Loan Products

^{Overdraft loan product is a facility that we advance to our valuable members to enable them to cover their needs before their  monthly income or salary is}

        ^Benefits

• ^{Getting quick cash to make essential payment before monthly salary payment} 

• ^{Automatic Processing after completing the request form}

• ^{Cash collateral (salary of the following month)}

        ^Features

• ^{Having paid Share capital of Frw 10,000 + Frw 30,000 payable within the agreed terms}

• ^{Membership period: at least 2 months}

• ^{competitive interest rates}

• ^{Maximum repayment period up to 1 month and ceiling loan amount equivalent to 75% of your net salary}

• ^{Accessible at Umwalimu SACCO Branches and at Umurenge SACCOs.}

         ^Requirements

• ^{Member’s salary passing in Umwalimu SACCO for at least 2 months}

• ^{A copy of Identity Card or passport for foreigners}

• ^{Having paid at least least Frw 10,000 of share capital}

• ^{Fill and sign the application form requesting the overdraft}

^{“Where membership matters”} 

^Benefits

• Helps in solving personal emergency issues

• ^{increase treasury for accessing opportunities}

• ^{Quick access to sufficient amount with less cost}

• ^{Uniqueness of the product}

^Features

• ^{Having paid at least Frw 10,000 of Share capital}

• ^{Membership period: at least 2 months}

• ^{Maximum loan duration:}

• ^{1 year or less depending on the probation period for new members}

• ^{1-2 years for public and private teachers in primary and secondary schools}

• ^{Loan amount limited to permanent saving for loan duration above 1 year}

• ^{Other members limited to one for amount not exceeding their savings}

• ^{Start with the beginning of the academic year for teacher members and takes the remaining months of the year from the month it is approved depending on whether it is for one or two years}

• ^{Competitive interest rates}

• ^{Loan protection fees: 1.5% for loan amount less or equal to Frw 500,000}

• ^{Immediate processing period:}

• ^{if the amount requested is less or equal to the permanent savings amount}

• ^{if the amount does not exceed Frw 2,000,000 and have 3 guarantors}

• ^{Physical collateral for loan amount above Frw 2,000,000 not covered by the permanent savings}

• ^{Monthly installment not exceeding 75% of net salary after all compulsory deductions in case does not have any other loan}

  ^{“Personal Banking at its Best.”}            

• Personal secured/unsecured loan is eligible for individual UMWALIMUSACCO members who channel their salaries/incomes through their account in Umwalimu SACCO.

        Features and Benefits

  • Helps in solving personal issues,
  • Competitive Interest rate: 14% for private members and 13% for public ones,
  • Duration :1-5 years,
  • Repayment capacity: 50% of the monthly net salary,
  • Maximum loan amount:
  • Frw 3,500,000 without physical collateral repayable in 1-2 years, for members who saved with Umwalimu SACCO less than 2 years, but the requestor must have 3 guarantors;
  • Frw 3,500,000 without physical collateral, repayable in 1-3 years, for a member who saved with Umwalimu SACCO for at least 2 years, but the requestor must have 3 guarantors,
  • Above Frw 3,500,000 repayable in 5 years whatever loan amount, covered by physical collateral securities of a value not less than 125% of the loan amount and the physical collateral must be registered with RDB.
  • Increase working capital for small businesses
  • Loan Processing period: 1 working day if no physical collateral is required and when all requirements are complete.
  • Access to sufficient amount.
  • Salary advance can be renewed when the member has paid up to a half and the loan given can clear the outstanding.
  • A member can benefit this kind of loan even if he/she has other loans like project or mortgage loans as long as the combined payments do not exceed a half of the net salary; and if the emergency loan is added, the payment should not exceed 75% of the net salary, meaning that the emergency loan is 25% of the net salary.

  Requirements

  • Having fully paid the share capital of Frw 40,000,
  • Member’s salary passing in Umwalimu SACCO at least 1 Month,
  • Application letter specifying the loan amount, the purpose and payment period,
  • Valid identification documents of applicant (and spouse if married),
  • Fill and sign the salary advance loan application form,
  • 2 guarantors who are members of Umwalimu SACCO and 1 spouse if married or a family member for unmarried members for the loan amount less than 3,500,000Frw and repayable in 1-3 years,
  • A recommendation letter from the school headmaster,
  • A recommendation letter from the local entities (District & Sector) officials for Headmasters,
  • Signed work certificate, salary certificate, employer’s engagement and service contract for private or non-teacher members showing the type of contract (permanent or fixed term), qualification level and type (education or not),
  • Marital status certificate,
  • Appointment letter for new teachers in public teaching,
  • Loan certificate (if purchasing liability from another financial institution) or clearance certificate,
  • Final appointment letter for teachers who were recruited from 2018.

