This facility enables members to apply for new loans after paying a long-term loan for a specific period. It also enables a member to combine various loans into one so as to ease their financial obligation. The rates are as follows :
- At 50% of the repayment period or the outstanding balance at 5% one-off interest.
- At 35% of the repayment period or the outstanding balance at 6% one-off interest.
- At 18% of the repayment period or the outstanding balance at 7% one-off interest.
The bridged amount shall be recovered in full from the proceeds of the new loan.
External Lumpsum Deposits Waiting Periods
A member who wishes to top up a lump sum amount to their member deposits account with the intention of borrowing a loan will be subject to the following waiting periods:
|LUMPSUM AMOUNT (KES)
|500,000 and below
|Zero waiting period
|500,001 to 2 Million
|Above 2 Million