Pals Instant Mobile Loan
This is one of our signature products meant to cushion members in urgent need of cash during an emergency. You can apply for a loan immediately after joining Palscity Sacco and receive funds within 10 minutes. Enjoy personalized service from your mobile phone all from a knowledgeable representative in the background. You don't need a credit check to apply and we don't review your credit history.
Value Range
- Minimum Kshs 500 – Maximum Kshs 15,000
- Less than 1-month loan limit Kshs. 5,000
- 1-3 months loan limit Kshs. 10,000
- 3-6 months loan limit 15,000
Loan Features
- Applicable amount up to 115% of personal savings.
- Repayment period up to 1 month.
- Interest rate: 7.5% p.m charged upfront.
- No Processing Fee is charged on the principal amount.
- Can be applied by Individuals not a Group.
- Can be applied a Maximum of 2 times in a day.
- The loan is applied through a USSD (*533#)
- Capitalization of member’s dividends during the loan repayment period if the member is in default.
Terms and conditions
- Must be a Sacco member and paid registration fee of Kshs. 500
- Purchased minimum shares of Kshs 1,000
- Minimum saving of at least 1,000
- Loan limits decrease by Kshs. 5,000 when one defaults.
Pals Businesses Loan
Business loans are the perfect option for entrepreneurs looking to take the next step in their business. We provide small and micro business owners with the working capital facility to boost their stock. We strive to understand business needs and customize appropriate financial solutions for their Businesses. We also provide several platforms to ensure their Businesses grow digitally an online. These include:
- Ecommerce platforms
- Intercounty Marketplaces
- Digital Marketing Training
- Solutions to have their businesses Digitally Fit. etc
Value Range
- Minimum Kshs 25,000– Maximum Kshs 500,000
Loan Features
- Applicable amount up to 2x to 3x of personal savings.
- Repayment period up to 36 months.
- Interest rate: 12% p.a
- Loan to be secured by member savings.
- Processing fee of 1.5% is charged on the principal amount subject to a minimum of 500 and a maximum of 10,000
- Loan Insurance fee of Kshs 0.6 (cents) per 1,000 per Year (loan period). This insurance covers loans against death or permanent disability.
Terms and conditions
- Must be a Sacco member for a period not less than 6 months
- Duly filled membership and loan application forms or applied online
- Purchased minimum shares of Kshs 5,000
- Can be fully guaranteed by member savings
- Must NOT be servicing any other development loans.
- Proof of the existence of the business. E.g. business permit Registration certificate Business records (e.g. invoices, purchase orders, etc.) Business photos
- Guarantee and indemnity form duly filled
- Guiding maps of the applicant and business
Pals Development Loan
This is a long-term loan granted to our members for their own personal development e.g. buying of land, property, or any project.
Value Range
- Minimum Kshs 10,000 – Maximum Kshs 1,000,000
Loan Features
- Applicable amount up to x2 to x3 of personal savings
- Repayment period up to 36 months
- Interest rate: 1% p.m on a reducing balance
- Loan to be secured by member savings or/and guarantors
- Processing fee of 1.5% charged on the principal amount subject to a minimum 500 and maximum 10,000
- Loan Insurance fee of Kshs 0.6 (cents) per 1,000 per Year (loan period). This insurance covers loans against death or permanent disability.
- Joint ownership of the property between Palscity Sacco and members during the loan period
Terms and conditions
- Must be a Sacco member for a period not less than 6 months
- Duly filled membership and loan application forms
- Purchased minimum shares of Kshs 5,000
- Fully guaranteed by savings
Pals Asset Financing Loan
Our solutions will help you get your hands on all assets you need for your home or business. We provide solutions to help you purchase laptops, appliances, equipment, tools, vehicles, motorbikes, boda bodas, tuk tuk, tractors and more.
Value Range
- Minimum Kshs 10,000 – Maximum Kshs 500,000
Loan Features
- Borrow up to x2 - x3 of personal savings
- Repayment period up to 36 months
- Interest rate: 12% p.a
- Loan to be secured by member savings or/and guarantors
- Processing fee of 1.5% is charged on the principal amount subject to a minimum of 500 and a maximum of 10,000
- Loan Insurance fee of Kshs 0.6 (cents) per 1,000 per Year (loan period). This insurance covers loans against death or permanent disability.
- Some Assets (movables) are co-owned by Palscity Sacco and the member.
Terms and conditions
- Must be a Sacco member for a period not less than 6 months
- Duly filled membership and loan application forms
- Purchased minimum shares of Kshs 5,000
- Loan financing does not cover 3rd Party Expenses
- Fully guaranteed by savings
Pals School Fees / Education Loan
We help a struggling family/Parent/guardian by funding their child's education. Whether it's primary school, secondary school, or college, we'll make sure their child has the opportunity to reach their academic potential.
Range of values
- Minimum Kshs 10,000 – Maximum 500,000
Loan function
- Sacco charges an interest rate of 12% p.a.
- The amount of the loan is up to 2-3 times the member's savings.
- Up to 18 month of repayments.
- Loan to be secured by member savings or/and guarantors
- Processing fee of 1.5% is charged on the principal amount subject to a minimum of 500 and a maximum of 10,000
- Loan Insurance fee of Kshs 0.6 (cents) per 1,000 per Year (loan period). This insurance covers loans against death or permanent disability.
