Deposit advance is a solution where a member has the ability to service a loan but have not saved enough deposits to qualify to borrow more, s/he can request for Deposit Advance for top-up. This advance is offset from the loan applied for.

Features Deposit Advance:

  • The minimum period for a member to qualify for the facility shall apply as per the Sacco by-laws.
  • Members can apply for a top-up of up to 50% of their deposits or Kes. 300,000 – whichever is lower.
  • The facility shall attract a one-time charge of 10% on the amount advanced.

Administrative provisions of the product:

  • The advance will only apply to a member who is seeking a loan from Dudu Sacco.
  • The deposits boosted shall earn interest on a pro-rata basis.
  • The members should have consistently accumulated monthly deposits for the last 6 months.
  • Deposit Advance shall be applicable to new members who are seeking Jambo Karibu Loan.
  • To qualify for this product, the members should be ‘ in good standing’.
  • A member qualifies for this boosting only once a year.
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