What is Okoa Hire Purchase?
This is a loan designed to finance assets such as mobile phones, laptops and computers and household goods etc.
Okoa Hire Purchase Features
- Deposit of 50% of the product price.
- Affordable interest of 5% per month.
- Repayment period of up to 12 months.
- Loan range from Sh. 10,000 to Sh. 500,000.
- Loan processing time of 7 working days.
- Loan processing fee of 3% of the loan.
- Credit insurance fee of 1%.
- Must be an active Okoa Finance member
- Must be in a verifiable business not less than 6 months.
- Must be saving a minimum of Sh. 250 in their Okoa Savings Fund throughout their period at Okoa Finance.
- Must have saved a minimum of 5 weeks in Okoa Finance.
- Must be guaranteed by other Okoa Finance members if loan being borrowed exceeds the amount in their Okoa Savings Fund.