Imarika Sacco offers different asset financing options to its members. Asset financing is a type of lending that enables individuals or businesses to purchase assets such as vehicles, machinery, equipment, or property. Here are the common approaches that Imarika Sacco uses:
- Term Loans: Imarika Sacco offers term loans that are specifically designed for asset acquisition. These loans provide a lump sum amount that the borrower can use to buy the asset they want. The loan is repaid over a predetermined period, usually with fixed monthly installments.
- Asset-backed Financing: Imarika Sacco offers assetbacked loans where the asset itself serves as collateral for the loan. In the event of a default, the Sacco employs flexible asset recovery measures that favor members.
- Asset Refinancing: Members who already own assets can use them as collateral to secure loans for other purposes. Imarika Sacco offers asset refinancing options where members can leverage the equity in their existing assets to access additional funds.
- Group Asset Financing: Imarika Sacco facilitates group-based asset financing, where members come together to collectively purchase assets. This approach can provide benefits such as bulk purchasing discounts and shared risk among the group members since individual members in the group are guaranteed by all group members while accessing asset funding.
- Specialized Financing Programs: Imarika Sacco has specialized financing programs tailored to specific types of assets or industries. For example, the Sacco offers financing packages for agricultural equipment, among others.