Members can access loans up to Kshs 10,000,000 and based on the total value of the asset used as collateral or the guarantor’s deposits.
The loan amount can be up to four times the total member deposits providing a substantial borrowing capacity.
A competitive interest rate of 1% per month on the reducing balance. This means that interest is charged on the outstanding balance of the loan, decreasing as the loan is repaid.
The loan is repayable over a period of 84 months, offering a reasonable timeframe for repayment.
Members have the option to top up their loan amount, subject to a one-time fee of 5% on the additional balance. This feature provides flexibility for additional financing needs.
The loan should be fully guaranteed, ensuring security for the Sacco.
The Development Loan can be refinanced from time to time, allowing members to adjust their repayment terms or potentially access additional funds. The refinancing timeline can depend on the amount of money the Sacco has in circulation.
