This is a long term loan granted to our members for their own personal development e.g. buying of land, property or any project.
Loan Terms & Conditions
1. The general loan terms applies to this loan product.
2. All loan applications shall be made on prescribed forms by the Society and shall in each case set out the amount applied for, the purpose of the loans, terms of repayment and types of security provided.
3. All loans must be fully secured by guarantors or any other security approved by the Credit Committee.
4. A member can only have one development loan at a time.
5. The maximum repayment period for this loan product is determined by amount applied.
| Loan Type | Amount (Kshs.) | Repayment Period | |
|---|---|---|---|
|
i |
Development Loan |
Up to 500,000 |
36 Months |
|
ii |
|
500,001-1,000,000 |
48 Months |
|
iii |
|
1,000,001 – 3,000,000 |
60 Months |
|
iv |
|
3,000,001 – 5,000,000 |
72 Months |
|
v |
|
5,000,001 – 7,500,000 |
84 Months |
|
vi |
|
7,500,001 – 10,000,000 |
96 Months |
|
vii |
|
10,000,001 – 15,000,000 |
108 Months |
|
viii |
|
15,000,001 – 20,000,000 |
120 Months |
|
ix |
|
20,000,001 – 25,000,000 |
132 Months |
|
x |
|
25,000,001 – 30,000,000 |
144 Months |
|
xi |
|
30,000,001 – 35,000,000 |
156 Months |
|
xii |
|
35,000,001 – 40,000,000 |
168 Months |
