Loan Refinancing

• This Loan gives members access to a new, bigger loans on fresh terms, i.e. maximum repayment period of 48 months if applied as Normal loan or 60 Months if applied as Development loan.
• Refinancing Loan is applicable to members who wish to apply for a loan while still servicing a previous loan
• A commission of 2% is charged on the balance proceeding the month following the application date.
• Loan refinance is only permissible upon repayment of a Normal/Development loan Halfway.
• The Refinanced loan falls under the normal terms applicable to all loans.
• Disbursement is within 30 days from date the correctly filled loan application form + all required attachments are received.
• Refinance loans are processed as received.
• Repayment period is 48 months for Normal loans and 60 Months for Development loan at an interest rate of 1% per month or 1.125% per Month respectively on a reducing balance.
• Maximum Entitlement is 3/4 times the members deposits, less commission of 2%, Less Outstanding Loan balance
• The Maximum limit is Kshs 3 Million