For Soma SACCO Limited, loan applicants should generally meet the membership, savings and repayment requirements set out in the SACCO’s lending policy.

General requirements for applying for a Soma SACCO loan

1. Active SACCO membership

You must be a registered member of Soma SACCO and meet the applicable membership conditions.

2. Savings and deposits

You should have the required member deposits and meet the minimum savings period, where applicable.

3. Completed loan application form

Fill in the appropriate application form for the loan product you wish to apply for.

4. Identification documents

Provide a valid national identity card or other identification accepted by the SACCO.

5. Guarantors or acceptable security

Depending on the loan type, you may need guarantors or eligible deposits to secure the loan.

6. Ability to repay

The SACCO may assess your income, existing loan commitments and ability to repay within the agreed period.

Documents to prepare

  • Copy of your National ID.

  • Latest payslips, if employed.

  • Proof of income, such as business or bank statements, if self-employed.

  • Membership and deposit statement, if requested.

  • Guarantor details or evidence of acceptable security.

  • Additional documents required for the specific loan product.

Before applying

Soma SACCO offers loan products such as emergency, school fees, education, maternity, instant and top-up loans. Requirements may differ for each product.

I could not verify Soma SACCO’s official loan eligibility rules online, so the minimum savings period, loan multiplier, interest rate and repayment period should be confirmed with its credit office before publishing them on the website.