• +255 762 316 819
  • info@tumainisaccos.co.tz
  • Njiro, Arusha - Tanzania

Loan Services

tumaini SAVINGS AND CREDIT COOPERATIVE SOCIETY LTD

Our Services

TUMAINI SACCOS has passed through a series of product innovation and development. Currently the SACCOS offers Development Loans, Education loans, Construction loans, Emergency loans, Business Loans, Settlement loans, and Chapchap loans.

DEVELOPMENT LOAN

This is a longer-term financial needs of members and with repayment period of up to three (3) to four (4) years depending on the loan amount:

This loan is designed for development purposes. 

A loan amount is twice or three times as borrower’s savings but with a maximum limit of 10% core capital of SACCOS with tangible collaterals and a loan size of TZS 50,000,000/- without collateral – for members who will borrow two times their savings.

Loan repayment period is four (4) years when loan amount is higher than TZS 50 Million.

EMERGENCY LOAN

This Loan is designed for emergencies and it does not depend on savings.

Emergency loan is repaid within six month. 

CHAP CHAP LOAN

Chap chap loan is an instant loan designed for those customers facing very needing emergencies. Repayments of chap chap loan must be within a month period.

EDUCATION LOAN

This Loan is designed for Education purposes. Customer can also have a loan twice of a saving amount with maximum loan amount of TZS 20 million.

Loan period for education loan is  one year with interest of 9.5 reducing balance.

In order to take education loan member must submit the joining instructions and the fee structure to the SACCOS

CONSTRUCTION LOAN

This product is designed for customers who wishes to start construction activities. Every member is eligible to borrow up to three times the saving amount.

Any member who wants to borrow construction loan must have the construction permit, building sketch and the budget of the building which is expected to construct.

Minimum loan amount of the construction loan is 3,000,000 and maximum of not more than 10% of Tumaini SACCOS core capital.

Members can make repayments up to four years with interest amount of 9.5 reducing balance. Top up of the loan is allowed after six months of consecutive repayments.

 

HOME APPLIANCES LOAN

Tumaini SACCOS in collaboration with Benson and Company has bring to you the good news that any member can purchase a home appliance from the Benson Company and give invoice to Tumaini SACCOS for payments while you make repayments to Tumaini SACCOS every month for six month.

Requirements are:

  1. Report to Tumaini SACCOS your intention to take utility from Benson and Company so that we introduce you to Benson for discount
  2. Fill the Loan form provided by Tumaini SACCOS
  3. Go to Benson & Co. to take the utility which is not more than Tsh 3,000,000/=
  4. Benson will send the proforma Invoice to Tumaini SACCOS
  5. Your repayment will be sent to your employer or fill the Standing order form for monthly repayments.
  6. Make repayment up to six months.
  7. Top up is not allowed
  8. Does not depend on savings

BUSINESS LOAN

Tumaini SACCOS Ltd has developed business loan product, repayments will depend on cash flow of the respective verified business. Maximum loan amount is twice or thrice depending on the collateral payable in between two to four years.

SETTLEMENT LOAN

This product is consumed by new members/ staff to assist them relocate to new environment. Loan amount depends on Basic salary and it is payable in six Months period.