The Somemore Loan is an additional financial option available to members subsequent to obtaining Investment and Emergency loans. Members can access a maximum of MK200,000.00 through this loan, providing supplemental support for specific financial needs. The repayment period for the Somemore Loan is capped at 2 months, offering a brief but effective window for addressing short-term financial requirements.
This loan is uniquely structured with an interest rate of 20% per month. The calculation is based on the member's payroll capacity, ensuring that the terms are aligned with the individual's income. The Somemore Loan maintains its distinctive name while serving as a targeted solution, allowing members to access additional funds based on their financial capacity. This approach provides flexibility and responsiveness to members' evolving financial situations within the framework of Polymed SACCO.