RE: ADVANCE AGAINST EXPECTED REBATE FOR FINANCIAL YEAR 2022
This is to inform you that Advance against expected Interest rebates for financial year 2023 will officially be rolled out with effect from tomorrow 3rd August 2023.
The product is officially accessible to members subject to the following terms and conditions:
- The advance is available via MwalimuHELA platform App and USSD *633#
- The accessible amount will be 50% of the earned interest rebates for last financial year ended 31st December 2022 based on deposit balances then, at flat interest rate of 1.75% per month of the amount applied, subject to all other eligibility criteria. The interest rate will apply throughout the period of the facility.
- Any subsequent application of the advance will be on a top-up basis, the same way a bridging facility is handled. Any member who wishes to access additional advance must first clear the existing advance for this product line. They should, therefore, apply for a higher amount than the existing balance of advance sufficient to clear the previous one and leave them with the desired amount.
- Members who may have defaulted on any lending product of the SACCO or with arrears on any Sacco obligations are NOT eligible for this product unless their accounts are regularized.