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Development Loan

Development Loan

This is a loan facility advanced to our Members who are planning to start or expand their business ventures or for personal development.

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    Loan Details

    Features

    • Approval process takes up to 15 working days
    • Repayment period is up to 48 months.
    • This product attracts an interest rate of 1% p.m on reducing balance.
    • Any member who has saved consistently for six months qualifies for a development loan.

    Approval process takes up to 15 working days Repayment period is up to 48 months. This product attracts an interest rate of 1% p.m on reducing balance. Any member who has saved consistently for six months qualifies for a development loan.

    Requirements

    • A duly completed loan application form
    • Attach copies of IDs of both the applicant and guarantors
    • This product attracts an interest rate of 1% p.m on reducing balance.
    • Other charges include application fees at 0.75% of amount applied but a minimum of Ksh.600.

    Frequently asked Questions

    1. Check off - by employer
    2. Standing Order – from Members Bank account to Sacco Bank Account
    3. Mpesa – to the Sacco paybill number
    4. DigiPesa – from Members Mpesa Directly to members Sacco Account
    5. Direct deposit – to Sacco Bank Account through any Coop bank Branch or Coop kwa Jirani Agent
    6. Direct debit – Sacco Bank collects from Member’s banks accounts.
    7. Money transfers – RTGS, SWIFT, PoaPay, Wave, SimbaPay, JamboGlobal, UAEXchange, Western Union , MoneyGram
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