^{“Give your child an advantage for life”} 

^Benefits

• ^{Facilities to pay school fees on time}

• ^{Processing period: between1-3 working days if all requirements are complete}

• ^{Save the dignity of the member}

^Features

^{This helps members pay school fees for their children and their own.}

• ^{Competitive Interest rates}

• ^{Maximum Repayment period up to 1year}

• ^{Direct transfer of the amount to school account}

^{“Making our member’s health a priority.”}      

^Benefits

• ^{Facilities to pay Medical fees on time}

• ^{Processing period: between1-3 working days if all requirements are complete}

• ^{Save the dignity of the member}

^Features

• ^{Share capital of at least Frw 10,000}

• ^{Competitive Interest rates:}

• ^{13% for Primary and secondary Public schools teachers}

• ^{14% for Private schools, universities teachers and others}

• ^{Maximum Repayment period up to 1year}

• ^{Direct transfer of the fees amount to the hospital}

^{“Building a bright future together.”}         

^Benefits

• ^{Competitive interest rate}

• ^{Enrich members’ knowledge through research}

• ^{Access to e-learning}

• ^{Easy access to asset (Laptop)}

^Features

• ^{Product for primary and secondary school teachers both public and private.}

• ^{Interest rates of 11% for all Primary and secondary teachers at Private and Public schools}

• ^{1 to 3 working days processing period}

• ^{Loan repayment period: 3 years}

• ^{Direct transfer to supplier of laptop}

^{“Go ahead. You can rely on us.”} 

^Benefits

• ^{Competitive interest rate}

• ^{Loan processing period: 15 working days}

• ^{Granted home furniture loan amounting to 80% after saving 20% of the total cost of the item to finance}

• ^{The collateral is the same asset purchased}

^Features

• ^{Competitive Interest rates}

• ^{13% for Primary and secondary Public schools’ teachers}

• ^{14% for Private schools, universities teachers and others}

• ^{Loan Repayment period 1-2years}

• ^{A Valid identification documents of applicant}

• ^{Share capital equals to Frw 40,000 for new members starting from January 2018}

• ^{Direct transfer to supplier of furniture}

^{” The power to help you succeed.”}            

^Benefits

• ^{Competitive interest rate}

• ^{Maximum Processing period: 30 working days}

• ^{Finance income generating project hence increasing members’ wealth}

• ^{Increase working capital to expand the business}

^Features

• ^{Ceiling ≤ frw35,000,000}

• ^{Competitive interest:}

• ^{11% for Primary and Secondary Public teachers with loan amount not exceeding Frw 10,000,000}

• ^{14% for for Primary and Secondary Public teachers exceeding Frw 10,000,000 and all other borrowers’ loans}

• ^{Maximum tenor: 5 years}

• ^{Suitable for individual and group (Members cooperative and companies)}

 ^{“We’ll take you further”}      

^Benefits

• ^{Competitive interest rate}

• ^{Loan processing period: 15 working days}

• ^{The collateral is the same asset purchased} 

^Features

• ^{Ceiling ≤ frw35,000,000}

• ^{Competitive interest rates}

• ^{13% for Primary and secondary Public schools’ teachers}

• ^{14% for Private schools, universities teachers and others}

• ^{Loan Repayment period: 5years}

• ^{A Valid identification documents of applicant}

• ^{Share capital equals to Frw 40,000 for new members starting from January 2018}

• ^{The purchased asset shall be the loan security}

• ^{Personal contribution 5% of the total cost of the asset to be purchased}

• ^{Direct transfer to supplier of furniture}

^{“Building better lives together.”}

^{Agriculture and livestock loans are advanced to finance farmers’ requests for agricultural activity which could be production; processing or distribution}

^Benefits

• ^{Competitive interest rate}

• ^{Additional income and food security to members}

• ^{Increase working capital to expand}

• ^{Partnership with BDF}

• ^{Quick access to cash to meet agriculture requirements (seeds, fertilizer, land rent, tools, harvest)}

• ^{Protect harvest against speculators}

• ^{Facilitate process of mechanization and agriculture transformation}

^Features

• ^{Ceiling: ≤ 35, 000,000}

• ^{Competitive interest rates: 11% -14% for Primary and secondary Public teachers and 14% for others (11% <10,000,000 Frw) and 14% ≥10,000,000 Frw for others)}

• ^{Loan processing period: 15 working days}

• ^{Repayment period: 6 months to 2 years depending on the product financed}

• ^{Grace period (moratorium): between 3-6months}

• ^{Suitable for individual and group (Members cooperative and companies)}

MORTGAGE LOANS

Dear members,

Do you wish to part ways with house renting stress?