Terms and conditions
- Become a Sacco member for at least 6 months
- Please submit a copy of the fee structure and admission letter (for new students)
- Loan must be fully secured by membership funds
- Cash deposited directly into the school account
- Must be a Sacco member properly completed on the Membership Registration Form
- Formally Completed Loan Application Form
- You must have reached the minimum Shares/stake of Kshs 5,000
Pals Last Expense Cover Loan
Membership has an additional Kshs. 600 p.a. for the cover of Kshs. 50,000 or Kshs. 1200p.a. for the cover of Kshs 100,000. Or Kshs 6000p.a. for the cover of 500,000. Plus additional benefits for spouses, children, parents& parents in law. Refer to Pals Last Expense Table.
This is payable upfront to Sacco or can be requested as a loan to the individual member and repaid monthly at zero interest.The premium payable depends on the level of benefit chosen
|
BENEFIT |
500,000 |
250,000 |
200,000 |
150,000 |
100,000 |
50,000 |
|
M |
6000(500) |
3,000(250) |
2,400(200) |
1,800(150) |
1,200(100) |
600(50) |
|
M+1 |
7000(600) |
3,500(300) |
2,800(240) |
2,100(175) |
1,400(120) |
700(60) |
|
M+2 |
7900(660) |
4,000(340) |
3,200(270) |
2,400(200) |
1,600(120) |
800(70) |
|
M+3 |
9000(750) |
4,500(375) |
3,600(300) |
2,700(225) |
1,800(150) |
900(75) |
|
M+4 |
10,200(850) |
5,100(425) |
4,100(350) |
3,100(300) |
2,100(175) |
1,100(100) |
|
M+5 |
11,500(960) |
5,600(470) |
4,600(390) |
3,500(300) |
2,300(200) |
1,200(100) |
|
Extra Child |
1,650(140) |
1,150(100) |
850(80) |
600(50) |
600(50) |
600(50) |
|
Cover Per parent < 75 |
2,700(225) |
1,350(120) |
1,250(110) |
90(75) |
600(50) |
600(50) |
Parents/ Parents – in-law rates cover per person
|
Cover Limits |
250,000 |
200,000 |
150,000 |
100,000 |
50,000 |
|
76 – 85 years |
6,000(500) |
5,000(420) |
4,000(340) |
3,000(250) |
2,000(170) |
|
85 – unlimited years |
No Cover |
No Cover |
No Cover |
No Cover |
3,500(300) |
Eligibility
- Family (principal members, spouses, parents & parents in law) 18-75years
- Children – Birth -18 years; 25 years for school-going children
- The waiting period for death due to any illness is 3 months from the commencement date of the cover.
- In the event of the death of the policyholder and/or declared members of the nuclear family, the policy shall cease to be in effect upon settlement of the claim. Reinstatement can however be effected upon receipt of the full premium
- Parents & Parents in law benefits should be less or equal to the principal member's benefit
- Max of 4 parents per principal member
Requirements to join the scheme
- Completion of Individual Application form; copy of ID/Birth certificate for minors
- Payment of premium to the Sacco. The premiums listed above are annual.
Pals Salary Advance Loan
- This is a type of loan you can take if you have a stable monthly income. If you need something done and it's not yet payday or you are having a salary delay, this loan can help you sort out the necessary and pay later.
Value Range
- Minimum Kshs 5,000 – Maximum Kshs 100,000
Loan Features
- Applicable amount up to 50% of your monthly income
- Repayment period of less than 1 month
- Interest rate: 5% p.m
- No Processing fee is charged on the principal amount.
- No Insurance fee is charged.
Terms and conditions
- Must be a Sacco member for more than 3 months
- Duly filled membership and loan application forms
- Purchased minimum shares of Kshs 5,000
- Check-off/standing order remittance of monthly contribution for not less than three months continuously.
- Certified three-month payslips
- Certified six-months salary account statement
- Letter from the employer authorizing the loan application
Group/ Chama Loan
- This Loan Enables formal and informal groups such as chamas, self-help groups, welfare groups, allumni, whatsapp groups, families and business groups to acquire loans for wealth creation, group projects and welfare activities for its members.
Value Range
- Minimum Kshs 10,000 – Maximum Kshs 500,000
Loan Features
- Repayment Period varies
- The interest rate for group loans should be 2% monthly on a straight line and insurance fees of 2.5% of loan value will be charged.
- Applicable up to 2x-3x of the group savings
- Loans above Ksh. 200,000 must have two more external guarantors
Terms and conditions
- Group Certificate of Registration (formal groups)
- Group Constitution
- National ID /Passports and PIN Certificates of the office bearers (Chair, Vice, Secreatary, Treasurer, 1 member)
- Duly signed minutes for the meeting approving account opening
- Group minutes approving the loan
- Every member will fill out an affidavit form that must be signed by the area chief and commissioned by the commissioner of Oaths (for location based groups).
Pals Normal Loan
We designed The Normal Loan to address normal everyday needs. You don't need a specific reason, or proof of purpose like a credit score, or anything else. You can use it for anything from groceries to rent payments etc.
Value Range
- Minimum Kshs 10,000– Maximum Kshs 500,000
Loan Features
- Applicable amount up to x2 of personal savings
- Repayment period up to 24 months
- Interest charged – 12% p.a
- Loan to be secured by member savings or/and guarantors
- Processing fee of 1.5% is charged on the principal amount subject to a minimum of 500 and a maximum of 10,000
- Loan Insurance fee of Kshs 0.6 (cents) per 1,000 per Year (loan period). This insurance covers loans against death or permanent disability.
Terms and conditions
- Must be a Sacco member for a period not less than 6 months
- Duly filled membership and loan application forms
- Purchased minimum shares of Kshs 5,000
- Guarantors accepted
- Can also be guaranteed by savings.
Virtual Helpdesk
Palscity Sacco’s main goal is Customer Focus. We have a virtual helpdesk where members can email within working hours and get a fast response to their inquiries and feedback.