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.
- 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