Normal Loan

The loan shall be granted to members who are borrowing more than 300,000 and the loan is approved by credit committee. The loan form should be received one week before credit committee sitting.

 

LOAN FEATURES

 

  • Minimum loan amount is kshs 300,001 and Max mum loan advanced 3.5 times member deposit

  • Interest rate is 1% per month on reducing balance

  • appraisal fee of 0.5% of approved amount

  • Maximum loan repayment period is 48 months

  • Loan is secured by guarantors deposit and other acceptable collateral as may be defined by board of directors. The total loan advanced is fully secured by guarantors deposit

  • Other requirement include a credit report from CRB

  • Affidavit fee Kshs 200

  • Loan form that will come late and the member request to be forward in that month credit committee sitting will attract a levy of 1% on approved amount.

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