The facility offers members the opportunity to borrow and acquire property or assets. The loan is granted three and half times a members savings. Maximum recovery period is 72 months at an interest rate of 1% on reducing balance. Effective annual rate for these loans is 6.7%. Development loans are classified into two categorizes.
- Normal Loan: this loan is available for a member who has no other outstanding development loan and is applying for the first time.
- Refinancing Loan: applicable where a member has a development loan and not able to finish his project, but can still qualify for an additional loan under the Sacco policies, such members may apply for a refinancing of the development loan.
Ushuru Sacco Paybill