Deposit Boosting Loan

The deposit boosting loan is aimed at increasing a member’s deposit in order to qualify for a loan. The features of this loan are as follows:

• Maximum boosting amount: 50% of member’s current deposits.
• Application for deposit boosting must be accompanied by a loan application for any loan facility within AMREF SACCO with the exception of Instant Pesa, salary advance and motor vehicle insurance financing.
• The boosted amount will be charged 5 % one off and recovered in full when paying out the new normal loan.
• The boosted deposit will earn interest on deposit at the end of the year