Purpose
Development loans address the development needs of members e.g. to acquire property and other assets, start or boost business, undertake large scale farming, motor vehicle purchase among others.
Features:
• Qualifying loan is 3 times member’s deposits.
• Interest rate is 1% per month on reducing balance.
• Maximum repayment period is 72 months (6 years).
• Security options: Guarantors’ deposits, member deposits, Fixed deposits, Property.
• Quick loan processing: Up to 4 days and 4 weeks where property is collateral.
• One-off provision fee: 1%.
• One-off institutional capital: 0.5% ( Not exceeding kshs 5,000/=).
• One-off insurance fee: 0.5%
• Full Sacco membership of at least 3 months and evidence of ability to pay.
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