Development Loan

Purpose

Development loans is usually the members first loan and is meant to cater for the development needs of members e.g. to acquire property, start business etc.

Features:

  • A member qualifies for loan up to 3 times member’s deposits.
  • Maximum loan limit is KES. 1.5 million.
  • Interest rate is 12% per annum on reducing balance.
  • Maximum repayment period is 60 months (5 years).
  • Security options: Guarantors’ deposits, member deposits or property.
  • Full Sacco membership of at least 6 months and evidence of ability to pay