Apply for Umwalimu SACCO Mortgage Loan or Giriwawe Mortgage Loan at a competitive interest rate.

1. UMWALIMU SACCO MORTGAGE LOAN

(House Purchase, House Construction or Rehabilitation, and Plot Purchase):           

Umwalimu SACCO mortgage product is primarily intended to promote provision of shelter through financing purchase or development of residential and commercial properties. This is a long-term loan secured by real property.

Features and Benefits

• Own a house with low income,
• Protect against renting stress and risks,
• Increase household wealth,
• Interest rate:
• 11% for Primary and Secondary Public teachers if the approved loan amount is less or equal to Frw 10,000,000;
• 14% for Primary & Secondary Public teachers if the approved loan amount is above Frw 10,000,000 as well as all other members (from private schools and education sector institutions);
• Maximum loan processing period: 30 working days
• Maximum loan tenor: 12 years
• Maximum loan amount: 100 million Rwandan Francs
• Installment not exceeding 50% of income with proof and the income must be regularly passing on Umwalimu SACCO member’s account,
• The property purchased or under construction serves as collateral and must be registered in RDB,
• The property is insured against perils to protect the interest of the borrower and the Institution,
• The payment of the purchased house to be directly transferred to the seller,
• Commitment letter to finance the full payment of the house to purchase after fulfilling the requirements (After land transfer).

Requirements

• Having fully paid the share capital of Frw 40,000;
• Member’s salary or other incomes passing through Umwalimu SACCO;
• Minimum membership period of at least one month,
• Construction project specifying all house estimates,
• Dully filled and signed Umwalimu SACCO loan application form,
• Valid identification documents of the member and spouse (for married members),
• Personal contribution of 10% of the total cost of the project to finance (in terms of money or a plot with foundation),
• Having saved at least 5% of the approved loan amount as permanent savings,
• Physical collateral with forced sale value equal to 125% of the approved loan amount,
• Work certificate, employer’s engagement and salary certificate indicating the type of contract and member’s qualifications and education,
• Proof of other sources of income and the income should be consistent and regularly pass on Umwalimu SACCO member’s account,
• Job contract for those serving in private schools and other institutions in the Education Sector,
• Cash flow for the applicant’s family,
• Provisional sales contract for outright house purchase,
• Copy of the house valid documents and photos (all A4 sizes),
• Loan certificate (if purchasing liability from another financial institution) or clearance certificate,
• Full appointment letter for public teachers.

1. GIRA IWAWE MORTGAGE LOAN

1. Features and Benefits

Benefits

• It helps the member with a low income to own an affordable house,
• It protects the member against renting stress and risks,
• It increases household wealth,
• It helps the member to have stability, security and peace of mind.

Features

• It offers up to Frw 40 million for a household earning a combined salary less or equal to Frw 1,200,000 monthly at an interest rate of 11% per annum and Frw 60 million for households earning above Frw 1,200,000 up to Frw 1,500,000 on a monthly basis at an interest rate of 13% per annum;
• Maximum loan processing period: 30 working days;
• The maximum repayment period not exceeding 20 years;
• Installment not exceeding 50% of the member’s net salary;
• The property constructed or purchased serves as collateral and must be registered in RDB;
• The property is insured against perils to protect the interest of the borrower and the Institution;
• The payment of the purchased house to be directly transferred to the seller;
• Commitment letter to finance the full payment of the house to purchase after fulfilling the requirements;

2. Requirements
   • Be a Rwandan citizen or have permanent residence;
   • Have at least 18 years old;
   • Register through the Gira Iwawe system:brd.rw to be eligible for “GIRA IWAWE” mortgage loan;
   • Member’s salary passing through Umwalimu SACCO;
   • Having fully paid the share capital of Frw 40,000;
   • Having a net household monthly income not exceeding Frw 1,200,000 to benefit from the Gira Iwawe Mortage Loan at an interest rate of 11% per annum, and 13% for a household earning above Frw 1,200,000 up to Frw 1,500,000;
   • Minimum membership period of at least one month;
   • Dully filled and signed Umwalimu SACCO application forms;
   • Job contract for those serving in private schools and other Government institutions under the Education Sector;
   • Valid identification documents of the member and spouse (for married members);
   • Personal contribution of 10% of the total cost of the house;
   • Having saved at least 5% of the loan amount approved as permanent savings;
   • Physical collateral with forced sale value equal to 125% of the approved loan amount;
   • Having a provisional sale contract for those who request the loan for purchasing a house;
   • Salary certificate, employer’s engagement and work certificate for salaried members;
   • Employment contracts for the case of teachers in private schools;
   • Cash flow for the applicant’s family;
   • Copy of the house valid documents and photos (4 sides, A4 photos);
   • Loan certificate (if the house to be bought is a collateral of another financial institution) or clearance certificate;
   • Pay 5% of the amount to be approved as commission, 18% of that commission as VAT, 0.2% of amount to be approved as loan application fee, and loan protection insurance, Security guaranty insurance according to life insurance and general insurance respectively;
   • The approved amount will be disbursed after property transfer in the name of the member.

