Deposit Boosting Loan
The loan is aimed at increasing a member’s deposit in order to qualify for a loan.
• Maximum boosting amount: 50% of member’s current deposits.
• Application for boosting must be accompanies by a loan application.
• A member does not qualify for boosting if taking a self guarantee loan.
• The boosted amount will be charged 5 % one off interest recovered in full when paying out the new loan.
• The boosted deposit will earn interest on deposit at the end of the year.
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)||WAITING PERIOD|
|500,000 and below||Zero waiting period|
|500,001 to 2 Million||30 days|
|Above 2 Million||60 days|