Development Loan

Access loan facilities of up to three times the amount of your shares with a favourable interest rate of 1.5% per month on reducing balance. The loan is also insured against death and has a repayment period of up to 60 months.

For one to apply for any loan product, the following shall be mandatory requirements:-

Two latest original payslips
A copy of your national Identity Card or passport
A copy of your KRA Personal Identification Number
Appropriate supporting documents
Bank statements where applicable

About this product

Development Loan:

This is a long term loan product that is aimed at assisting our members access credit for use in their long term development plans. Such credit can be used to acquire assets and venture into mega projects that can assure additional sources of income to our members.

Features

A member shall have been active for at least 6months
Loan Amount: Maximum of 3 times the withdrawable deposits.
Security: at least 2 guarantors and/or collateral
Shares of the loanee and the guarantors shall be equal or more than the loan applied
Duration: Maximum of 60 months
Purpose: long term capital development e.g. construction, purchase of equipment, payment of overseas college fees (a calling letter and a valid visa shall be produced).
Interest rate: 13.5% per annum on reducing balance.
Appraisal and insurance fee: 1 %

Deposits Security: Loanee’s deposits and those of the guarantors shall be equal or more than the loan applied.

These services are open to all our members

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