Muganga SACCO


Salary advance is an unsecured and secured loan eligible for individual members who channel their salaries through Muganga SACCO.

Targeted Members

  • Individual employed members working in the health sector in Rwanda (public and private).


  • Quick loans, rapid and flexible to access (not exceeding 14 days for unsecured loans and 30 days for secured loans);
  • Flexible repayment period;
  • Helps salaried employee’s members to get affordable loans based on their salaries;
  • The salary advance can clear all the existing old loans, such as ordinary loan, emergency loan, overdraft loan.

Eligibility Criteria

  • Being a member of Muganga SACCO for at least 6 months;
  • Regular compulsory savings;
  • Being registered in Muganga SACCO Mobile Banking;
  • The salary to be channeled at Muganga SACCO for at least 1 month;
  • Having paid membership fees in full (Frw 50,000 of share capital);
  • Have an employment contract (not in probation);
  • Having 18 years old (Minimum);
  • Have an adequate credit history for borrowing.

Products features

  • The salary advance loan Amount is Member’s net salary times 20 (25,000,000Frw);
  • To the members with temporary job contract, it depends on the remaining period of the contract;
  • Maximum Repayment term: 4 years for unsecured loans and 5 years for secured loan;
  • Security includes physical guarantee and cash such as compulsory savings;
  • Any amount to be paid in a tenor above 4 years requires a guarantee and it must be registered with RDB;
  • Repayment is done on a monthly basis through their salary/income accounts;
  • 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 has other loans like project or mortgage as longer as the combined payments do not exceed a half of the net salary and if the emergency loan added to the payment, it should not exceed 75% of the net salary;
  • The interest rate is 14% per annum (declining).


  • Fulfil and sign Salary Advance loan application and loan agreement form;
  • Copy of Identity card/Passport of applicant and his/her spouse (if married);
  • Proof of status certificate of applicant (Marriage certificate; Single certificate, Widow certificate, divorced certificate) found via Irembo services;
  • Salary certificate and employer engagement;
  • Loan commitment form;
  • Recommendation letter;
  • Employment contract or appointment letter;
  • Any other document requested by credit department to support member’s request;
  • Tangible collateral for secured loan whose tenor exceeds 4 years;
  • Valuation report of the collateral.