Key Features

• Loan Type: Development Loan (Maendeleo Loan)
• Eligibility:
  • Must be an active ELCT ND SACCOS member.
  • Must have fully paid the minimum share capital of TZS 500,000.
• Loan Amount: Up to 3 times the member’s savings.
• Purpose: To finance business expansion, home improvement, land purchase, agriculture, or other development projects.
• Repayment Period: Three year's.
• Collateral: Member’s savings and additional security as per ELCT ND SACCOS credit or lending policy.
• Interest Rate: As per ELCT ND SACCOS lending policy.

Procedures to Acquire a Maendeleo Loan

1. Membership Qualification

   • The applicant must be an active ELCT ND SACCOS member and have fully paid the minimum share capital of TZS 500,000.
   • The member must have sufficient savings to qualify for the loan (loan amount will be up to three times the savings).

2. Loan Application Submission

   • The member fills out a Maendeleo Loan application form, available at the SACCOS office or online.

3. Review and Approval by the Credit Officer

   • The Credit Officer reviews the application to assess feasibility and compliance with lending criteria.
   • The application is forwarded to the Manager for further approval.

4. Approval Process

   • The Manager evaluates the loan application based on savings, repayment ability, and creditworthiness.
   • If approved, the loan is forwarded to the Accountant for processing.

5. Loan Disbursement

   • Once all approvals are completed, the loan is disbursed to the member’s account.
   • The member is notified via email or SMS regarding the loan status.

6. Loan Repayment

   • The loan is repaid through monthly deductions from the member’s SACCOS account.