Normal/Development Loan

Normal/Main/Development Loan

The loan is granted for productive purposes.

  • Must have been an active member of the sacco for six months
  • Applicant must attach supporting document as proof of project viability.
  • Applicant must attach three months most recent original pay slips or other documents
    as proof of ability to repay the loan.
  • Only one Normal loan shall be granted at a time.
  • Repayment period for the Normal loan shall not exceed 36 months
  • The interest rate shall be 1% per month on reducing balance.
  • Appraisal fees of 0.5% shall be charged on the approved loan or as may be approved
    by the sacco management board from time to time.
  • Turn around time is within two weeks after approval