Asset Finance Loan

This is a loan for purchase of motor vehicles, business equipment or machinery.

  • Equipment & machinery must form part of security.
  • Comprehensive insurance on motor vehicles, assets acquired and used as security mandatory
  • AWE Diaspora Sacco must be noted as loss payee on insurance policy
  • Joint registration of assets in Sacco and borrower name mandatory
  • Valuation of assets mandatory.
  • Subject to 3 times member savings.
  • Repayment period: 36 months or useful economic life of asset whichever is shorter.
  • Interest rate: 12% per annum on reducing balance.
  • Loan processing fee is 1% of the loan amount
  • Loan insurance fee is 1% of the loan amount per annum.