DEVELOPMENT LOAN

Addressing the development needs of our members

  • The maximum amount shall not exceed of Kshs. 5 million, if funds are available, a higher amount can be borrowed. I will advise to have the Maximum amount the SACCO is eligible to lend to the members, this can be determined by the liquidity of the SACCO.
  • The maximum amount borrowed shall not exceed 3 times the member’s deposits.
  • The repayment period shall not exceed 72 months.
  • The loan shall attract an interest rate of 1 % per month or 12 % per month on reducing balance.
  • To qualify, the member must have been a member for at least 12 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 6 months before they can borrow against it.
  • You can TOP UP normal loan loan if you have paid for last 12 months. Top up fee of Kshs 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.
  • A non-refundable processing fee of 1% of loan amount shall be paid or be recovered from the new loan.
  • A defaulter will not qualify for the loan.
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