Emergency Loans

The purpose of this loan is to facilitate members in meeting unexpected and urgent financial needs

Features

Minimum ksh.10,000
Maximum of 3x (times) one’s deposit
Maximun Ksh. 150,0000
Interest rate - 1% p.m. on reducing balance
Repayment 12 months
Proof of emergency required
Does not qualify for top up
Terms and conditions apply

Guidelines & Conditions

Must be a member in good standing, paying consistently for 6 consecutive months prior to loan application
A member who has missed a payment in the prior 6 months before a loan application shall not make an advance payment in order to immediately qualify for a loan
Should a member deposit a lump sum amount before applying for a loan, there will be a 3-month waiting period
Member must have paid their minimum share capital in full (KES. 10,000)
Member must complete a loan application form which can be obtained: on the JOWES Member Portal, email, a paper copy can be picked up at the JOWES office located on the 4th floor of Kenbanco Building, Moi Avenue
A member’s and Guarantor’s deposits will be utilized to offset the loan should a member fail to make repayments for three (3) consecutive months
There is no penalty for paying off a loan before maturity
All loans have an interest rate of 1% per month on a reducing balance basis, or 12% per annum
A 0.5% loan application fee will be assessed on approved loan
Approved loans will be disbursed within 3 days of receiving the signed approval letter and required documents

Original Size

Guidelines & Conditions

The first repayment will be based upon the repayment schedule, which you will receive upon loan approval
If payment is not received by the due date on the repayment schedule, a 1% late fee of the outstanding balance will be assessed.
The repayment period shall not exceed 36 months for development loans, and 12 months for emergency and education loans
Copy of Member’s National ID/ Passport and will be required for loan application
Loans will be disbursed in Kenya Shillings to a Kenyan bank account
Members will be responsible for any bank charges and/or fees
Diaspora members have the option to have their money sent to their local (in-country) account; however, they will be responsible for the difference in exchange rates
A member can only borrow a maximum of two (2) loans at any given time
A member may have up to a maximum of 5 guarantors

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JOWES was founded in 2017 by a collective of Luo and Suba women with the aim of fostering savings habits among members and facilitating affordable loans to empower them in achieving their financial aspirations. JOWES was officially a registered Savings and Credits Cooperative society in accordance with the Co-operative societies Act of the laws of Kenya, in 2018.

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EMERGENCY LOANS

The purpose of this loan is to facilitate members in meeting unexpected and urgent financial needs

Features

Guidelines & Conditions

Guidelines & Conditions

Quicklinks

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