The DEVELOPMENT LOAN is a versatile financial tool designed to support members in their personal growth and development endeavors. Here’s a more detailed overview of its key aspects:-

1. Personalized Support: Whether members are looking to start a business, pursue further education, invest in career development, or meet other personal goals, the DEVELOPMENT LOAN offers tailored financial assistance to help them achieve their aspirations.
2. Flexible Repayment Terms: With a maximum repayment period of up to 72 months, members have the flexibility to structure their loan repayments in a way that best fits their financial circumstances. This extended repayment period ensures that monthly installment amounts are manageable and sustainable for borrowers.
3. Competitive Interest Rates: The interest rate of 1% per month on the reducing balance is designed to keep the cost of borrowing affordable for members. This enables borrowers to minimize the financial burden associated with servicing the loan while maximizing the benefits of their investments in personal development.
4. Loan Security: The loan must be fully secured by guarantors or collateral. This ensures that the SACCO’s funds are protected and increases the likelihood of successful loan repayment.