OVERDRAFT
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
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Getting quick cash to make essential payment before monthly salary payment
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Automatic Processing after completing the request form
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Cash collateral (salary of the following month)
Features
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Having paid Share capital of Frw 10,000 + Frw 30,000 payable within the agreed terms
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Membership period: at least 2 months
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competitive interest rates
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Maximum repayment period up to 1 month and ceiling loan amount equivalent to 75% of your net salary
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Accessible at Umwalimu SACCO Branches and at Umurenge SACCOs.
Requirements
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Member’s salary passing in Umwalimu SACCO for at least 2 months
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A copy of Identity Card or passport for foreigners
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Having paid at least least Frw 10,000 of share capital
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Fill and sign the application form requesting the overdraft
EMERGENCY LOAN
“Where membership matters” 
Benefits
Helps in solving personal emergency issues
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increase treasury for accessing opportunities
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Quick access to sufficient amount with less cost
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Uniqueness of the product
Features
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Having paid at least Frw 10,000 of Share capital
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Membership period: at least 2 months
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Maximum loan duration:
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1 year or less depending on the probation period for new members
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1-2 years for public and private teachers in primary and secondary schools
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Loan amount limited to permanent saving for loan duration above 1 year
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Other members limited to one for amount not exceeding their savings
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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
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Competitive interest rates
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Loan protection fees: 1.5% for loan amount less or equal to Frw 500,000
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Immediate processing period:
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if the amount requested is less or equal to the permanent savings amount
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if the amount does not exceed Frw 2,000,000 and have 3 guarantors
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Physical collateral for loan amount above Frw 2,000,000 not covered by the permanent savings
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Monthly installment not exceeding 75% of net salary after all compulsory deductions in case does not have any other loan
SALARY ADVANCE LOAN
“Personal Banking at its Best.”
Benefits
Helps in solving personal issues
Increase working capital for small businesses
Loan Processing period: between1-3 working days if all requirements are complete
Access to sufficient amount
Competitive interest rate
Features
Having fully paid the share capital of Rwf 40,000 for new members starting with January 2018
Competitive Interest rates
Maximum loan amount:
Net monthly pay times 12 backed with collateral (physical or cash) of a value not less than 125% of the loan amount, repayable within 3 years.
Net monthly pay times 8 to 10 backed with collateral (physical or cash) if the loan amount is above Frw 2,000,000, and the loan amount repayable within 2 years.
SCHOOL FEES LOAN
“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
MEDICAL LOAN
“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
ONE LAPTOP PER TEACHER LOAN
“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
HOME FURNITURE LOAN
“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
BUSINESS LOAN
” 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)
VEHICLE AND ASSET LOAN
“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
AGRICULTURE LOAN
“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
“Dream house, Make it happen.”
Benefits
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Competitive interest rate
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Own a house with low income
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Used as loan collateral
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Protect against renting stress and risks
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Increase household wealth
Features
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Ceiling: ≤ frw35,000,000
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Competitive interest rates: 11% for Primary and secondary Public teachers for amount not exceeding 10 million and 14% for public teachers who get above Frw 10,000,000 and all other members.
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Maximum loan processing period: 30 working days
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Maximum tenor: 10 years
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The property purchased or under construction serves as collateral
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The property is insured against perils to protect the interest of the borrower and the Institution
IRAMIRO LOAN
Benefits 
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Helps schools to resolve cash flow issues especially salary payment during this period of COVID-19.
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Quick access to money at a low cost.
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Insure financial stability to our private teachers.
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Both existing and new members can apply for this loan.
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Maximum Loan Duration : 24 months and the payment is done on a quarterly basis.
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Interest Rate : 13% per annum.
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Payment starts from the end of September 2020.
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Salary directly paid to the beneficiary teachers’ account in Umwalimu SACCO.
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For further details. Please download the form below.
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IRAMIRO LOAN (unknown, 4,079 hits)