About Deposit Advance

Deposit advance is a product where members with the ability to pay/service a loan but have not saved enough deposits to qualify for one, can access the facility from DUDU in form of an advance which is eventually offset from the loan taken.

Features

  • The minimum period for a member to qualify for the facility shall apply as per the Sacco by-laws.
  • Members can only access a second deposit advance facility upon repaying the first loan in its totality.
  • Members can only be advanced a top-up of up to 50% of their deposits.
  • The facility shall attract a onetime 5% charge on the amount advanced.
  • Maximum amount to be advanced is Ksh. 150,000.00 and will only be granted to a member who is taking a loan.
  • The deposits boosted shall earn interest on pro-rata basis as the rest of the deposits.
  • An official form will be completed by a member who wants the facility.
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