Development loans may be granted for all sorts of developments subject to the conditions set out under:-
Loans shall be given only for worthy purpose that will benefit the borrower. The applicant shall be required to specify the nature of development he/she intends to venture into when applying for such development loan.
Loans not to exceed two (2) times total members deposits with the society subject to a ceiling of Ksh1,000,000
The interest rates on development/normal loans shall be 1% per month on reducing balance basis.
Repayment period is determined by Management Committee, but in all cases shall not exceed 48 months.(This period is under review for increment).
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