A scholar loan is designed to help members who wish to upgrade their academic level in the country.
- Individual employed members working in the health sector in Rwanda (public and private);
- Self-employed members of MUGANGA SACCO, Cooperatives, association, companies of members operating small scale businesses.
- Quick loans, rapid and flexible to access (not exceeding 5 days);
- Turnaround time of 5 days;
- Help members to realize their dream of high academic levels without financial constraints.
- 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
- 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 Credit Reference Bureau);
- Having proof of registration in an accredited university or school;
- Having proof of school fees required.
- 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): 5 days;
- Disbursement in installments (Per Term);
- Payment made to school account.
- 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.