Palscity Sacco Loan Products
Pals Instant Mobile Loan
You can apply for a loan immediately after joining Palscity Sacco and receive funds within 10 minutes. Enjoy personalized service from a knowledgeable representative. 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
Loan Features
- Applicable amount up to 115% of personal savings
- Repayment period up to 1 month
- Interest rate: 5% p.m
- No Processing Fee is charged on the principal amount
- 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
- Duly filled membership and loan application forms
- Purchased minimum shares of Kshs 1,000
- Minimum saving of at least 1000
Palscity Sacco Loan Products
Pals Business Loan
Business loans are the perfect option for entrepreneurs looking to take the next step in their business.
Value Range
- Minimum Kshs 25,000– Maximum Kshs 500,000
Loan Features
- Applicable amount up to x3 of personal savings
- Repayment period up to 36 months
- Interest rate: 12% p.a
- Processing fee of 2% charged on the principal amount
- Loan to be secured by member savings
- Loan Insurance fee of 2.5% of the loan value will be charged.
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 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
Palscity Sacco Loan Products
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 500,000
Loan Features
- Applicable amount up to x3 of personal savings
- Repayment period up to 12 months
- Interest rate: 12% p.a
- Processing fee of 2% charged on the principal amount
- Joint ownership of the property between Palscity Sacco and member 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
- Fully guaranteed by savings
Palscity Sacco Loan Products
Pal Asset 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 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 12 months
- Interest rate: 12% p.a
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
Palscity Sacco Loan Products
- Pals Salary Advance
- This is a type of loan you can take out 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
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
- The loan MUST be fully secured by savings
- Direct debit / check-off set-up forms
- Letter from the employer authorizing the loan application
Palscity Sacco Loan Products
- Groups/Chama Loans
- This Loan Enables formal and informal groups such as chamas, self-help groups, welfare groups, 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 3x of the group savings
- Loans above Ksh.200,000 must have two more external guarantors
Terms and conditions
- Group Certificate of Registration
- Group Constitution
- National ID /Passports and PIN Certificates of the office bearers
- 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
Palscity Sacco Loan Products
Pals Normal Loan
We designed The Normal Loan to address normal everyday needs. You don't need a specific reason, or proof of purposes like a credit score, or anything else. You can use it for anything from groceries to rent payments
Value Range
- Minimum Kshs 10,000– Maximum Kshs 500,000
Loan Features
- Applicable amount up to x2- x3 of personal savings
- Repayment period up to 36 months
- Interest charged – 1% p.m. on a reducing balance (6.5% p.a.)
- Processing fee of 2% charged on the principal amount
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
- Guaranteers accepted
- Fully guaranteed by savings
Palscity Sacco Loan Products
School Fees 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.
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 stake of Kshs 5,000
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.