SCHOLAR LOAN
A scholar loan is designed to help members who wish to upgrade their academic level in the country. This loan is also intended to help parents to pay school fees for their children without financial constraints.
Targeted Customers
- Individual employed members working in the health sector in Rwanda (public and private)
- Self-employed members of MUGANGA SACCO
Benefits
- Quick loans, rapid and flexible to access (not exceeding 1 day);
- Turnaround time of 1 day
- Help members to realize their dream of high academic levels;
- Help parents to pay school fees of their children without financial constraints.
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)
- Having regular income for non-employees (Business, Rental, livestock, etc…….) and be channeled to Muganga SACCO at least 3 Months;
- Have an adequate credit history for borrowing;
- Must not have the loans in arrears in MUGANGA SACCO or any other financial institution in Rwanda (blacklisted by CRB);
- Having proof of registration in an accredited university or school;
- Having proof of school fees required.
Products Features
- Maximum Amount: Dependent on member’s repayment capacity;
- Repayment term is 24 months;
- The interest rate is 11% per annum (declining);
- Repayment capacity is 50% of the monthly net salary (If combined with other commitments cannot exceed 75% of salary);
- Repayment is monthly (Capital + interest);
- Turnaround time (TAT): 1 day;
- Disbursement in installments (Per Term);
- Payment made to school account.
Requirements
- Fulfil and sign Scholar 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;
- Subcommittee recommendation letter;
- Employment contract or appointment letter;
- Proof of income for self-employed members;
- Account statement of other for at least 12 Months for self-employed members;
- Tangible collateral of compulsory savings for self-employed members;
- Proof of registration in an accredited university or school;
- Proof of school fees required;
- Any other document requested by credit department to support member’s request.