Members Are Eligible for Loans if They Meet The Following Criteria

• The maximum loan will be four (4) times the guaranteed amount by guarantors and any collateral security.
• A loan applicant must have been active for at least 6 months as a member of GROOTS Sacco prior to the loan application.
• The loan applicant should ensure consistent contributions for at least six(6) months prior to the loan application.
• The loan applicant’s savings shall be considered and the maximum borrowing amount will be four times their savings e.g. if one has savings of Kshs 10000, the maximum loan amount that can be granted is Kshs 40000.
• A member is only eligible for one loan in each category.
• A member shall provide a minimum of 3 and a maximum of 5 guarantors to guarantee the loan amount.
• Two-thirds of guarantors should be from the borrower’s county of residence or business operation i.e. if one has 5 guarantors, 3 should be from the county of residence, if 3 guarantors, 2 should be from the county of residence. However one can choose to have all the guarantors from their county of residence.
• Qualifying contributions for loan applications ought to have been deposited to the Sacco a month prior to loan application otherwise it qualifies for 20%penalty.
• Members undertaking business will only qualify for a loan if they have evidence of conducting legal business through licensing and business permits acquired from relevant authorities.
• A member must have a definite income-generating activity that is legally accepted.

• A member shall provide a minimum of 3 and a maximum of 5 guarantors to guarantee the loan amount.
• Two third of guarantors should be from borrowers county of residence or business operation i.e. if one has 5 guarantors, 3 should be from county of residence, if 3 guarantors, 2 should be from the county of residence. However one can choose to have all the guarantors from their county of residence.
• Qualifying contributions for loan applications ought to have been deposited to the Sacco in a month prior to loan application otherwise it qualifies for 20%penalty.
• Members undertaking business will only qualify for a loan if they have evidence of conducting legal business through licensing and business permits acquired from relevant authorities.
• A member must have a definite income generating activity that is legally accepted.