Jiokoe Loan

This loan allows members who diligently service their loans to progressively increase eligibility to a maximum of Kshs. 20,000.
a)Member is required to have met the required minimum share capital and be in good standing in contributions and repayments to qualify the loan.
b)Members will gradually increase the Jiokoe loan limit by Kshs. 2,500 after successful- repayment within 30 days to a maximum of
c)Repayment period of the Jiokoe Loan shall be a maximum of 1 month i.e. principal plus interest
d)If the loan is not paid within 30 days the loan will attract a penalty of 10% .
e)If the Jiokoe loan is not paid within 60 days, the same will be termed as defaulted .
f)If Jiokoe Loan is defaulted, the member’s credit scoring will reduce to a minimum Jiokoe Loan of Kshs. 2,500.
g)Members on Outside common bond to qualify for a loan within their deposits to a maximum of 20,000.
h)Interest rate will be 5% per month on the loan balance
i)A member who defaults will not be barred from accessing the Jiokoe Loan, however they will be subjected to a penalty of 10% of the outstanding Jiokoe loan plus interest upon application.