Re – Financing Loan
• An addition to the normal loan.
• Normal Loan can be refinanced twice subject to ability to repay and within 3 times deposit multiplier.
• Interest charged: – 1% p.m. on a reducing balance (6.5% p.a.)
• Repayment period: – period remaining from the time the original normal loan was granted.
• Loan security accepted: Guarantors, title deed, log book
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|