The Cash Chat AI is still leading by responding to queries at 97% accuracy based on a survey take from a large number of lecturers and university professors in East Africa. We are greatful to all that have contributed by buying Cash Chat Limited Equity Tickets, and others that donated atleast $2 via to enable us stay online. We are soon launching into a self sustainable mode through the Cash Chat app. We are starting on the wallet section this week. Last months all developers were working on the status section, there’s a Whatsapp icon at the bottom of this site, you can request for the app apk, so as to follow along as we build. The AI was asked to write a loan product description as;

Write the loan product to my sacco interest rate 5 percentage payment within 12months of the principal but interest from the day of disbursement meaning you you have to pay interest every month and leave the principal incase you can manage to pay it with in the fourth month

Based on your requirements, here’s a draft for the loan product for your SACCO (Savings and Credit Cooperative Organization) that incorporates an interest rate of 5%, monthly interest payments, and the option to pay the principal within 12 months, including the possibility of an early principal repayment within the fourth month.

— **SACCO Loan Product Description

** **Product Name:

** Flexible Repayment Loan

**Interest Rate:** 5% per annum, calculated from the day of loan disbursement

**Loan Term:** 12 months

**Principal Repayment:** The principal amount can be repaid at any time within 12 months from the loan disbursement date. Borrowers are encouraged to repay the principal as early as possible to minimize the total interest cost.

**Interest Payments:** Interest is calculated at an annual rate of 5% from the day of disbursement and must be paid monthly. The interest for each month is calculated based on the outstanding principal amount. Borrowers are required to make these interest payments even if they choose to repay the principal amount early.

**Early Repayment Option:** Borrowers have the option to repay the full principal amount as early as within the fourth month from the disbursement date without any penalty. This allows for flexibility in managing their finances and reducing the total interest payable over the life of the loan.

**Application Requirements:**

– Membership in good standing with the SACCO

– Completed loan application form – Proof of income and ability to repay the loan

– Any other documents as may be required by the SACCO **Loan Disbursement:** The loan amount will be credited to the borrower’s SACCO account within X business days after approval.

**Repayment Schedule:** – Interest payments are due monthly from the date of loan disbursement.

– The principal is due in full no later than 12 months from the date of disbursement. However, borrowers are encouraged to repay it sooner if possible.

**Note:** Failure to make the scheduled interest payments or to repay the principal by the end of the 12-month term may result in penalties as outlined in the loan agreement.

— **Benefits:**

**Flexibility:** Repay the principal at your convenience within the 12-month period.

**Savings:** Early repayment of the principal reduces the total interest payable.

**Convenience:** Monthly interest payments allow for easier budgeting and financial planning. For more details or to apply for the Flexible Repayment Loan, please contact our loan officers or visit our office.

— This draft is customizable based on your SACCO’s specific requirements and policies. Be sure to adjust the terms, conditions, and the application process as necessary to align with your SACCO’s operational framework and regulatory requirements.

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