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.