Meet the requirements and you Apply
Development loan is custom-Made for members to be in position to use for their own personal growth.
- Minimum amount 300,000/= maximum 2,500,000/=
- Maximum repayment period 48 months.
- Interest Rate 1.15 .p.m.
- Processed within one Month.
- 12 months Bank/Mpesa Statement
To be eligible for a loan
- One must be a registered member having been active for a period of 6 consecutive months i.e. saving regularly.
- One should not have defaulted any of the loan previously.
- One should not have been involved /convicted for any criminal offence, not necessary in a court of law
In Addition:
- All loans should be guaranteed a 100%.
- All loans must be insured and insurance premium amount to be deducted to loans amount.
- Insurance premium to be loaded to loan amount yearly on the basis of outstanding balance.
- Maximum loans a person can guarantee is 9 people.
- Loan repayment to be done regularly on monthly instalment basis and failure to repay attracts a penalty of shillings 200 on which underpaying attracts a penalty of ksh 150.
- Guarantor must indicate the amount he or she commits and should not be above ones’ savings.
- Processing fee to be deducted to loan amount.