Normal Development Loan

This a development loan is intended to assist the members improve their standard of living through purchase of land, building of houses and any other development project. The loan is available for period ranging from 48 months to 72 months for ordinary and preferential members respectively. Normal loans applications must be received before the last day of the month and a disbursed at the end of the following month.

Key features:
  • At least six months consistent contributions required.
  • Lump sum deposit to non-withdrawable account has a waiting period of months.
  • Maximum loan shall not exceed 20% of the SACCO’s non withdrawable deposit
  • Loan security equivalent to or more than amount applied in form of guarantors or assets.
  • Monthly loan repayments shall commence not later than the month following the date in which the loan was disbursed.
  • Qualification is subject to 2/3 rule.
  • Additional loan can be granted within two months subject to meeting all the borrowing/lending requirements.