Normal Loan

Normal Loan

This is a loan granted to members ten times ones non-withdraw-able deposits and the funds will be used for development purpose such as acquisition of land or plot, construction projects, acquisition of personal or business vehicles etc. A member who intends to borrow this loan must have fulfilled the following requirements;

  1. Must be a member of the society.
  2. Must have saved with the SACCO at least 10% of amount required
  3. Must submit an application for the loan on an official form issued by the SACCO after becoming a member.
  4. Other features are:
  5. Maximum repayment period shall be 12 months.
  6. Interest rate shall be as approved by the Board Of Advisors.
  7. Attach two latest original pay slips (where applicable)and a photocopy of ID, and a current bank statement.
  8. A member shall provide at least TWO guarantors of which one of them is a member.
  9. A commitment letter from the employers where applicable.

NOTE. It is important that members utilize this facility well to improve their standard of living.

All normal loans shall be approved by the credit committee.