Welcome to Mbbov Cooperative Society

FAQ

Frequently Ask Questions

How can I get a loan?

You can get a loan by registering as one of our members. Membership guarantees eligibility to loan facility.

How much can I access as loan?

Our loan facility provides a wide range of options when it comes to the amount to collect as loan. Our different products carry different amount to be collected.

Can I access more than 150% of my savings?

Yes you can access more than 150% of your savings. In fact, once you save 30% Of the amount you want to collect with us, you can access the loan.

What is the requirement to be able to access more than my contributions?

The general requirements
-Register as a member
-Save or pay minimum of 30% of amount you want to collect

Can I access more than 150% of my savings?

Yes you can access more than 150% of your savings. In fact, once you save 30% Of the amount you want to collect with us, you can access the loan.

How do I become a member?

You become a member by registering with Mbbov

How do I get registered?

You can register by simply pay a non-refundable fee of #2,000:00 to any of our account officer, collect a receipt, then an account number will be generated and sent to you.

Do I need collateral?

Mbbov runs strictly on a "No Collateral" policy

What is the lowest amount I can save?

Yes, a customer may choose to withdraw his/her savings at any point, even while still saving

Can I withdraw my money while am still saving?

Personal loan is the obvious choice if you need a finance for Personal finance, Medical emergency, Wedding purposes, Abroad travel, Holidays, Child education and for buying consumer durable things.

How do I then access my money?

Simply by filling a withdrawal for, after which such withdrawal will be processed, and the customer gets his/her money within 48hours.

Can I just dump a large into the Cooperative account and request for a loan that is double my contribution?

Mbbov does not approve or give our loans based on contribution. Mbbov cooperative, is not an association, it has its policy for giving out loans.

How long do I need to save in order to qualify for a loan facility?

Mbbov usually gives its customers the period of 1 month (one month) to save the amount tagged ‘30%’. Also, can decide to pay the saving in bulk at once (lump sum payment)

How much is the interest on the loan?

Our interest rate come in forms and percentages for different products. Generally our interest rates range from between 10% - 15%

Can I access another loan if I have an existing loan?

No a customer is entitled to only one loan running at a time. Were he or she wants to access another loan, any previous or already running loan must be cleared before he/she can access a new loan facility.

What is the duration for repayment of my loan?

Our loan tenure span from between 6(six)weeks - 3(three) months.

How do I start saving?

You can register by simply pay a non-refundable fee of #2,000:00 to any of our account officer, collect a receipt, then an account number will be generated and sent to you. (always ensure you collect a receipt for any payment you make) you can also make payments directly to the company’s account, then send proof of payments to our account officers through our e -mail contacts.

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