- info@majaneessaco.com
- Limuru , Mabroukie Tea Factory
- +254 745 537 367
- +254 743 588 078
- +254 745 239 348
Boosting Facility
Boosting Facility
Overview
The Boosting Facility at Majanees RNWDT SACCO LTD is designed to help members who meet all loan conditions except for the required deposit amounts. This facility allows members to enhance their deposit base, making them eligible for larger loans and better financial opportunities.
Key Features
- Boosted Amount: Up to 50% of the member’s current deposits.
- Surcharge: A 10% surcharge on the boosted amount.
- Interest Rate: 1% per month on a reducing balance, similar to normal deposits.
- Eligibility: Members who qualify under all conditions except for the required deposits.
Benefits
- Enhanced Loan Eligibility: Allows members to boost their deposit base, enabling access to larger loans.
- Flexible Support: Provides financial flexibility for members needing immediate eligibility for loans.
- Affordable Interest Rate: The 1% reducing balance interest rate ensures the cost of boosting remains manageable.
- Savings Growth: Boosted amounts are treated as normal deposits, contributing to the member’s savings and overall financial health.
Eligibility and Application
- Eligibility: Must be a member of Majanees RNWDT SACCO who meets all loan conditions except for the required deposit amounts.
- Application Process: Submit the boosting facility application form along with necessary documentation.
- Processing Fee: A 1% initial processing fee is charged on the loan amount.