Development Loan
Empowering progress, one step at a time
Addressing the development needs of our members
Every great achievement starts with a vision, and the courage to take the first step. Our development loans are here to help turn your ambitions into lasting progress, building a brighter future for you and your community
Loan Details
- The maximum amount shall not exceed Kshs 9 million, if funds are available, a higher amount can be borrowed. These can be determined by the liquidity of the SACCO.
- The maximum amount borrowed shall not exceed 4 times the member’s deposits.
- The repayment period shall not exceed 60 months.
- The loan shall attract an interest rate of 1 % per month or 12 % per annum on reducing balance.
- To qualify, the applicant must have been a member for at least 6 months with consistent deposits.
- A member must show proof of ability to repay the loan per the requirements.
- Boost monies for the purpose of borrowing must have been in the account for at least 3 months before they can borrow against it.
- You can refinance normal loan if you have paid for the last 6 months. Refinance fee of 2% on loan balance will be charged.
- The cost of valuation and administration fee will be catered by the member and will be deducted from the new loan or pay directly to the service providers.
- A non-refundable processing fee shall be recovered from the new loan as follows:
- 1.5% for loans below Kshs 9 million and
- 2% for loans above Kshs 9 million
- A defaulter on any previous loan will not qualify for a new loan.
Build Your
Financial Future
Key Benefits
Low interest rates of upto 1.17% on loans reducing balance
Great interest rates on your savings of upto 7% p.a.
Borrow upto 5x your savings amount
Extended repayment periods of upto 84 months