a week. In some cases, you will be interviewing the branch management.

READ ALSO: Stima Sacco Loans – Types, Interest Rates and Requirements

Nyati Sacco loans: types, application conditions, forms, invoice number
Image: facebook.com, @NyatiSaccoLtd
Source: UGC

Like other credit services, the possible loan limit is subject to the 1/3 rule. For example, if you want asset finance worth Ksh300,000, you need to have at least Ksh100,000.

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Once approved, you must repay the loan monthly. The redemption premium bears interest at 1.25%, ie on the declining value.

2. Cash advance

The Nyati Sacco Cash advance loan allows you to withdraw money before your salary. While Cash Advance stands for high interest rates, this loan option has a reasonable interest rate. However, it has a short payback period.

Requirements

Since the loan facility is for Sacco members, there are only two requirements. They are:

  • Copy of your ID
  • Three payslips in progress
  • Loan limit and repayment period

The “possible amount” depends on your deposits. For example, if you have 10,000 Ksh in your account, you can get up to 30,000 Ksh in advance. Therefore, the eligibility is three times the value of the deposit.

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The Sacco takes 12 hours to approve the loan. Once credited, you must make the payments on time as agreed. In addition to the borrowed principal, you will pay 8% interest on the declining balance.

3. Fahari loan

Fahari Loan is a personalized short term loan service for members of the company. The Sacco gives members 18 months to repay the Fahari loan plus 1.5% interest on the declining balance. Your savings will determine how much you can get.

Requirements

To be eligible for the Fahari loan, you must have:

  • Copy of your ID
  • Three payslips in progress
  • At least two guarantors
  • Identity copies of guarantors

Loan limit and repayment period

Nyati Sacco will approve the loan in three days, according to The documentation. The loan amount will depend on your account balance. The standard policy for determining your loan limit is to multiply your account balance by three.

Nyati Sacco loans: types, application conditions, forms, invoice number
Image: facebook.com, @NyatiSaccoLtd
Source: UGC

Fahari Loan has a specific repayment period. In this case, the Nyati Sacco loan calculator must take into account the loan principal plus 1.5% (on declining balance) over 18 months.

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4. Emergency loan

Do you have an emergency and want a loan with a flexible repayment plan? If so, the emergency loan is ideal for you. You will need to complete the Nyati Sacco loan application form and wait three days.

Loan conditions

You only need three documents. They understand:

  • Copy of your ID
  • Two guarantors and identity copies
  • Three recent payslips

Loan limit and repayment

The value of the loan depends on your savings. The maximum possible emergency loan is your savings multiplied by three. If you have 20,000 Ksh in your account, you can get up to 60,000 Ksh as an emergency loan.

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After loan approval, you have to repay it in 12 months. Payments are monthly with 1.3% interest on the declining balance.

5. Medium term loan

A medium term loan is a financing option for Nyati Sacco members looking for a low interest rate service. It is also ideal for those who need a flexible repayment period. However, you must be an active member to be eligible for this loan.

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Loan conditions

  • The requirements for the medium term loan include:
  • Three recent payslips
  • At least three guarantors and identity copies
  • Your identity copy

After receiving The documentation, the Sacco takes 15 business days to respond. If the Sacco approves the loan, it will take less than 24 hours to get the funds. The maximum loan repayment period is 36 months, with an interest of 1.25% on the declining balance.

6. Normal loan

Nyati Sacco loans: types, application conditions, forms, invoice number
Image: facebook.com, @NyatiSaccoLtd
Source: UGC

The Normal Loan has one of the most flexible repayment periods of any Nyati Sacco loan product. You will need to prove that you have a source of income in order to get this loan. While you wait 15 days for approval, the maximum repayment period is 54 months.

Loan conditions

  • Three payslips in progress
  • At least three guarantors and identity copies
  • Your identity copy
  • Active deposit account

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After filling the Nyati Sacco loan form, it takes fifteen working days to get approval. The possible loan amount depends on your documentation and the savings available in your account.

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7. Super ready

The super loan is a long-term financing option. With interest at 1.3% per month (on declining balance) and a 72-month payback period, the service is ideal for salaried members of Sacco. Better yet, the loan is granted more quickly than in most credit institutions.

Loan conditions

  • To be eligible for the Super Loan, you must have:
  • Three recent payslips
  • Your identity copy
  • At least three guarantors and their identity copies

Once you have applied and submitted the form, the Sacco will take 15 working days to go through your documentation. If you qualify, the money will be credited to your account within 24 hours of approval.

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Repayment of the Nyati Sacco loan

Nyati Sacco works like commercial banks when it comes to loan repayments. You can make monthly repayments at the nearest Nyati Sacco branch or send the money electronically.

Alternatively, you can refund cash to Nyati Sacco’s official invoice number, which is 906100. If you are using this payment option, provide your ID number as the account number.

With over four decades in business, the company has redefined banking in Kenya. Nyati Sacco loans have helped members own property, obtain credit facilities, and make better financial decisions without incurring high interest rates.

As previously reported by TUKO, the NCBA Bank Group has revealed that it has purchased a yard to hold and resell seized vehicles from defaulting debtors. The bank said it would use the yard to service the cars before reselling them, instead of using auctioneers who got lower prices.

While the NCBA has revealed that it has funded more than 4,300 vehicles at a cost of Ksh 17 billion, the number of defaulters has increased due to the COVID-19 pandemic. It is estimated that over 130,000 Kenyans have lost their jobs so far and it is feared that this number will continue to rise.

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