Eligibility Criteria for Loan

• A member is eligible for this loan after saving with CareCoop for One (1) month. This will be within a member’s savings for the first Three (3) months
• New Members on DDACC can only borrow within their savings for the first three (3) months.
• This loan cannot be granted if net pay is less than 20% of applicants’ net pay after Tax & NAPSA but not less than K500.00 after deductions.
• A member should show consistency in contributions and previous loans repayments
• A member who has missed any monthly repayments on a running loan or savings contribution will have to clear all outstanding loan arrears and make consistent repayments and/or contributions for at least 3 months for members under payroll and 6 months for General members before being allowed to access a new loan.
• Members will have to provide collateral to access loans above K100,000.00 if their organisations:- (a) Do not pay gratuity to their staff who leave employment midterm or (b) Do not clear their staff with and remit to CareCoop upon leaving employment

Documentation

The following documents are required along with your Loan application:

• Copy of NRC or Valid ID
• Latest Copy of Pay slip
• Copy of Valid Contract of Employment
• Organization Clearance Form
• Copy of Mandate Form (for General Members)
• Bank Statement (for General Members in Active Business)
• ZRA Tax Certificate (for General Members in Active Business)
• Cash flow projections (for General Members in Active Business)

Download Loan Forms

Get started on your next investment!

• Loan Application Form