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  1. All loans shall be restricted to members only and shall be recommended by the Credit Committee for approval by the full Management Committee. A member of the loan approval committee shall not be present when his/her loan application is being considered.
  2. The rate of interest on loans shall be fixed by the General Meeting but shall not exceed the said interest per month on declining balance, inclusive of all charges incidental to making the loan.
  3. All loans shall be applied for on forms provided by the Society for that purpose, the loan application form in each case shall indicate the amount applied for, the purpose for which the loan is desired, the terms of repayment to the Society, if any and such other information as the Credit Committee may require. All applications for loans and the reports of the Credit Committee thereof shall be filed as permanent records of the Society.
  4. Loan application shall be considered by the Credit committee in the order in which the application is made unless the loan is deemed by the credit Committee to be an emergency loan.
  5. The loan repayment form shall clearly state the amount of the loan, the rate of interest, the terms of repayment, and the security, if any;
  6. Loans may be granted to the Management Committee members of the society who are members only if:
    1. The Loan complies with the society’s loan policy, the By-Laws and is not on terms favorable than those extended to other members.
    2. The Credit Committee and thereafter the Management Committee approve the Loan.
    3. The applicant takes no part in the consideration of his or her application and does not attend the Credit or Management committee Meeting at which his application is being considered.

The following monthly savings structure will apply and shall be considered during the loan appraisal.
• Minimum monthly savings is Ksh.3,000.00

Loan Amount (Ksh.) Minimum Monthly Savings (Ksh.)
0 - 500,000.00 3,000.00
500,001.00 - 1,000,000.00 5,000.00
1,000,001.00 - 2,000,000.00 6,000.00
2,000,001.00 and above 0.40% of the loan taken