In its quest to serve you better and to ensure that Chitukuko SACCO grows your investments, the SACCO is introducing a loan default fee of MK10, 000. If a loan is not being serviced a member will pay interest that has accumulated plus a fixed fee of MK10, 000.
Currently, the SACCO is spending a lot of money chasing after delinquent loans. This in return is affecting the profits the SACCO could have made. Due to this, members that are repaying their loans faithfully are the ones financing the cost that is being incurred when following up loan defaulters. This is the sole reason that the SACCO is now transferring that cost to the defaulters.
The SACCO is going to start charging the new fees on 1st April, 2017 and this will apply to all loans that are three (3) months or more in arrears.
Chitukuko SACCO will always thrive to make sure that you get the best out of your investment.