Makao Plus Loan Features & Benefits

Features

  1. Loan limit Kshs 15,000,000
  2. Interest rate 13% pa
  3. Deposit multiplier is 4 times
  4. Repayment period is 15years, but subject to the retirement age (60yrs).
  5. The security to the loan shall be 70% of the value of the property/land
    Top-up is allowed at no commission, after a repayment period of 6 months.
  6. Members with an existing Mjengo loan can transition to the Makao Loan at no commission
  7. Must submit approved plans from a relevant authority for the land to be developed and provided as collateral.
  8. For ready-made properties, security to the loan shall be provided at 80% of the valuation
  9. The Sacco shall retain 2% of the amount approved as Cash collateral which will earn interest at the same rate as those for the ordinary members.
  10. The 2/3 salary rule shall apply, the Sacco shall equally consider other sources of income