Tamika Credit group loans are specifically designed for Small and Medium Enterprises (SMEs) that come together as a group of 3 to 10 members. Our Group Loans are flexible and affordable, with repayment terms that are tailored to the specific needs and financial situation of the group.
The primary goal of our Group Loans is to empower groups of SMEs to access the capital they need to grow and develop their businesses. By working together as a group, SMEs can access larger loan amounts than they might be able to individually, and they can also benefit from shared responsibility for repayment. Our Group Loans can be used for a wide range of purposes, including working capital, inventory purchases, equipment acquisitions, and other business-related expenses.
We understand the critical role that SMEs play in driving economic growth and job creation, and we are committed to supporting their success through our Group Loans. Our loans are available to a wide range of SMEs, including those in the informal sector, and we offer competitive interest rates to ensure that our clients can access the financial assistance they need at an affordable cost. We also offer a fast and streamlined application process, with loan approvals typically processed within a short period of time.
At Tamika Credit, we believe in the power of SMEs to drive economic development and create employment opportunities, and we are committed to providing them with the financial solutions they need to succeed. Our Group Loans are just one of the many ways we support SMEs and contribute to the growth and development of the communities we serve.
Group Loan Requirements
- Certificate of registration
- Minutes of the meeting for registration
- Groups by-laws
- Identity documents (passport photo, ID copy, KRA pin)
- 2 Guarantors and members. (1st guarantor should be a spouse or a close relative in which the borrower should declare the absence of the spouse. 2nd guarantor should be a member of the group who is well familiar with the borrower.)
- All members should guarantee the borrower.
- Each member is to attain a pass-book @Ksh 100/=
- Supervision to the income-earning activity and the households for collaterals which will be facilitated by the loan officer and group officials.
- Training by the loan officer and the supervisor.
Benefits of our Group Loans
- Affordable Interest Rates
- No hidden charges
Group Loan Processing Period
- Loan period: 1 month – 3months
Group Loan Interest Rate
- Interest rates 7.5 % PM
- Processing fees of 7.5% on the principle
- Ksh 10,000 to 50,000 secured by the business
- Amount saved should be 20% of the loan amount.
- Registration for the individual should be Ksh 1,000
