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This is a loan given to members for normal development purposed for a period between 13months and 48months.The members are loaned four times of their deposits at an interest rate of 12%P.a
This loan is granted to members based on the type of emergency. This type of loan attract an interest rate of 12% p.a and repayable over a period of one Year and requires supporting documents.
Unlike in the bank loaning system, the Sacco loans are advanced by the Sacco without collateral. Instead of collateral, the loans are advanced with the support/commitment of other members of the society who become guarantors to the loans.