Maziwa Loan

• For dairy improvement, purchase of dairy cows, dairy production management or other dairy business needs e.g feeds and structures etc.
• For dairy farmers selling milk through Milk cooperatives/or processing firms and paid through Imarika ordinary savings account.
• Must have consistent milk income for last 12 months evidenced in Sacco statements and milk delivery notes.
• Proof of contracted agreement with Dairy Processor/Milk cooperative.
• Ability to repay i.e ready to commit a max. 70% of average monthly remittance for next 12 months.
• New Dairy Farmer-proof of facility where to rear the dairy breed or quotation of a gestating cow from a vetted breed seller.
• Maximum repayment period is 12-36 months.
• Repayment Recovery: Monthly STos and bullet payment upon receipt of annual bonuses.
• Loan size: Unsecured Kshs. 5,000-500,000 and secured Ksh.500,000 – Ksh. 1,000,000.
• Interest rate is 18% p.a flat rate.
• Processing fee 1% of loan applied for.
• Grace period 2 months.
• Minimum Sacco shares contribution shall apply or must have 25% of value of loan applied as long term deposits.
• credit life insurance of 0.6% p.a
• Livestock insurance for the cows 4.5%
• Security/collateral: Monthly Milk Remittances, chattels mortgage over household chattels & livestock, 2 guarantors with milk remittance, Group guarantee, insurance on the stocks 4.5%, and acceptable conventional collateral if any.