Loan
A loan is a smart choice for ambitious people who aim to grow and achieve their dreams early. You can unlock great opportunities for success in your future with our affordable and flexible loan options. Apply today and make your plans a reality with our Willing Loan Service.
Loan Types
Loan Types
Loan and credit provision is one of the primary services offered by Golden SACCO. All members have an equal right to benefit from these credit services. In addition to fulfilling the pre-credit requirements outlined in the bylaws, Golden SACCO’s loan committee and loan department consider various factors before approving any credit application. A clear segregation of duties is maintained during the loan approval process: once the loan committee approves a request, it must be authorized by the board chairman and the finance manager before any payment is made.
Business Loan
Golden SACCO provides business loans to members who have saved at least 35% of the requested loan amount for a minimum of three consecutive months. Members can borrow up to 2,000,000 Birr, with a repayment period of up to 5 years, enabling them to start or expand their businesses while managing affordable monthly installments.
House Loan
Golden SACCO provides house loans to members who have saved at least 35% of the requested loan amount for a minimum of six consecutive months. Members can borrow up to 10,000,000 Birr, with a repayment period of up to 15 years, allowing them to buy, construct, or maintain a house while managing affordable monthly installments.
Vehicle Loan
Golden SACCO provides vehicle loans to members who have saved at least 35% of the requested loan amount for a minimum of three consecutive months. Members can borrow up to 6,000,000 Birr, with a repayment period of up to 10 years, making it easier to purchase a vehicle while managing affordable monthly installments.
Collateral Types
Vehicles: Cars, trucks, or other vehicles that are fully owned by the borrower and free of any liens or encumbrances. The vehicle model must be 2005 or newer.
Deposits: The borrower’s savings and shares with Golden SACCO can be pledged as collateral.
House: Residential or commercial property that is fully owned by the borrower and free of any liens or encumbrances. The property must be located within Addis Ababa city districts.
Bank or Insurance Company Shares: Golden SACCO accepts shares held by the borrower in banks or insurance companies as collateral.
Salary: Golden SACCO accepts salary as collateral for loans of 300,000 Birr or less.
Guarantors: Third parties who can provide a personal guarantee or pledge their assets as collateral to secure the loan.
