Muganga SACCO


These are credit schemes which are set up by Muganga SACCO to support members who wish to own their vehicle. This loan enables our customers to purchase a vehicle of their choice, and this will usually be a vehicle for personal use. The vehicle can either be new or used but should have a resale value and serviceable at the time of application.

Targeted Members

  • 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 14 days);
  • Help members to realize their dream of owning cars;
  • Flexible repayment period;
  • Increase source of income to companies of members operating in small scale businesses;
  • Vehicle considered as collateral.

Eligibility Criteria

  • Individual members / cooperatives, association, companies of members operating small scale businesses;
  • Regular compulsory savings;
  • Individual member should be at least 18 years old;
  • Being registered in Muganga SACCO Mobile Banking;
  • The salary to be channeled at Muganga SACCO for at least 6 months;
  • 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 self-employed (Business, Rental, livestock, etc…….) and be channeled to Muganga SACCO at least for 1 Month;
  • Having an adequate credit history for borrowing;
  • Must not have the loan in arrears in Muganga SACCO or any other financial institution in Rwanda (blacklisted by Credit Reference Bureau);
  • Vehicle should be environmentally friendly.

Products features

  • Maximum amount is open up to the SACCO ceiling;
  • Repayable in 5 years (60 months) maximum;
  • The interest rate is 17% per annum (declining);
  • Life insurance premium or individual depending on the insurer tariff;
  • Applicant is required to have his/her own contribution equals to 10% of requested amount;
  • Monthly installment equal to 50% of the monthly salary. If salary taken combined with other commitments, it cannot exceed 75% of salary;
  • The vehicle purchased shall have a comprehensive insurance;
  • Payment made to Supplier/Vendor’s account;
  • The applicant himself must negotiate with the seller of the vehicle and make the transfer of ownership before payment;
  • Muganga SACCO will pay the seller after collateral registration at RDB.


  • Fulfil and sign Vehicle 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;
  • Provisional purchase agreement or proforma invoice for vehicle to be purchased;
  • Collateral Valuation report;
  • Any other document requested by credit department to support member’s request.