Hazina Sacco is a Kenyan-based cooperative society that offers a variety of financial services to its members, including loans. Applying for a loan at Hazina Sacco requires filling out a loan application and agreement form. In this article, we will guide you through everything you need to know about the Hazina Sacco loan application and agreement form.

What is the Hazina Sacco loan application and agreement form?

The Hazina Sacco loan application and agreement form is a document that you need to fill out when applying for a loan from Hazina Sacco. It includes all the necessary information required to process your loan application, such as your personal details, employment information, and the loan amount you are applying for. It also contains terms and conditions that you must agree to before the loan is disbursed.

What information is required to fill out the loan application form?

To apply for a loan from Hazina Sacco, you need to provide the following information on the loan application form:

1. Personal details: This includes your name, ID number, and contact information such as your phone number and email address.

2. Employment information: You need to provide details about your employment, including your employer’s name and contacts, your job title, and your monthly income.

3. Loan details: You need to specify the loan amount you are applying for and the purpose of the loan.

4. Guarantors: You must provide two guarantors who are members of Hazina Sacco. They will co-sign the loan agreement with you.

5. Repayment period: You need to specify the repayment period you prefer, depending on your ability to repay the loan.

What is the loan agreement form?

The loan agreement form is a document that outlines the terms and conditions of the loan you are applying for. It includes information such as the interest rate, the repayment period, and the consequences of defaulting on the loan. You must read and understand the loan agreement form before signing it since it is a legally binding document.

What are the terms and conditions of the Hazina Sacco loan?

The Hazina Sacco loan terms and conditions include the following:

1. Interest rate: The interest rate for Hazina Sacco loans is 1.25% per month on a reducing balance.

2. Repayment period: The repayment period for Hazina Sacco loans ranges from 3 to 48 months, depending on the loan amount and your repayment ability.

3. Security: Hazina Sacco requires that you provide security for the loan, which can be in the form of a guarantor, a deposit or a lien on assets.

4. Penalties: If you default on your loan, you will incur penalties such as late payment fees and loan termination fees.

Conclusion

The Hazina Sacco loan application and agreement form is a crucial document that you need to understand before applying for a loan. It contains all the necessary information required to process your loan application, and it outlines the terms and conditions of the loan. By carefully reading and filling out the loan application and agreement form, you can avoid misunderstandings and ensure that your loan application is processed smoothly.