Home FAQs Guarantor-ship & Loan Security Queries
Guarantorship Loan Security

1.  Do I need a guarantor if my loan application is equivalent to my deposits?

  • No, you don’t need a guarantor long as the loan applied does not exceed your deposits.

2.  How many guarantors do I need?

 

  • The Sacco has no minimum or maximum guarantors. It all depends on you and the loan amount applied for. Ideally ones deposits and guarantor’s deposits must be equal to or more than loan amount subject to risk exposure.

 

3.  What other collateral or loan security can I use??

The Sacco allows use of other loan securities namely;

Log books (50% of valuation)

Vehicles asset financing loan (75% or 90% of car valuation for used and new cars respectively)

Stocks listed in NSE (50% of valuation)

Title deeds for Mhasibu Housing plots (75% of Market valuation)

MICL Shares (100% of cost)

Life insurance policies with a surrender value

Unit trust deposits

4.  How many members I have guaranteed??

 

  • You can confirm how many people you have guaranteed at any time anywhere using the Mhasibu Online User Account.

 

end faq