Normal or Development


A normal loan is designed for development purposes. It enables you purchase or build a house, purchase a plot, buy a car, start a business or even do large-scale farming.

Requirements and Features:

  1. Be a Sacco member with consistent contributions for a minimum of 6 months. Defaulters don’t qualify. Additionally, you will need to provide a collateral to qualify for the loan.
  2. You will be eligible for a loan of upto four times (x4) your current total Main Savings Account contributions.
  3. Lump sum(Huge Ammounts) deposits made in order to qualify for a higher loan ammount and which are less than 6 months from date of payment will be subjected to 20% commission inline with the loan policy.
  4. The amount borrowed shall not exceed KES 5 Million; however a higher loan amount may be approved subject to availability of funds.
  5. The loan shall attract an interest rate of 1.00% per month on a reducing balance.
  6. The repayment period shall be a maximum of 48 months.
  7. Pay a non-refundable loan-processing fee of 1% of loan amount subject to a minimum of $100.
  8. Show proof of ability to repay the loan – paystubs, other incomes etc.
  9. The Security shall be the member’s savings or other acceptable property. No member guarantors accepted.
  10. If you use a developed property (e.g. a house) as collateral, the loan value will not exceed 80% of the market value of the property used as a collateral.
  11. If you use an undeveloped property (e.g. a plot) as collateral, the loan given will not exceed 75% of market value of the undeveloped property used as a collateral.

Documents required when applying for a loan:

If you are employed:

  1. Pay-stubs for the latest 3 months (Notarized)
  2. Letter from employer confirming employment status (Notarized)
  3. Bank statements for the latest 6 months (Notarized)
  4. Copy of Kenya ID or Kenya valid Passport
  5. KRA PIN Certificate
  6. Copy of the latest W2 Form issued by the employer
  7. Two passport size photographs
  8. Security - Copy of the title document of a property acceptable by the Sacco (Minimum lease term 35 years)

If you are Self-employed or Contract:

  1. Bank statements for the latest 12 months (Notarized)
  2. Copy of Kenya ID or Kenya valid Passport
  3. KRA PIN certificate
  4. Two passport size photographs
  5. Business registration certificate
  6. IRS Business Tax Returns for the latest filing year
  7. Security - Copy of the title document of a property acceptable by the Sacco (Minimum lease term 35 years)
  8. 1099 Forms and/or any other supporting documents.

Collateral: Securities accepted by the Sacco

The collateral to be used must be located and registered in Kenya. The following are the types of security/collateral that are acceptable.

  1. Member’s savings: A part of member savings can be used as collateral. A member can borrow up to 80% of their savings without need for an extra security.
  2. Legal Charge: This form of security is used in cases where property in form of land or lease is used as collateral. The security is perfected by creating a charge and registering an encumbrance against the property being held as collateral.
  3. Debenture: A debenture is a form of charge registered against the assets of a company, which may be fixed, shares or stock. A debenture may be a floating charge against all the company assets or specific debenture against specific fixed assets.
  4. Deed of assignment: This is a document that allows the lender to collect any rent accruing from property that belongs to the borrower. In this case, such rent is paid by the tenant directly to the lender to offset the loan.

How to apply for a Normal Loan:

  1. Download the loan application form and complete in its entirety.
  2. Depending on your employment status (employed or self-employed), attach copies of supporting documents.
  3. Pay a non-refundable loan processing fee of 1% of loan amount subject to a minimum of $100.
  4. Send by Postal Mail or any other courier to the below address. In the interim you can scan the entire loan application documents and send them to the email below for initial loan processing.

    Kenya USA Diaspora Sacco
    P.O Box 21372 - 00100 GPO
    Victoria Towers, Gr Floor, Kilimanjaro Ave, Upper hill, Nairobi
    Tel: +1 678 398 7728 or +254 792 746 217

**Forms mailed without the loan processing fee and supporting documents will not be processed.**

Download Loan Application Form

Ungana na Sacco Ujijenge!
Contact Us

Offices and Contact Information

Victoria Towers, Ground Floor 
Kilimanjaro Avenue, Upper Hill 
P.O Box 21372 - 00100 GPO Nairobi, Kenya

USA TEL: +1 678 398 7728 


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