Steps to follow when applying in the “Gira Iwawe” System

Members who want to get a new “Gira Iwawe” loan should first click the link of giriwawe@brd.rw and fill out their application. Once they are approved, they can send the loan application to the branch of Umwalimu SACCO that they already work with and put the answer they received on the loan application file.

This system facilitates the collection of up-to-date information to be used by Rwanda Housing Authority (RHA) while assessing the eligibility of applicants for affordable housing.

STEP 1: Registration

Interested applicants for affordable housing units apply by registering through “Gira Iwawe” system and get their accounts verified through an email or SMS.

Step 2: Application

Login into the “Gira Iwawe” system and apply following the steps provided on the application page.

Step 3: Eligibility Verification

Rwanda Housing Authority (RHA) assesses the submitted applications in “Gira Iwawe” System.

Step 4: House purchase

Eligible applicants purchase houses by getting a mortgage loan with Umwalimu SACCO.

^Benefits 

• Helps schools to resolve cash flow issues especially salary payment during this period of COVID-19.

• Quick access to money at a low cost.

• Insure financial stability to our private teachers.

^Features

• Both existing and new members can apply for this loan.

• Maximum Loan Duration : 24 months and the payment is done on a quarterly basis.

• Interest Rate : 13% per annum.

• Payment starts from the end of September 2020.

• Salary directly paid to the beneficiary teachers’ account in Umwalimu SACCO.

• For further details. Please download the form below.

•   IRAMIRO LOAN (unknown, 6,010 hits)

Features and benefits

• Contribution fees: 1.5% of the loan granted

• Deducted on the loan with loan amount less or equal to Frw 500,000 repayable in the period not exceeding 2 years

• Facility to the family to pay back the remaining loan when the borrower died or permanently disabled

• Save the dignity of the family members in the society

• Secure the member’s asset when the borrower died.

Requirements

• Being a member of Umwalimu SACCO

• Death certificate issued by competent Authorities (Hospital / Sector)

AGUKA-MWARIMU LOAN

This is a loan product that enables any member of Umwalimu SACCO with limited start-up capital to start or expand a business in the sector of their choice, but having the necessary capacity to start or manage business ventures which complement their primary teaching activities.

Features

• Providing financing to Umwalimu SACCO members who are willing to invest in a profitable business venture and have saved in the Aguka-Mwarimu Savings Loan Account;

• To access the Aguka-Mwarimu Loan, the member should have been active in saving for at least 6 months (Aguka-Mwarimu Saving Account);

• The member should have a minimum balance equal to 30% of the requested loan amount on the Aguka-Mwarimu Saving Account before the loan can be accessed

• Financing should adhere to a debt-to-equity ratio of 70:30;

• The repayment frequency will be determined by the appraisal process, based on the nature of the business;
• The repayment should be made from the business cash flows and any other sources of income the member has;
• The repayment period does not exceed 5 years (60 months);
• Minimum loan amount: Frw 500,000;
• Maximum loan amount: It depends on the appraisal, needs, and requirements, and cannot exceed Frw 10,000,000;

• Interest rate: 14% per annum.

Benefits

• Members earns 3.5% interest per annum on the 30% savings;
• The 30% saving can serve as cash collateral for loans below or equal to Frw 3.5 million and the member will continue to earn interest on the savings until the loan is fully repaid;
• Additional collateral (such as land, equipment, stock, and BDF-related guarantees) may be required based on the analysis for loans above Frw 3,500,000;

Requirements

• Loan Application Letter;
• Identity card of the applicant, and their spouse (for married members);
• Civil status documents (marriage or single certificate, divorce certificate, …)
• Properly filled loan application form;
• Details of the project, asset, or working capital for which financing is being sought (Business Plan);
• The business to be financed must be profitable and generate stable income to cover the monthly installments throughout the entire repayment period;
• Legal documents for the business entity (e.g., trade license, patente, etc.);
• Clean CRB report;
• Having 30% of the requested loan amount as savings in advance;
• Proforma invoice for the equipment to be financed, if required;
• Receipt for the loan application fee payment.

