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Normal Loan PDF Print E-mail

Normal loan

This is a loan granted mainly for the purpose of long term development. Repayment is spread over a period of 72 months.
Benefits:

  • The maximum loan amount granted is up to Kshs. 12 million.
  • Interest charged is at 1% per month for a period of 1 to 48 months or 1.1% per month for 49 to 72 months period on reducing balance method.
  • Usually approved twice per month

NB: Normal loan bridging: Members can top up their loans provided they have repaid the loan for six months and the loan balance is less than or equal to Shs. 1,000,000/-

Normal loan Refinance: Members are allowed to borrow more money to complete projects by applying for a refinance loan within twelve (12) months of the initial normal loan.