NORMAL LOAN

Normal loans shall be considered in the order in which they are received provided that whenever there are more applications for loans than the funds available, preference will be given on first come first serve basis. Normal loan shall have following features:-

1. Loan shall be given 2-4 times member savings.
2. Interest rate for the loan is @ 1% per month on reducing balance for loan amount exceeding 1 million and 1 % per month on flat rate for loan less than 1 million.
3. Period of payment shall be; 0-400,000ksh-24 months, 400,000-1 M ksh-36 months,1-3 million 48 months,3-6 million ksh -60 months,6 million and above 72 month.
4. All normal loan shall be secured.
5. Normal loans shall be insured at rate of 0.99% of the principle amount per year.