NGURIZA NIGE LOAN (SCHOOL FEES LOAN)

This loan is given to members who saved in the Nzigamira Nige Saving account to help them get school fees. It is not only based on the monthly salary of the member but also on other income that the member shows.

Features and Benefits

• The maximum amount (ceiling) is 3,500,000 Frw;
• The maximum amount of loan will be equal to the total amount saved on Nzigamira Nige Saving Account, times 2;
• Maximum repayment period: 12 months;
• Interest rate: 13%;
• Direct transfer of the amount to the school’s account;
• Facilities to pay school fees on time;
• Processing period: Between 1-3 working days if all requirements are complete;
• It saves the dignity of the member.

Requirements

• Having fully paid the share capital of Frw 40,000;
• Having saved on Nzigamira Nige Saving Account for at least 6 months;
• Application letter specifying the loan amount and payment period;
• Fill and sign the Nguriza Nige loan application form;
• Valid legal identification documents (ID & Passport) for applicant and spouse;
• 3 guarantors who are nationals but in case of a married member, one of these guarantors must be the spouse of the applicant, while for the single members all the 3 guarantors must be members;
• Having on Nzigamira Nige Saving Account 50% of the approved loan amount as collateral of the given loan. This amount will not be withdrawn when the loan is not yet fully repaid;
• Bring a justification for the needed school fees amount including the account of the school where the fees will be paid;
• A recommendation letter from the school’s Headmaster;
• A recommendation letter from the in charge of Education at the sector for the case of Headmaster,
• Salary certificate, employer’s engagement and work certificate indicating the type of contract and member’s qualifications and education,
• Job/service contract for teachers in private schools and members from Government institutions in the education sector,
• Appointment letter for new public teachers and final appointment letter for teachers recruited from 2018.
• Marital status certificate.

SARURA – MWARIMU LOAN

This loan product is designed for Umwalimu SACCO members who have the capacity and interest to invest in the agricultural value chain, thereby supplementing their salary income from their primary teaching activities.

Features

1. This loan is designed to finance primary agriculture and post-harvest activities (fertilizers, improved seeds, purchasing produce, artificial insemination, pesticides where applicable, and acquiring equipment for farming operations);

2. To access the Sarura-Mwarimu Loan, the member should have been active in saving for at least 6 months (Sarura-Mwarimu Saving Account);

3. The member should have a minimum balance equal to 30% of the requested loan amount on the Sarura-Mwarimu Saving account before the loan can be accessed;

4. Financing should adhere to the principle of a 70:30 debt-to-equity ratio;

5. The repayment frequency will be determined by the appraisal process, based on the nature of the business;

6. The repayment should be made from the business cash flows and any other sources of income the member has;

7. The 30% saving can serve as cash collateral for loans below or equal to Frw 3.5 million and the member will continue to earn interest on the savings until the loan is fully repaid;

8. Additional collateral (such as land, equipment, stock, and BDF-related guarantees) may be required based on the analysis for loans above Frw 3,500,000;

9. Maximum Repayment Period: The repayment period does not exceed 60 months;

10. Minimum loan amount: Frw 500,000;

11. Maximum Loan Amount: This depends on the appraisal, needs, and requirements, and cannot exceed Frw 35,000,000.

12. Interest rate:12%

Benefits

1. Members earns 3.5% interest per annum on the 30% savings;
2. The 30% saving can serve as cash collateral for loans below or equal to Frw 3.5 million and the member will continue to earn interest on the savings until the loan is fully repaid;
3. Additional collateral (such as land, equipment, stock, and BDF-related guarantees) may be required based on the analysis for loans above Frw 3,500,000;

4. Grace period: This depends on the product being cultivated, but cannot exceed 6 months.

Requirements

• Loan Application Letter;
• Copies of Identity Cards of the applicant and their spouse (for married members);
• Civil status documents (marriage or single certificate, divorce certificate, …)
• Properly completed Loan Application Form;
• Details of the project, asset, or working capital for which financing is being sought (Business Plan)
• The business (agriculture) to be financed must be profitable and generate stable income to cover the monthly installments throughout the entire repayment period;
• Legal documents for the business entity (e.g., trade license, patente, etc.);
• The proof of land ownership or notarized rental contract for the land on which the project will be implemented;
• Clean CRB report,
• Having 30% of the requested loan amount as savings in advance;
• Proforma invoice for the equipment to be financed, if required;
• Receipt for the loan application fee paid.