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Savings
Savings represent money that a member can be refunded back upon placing prior notice when they decide to leave the SACCO. The minimum monthly contribution is Ksh.3600. Deposits act as multiplier when a member is applying for a loan and can be used to guarantee other members loans.
Share capital
It represents member’s ownership of the SACCO, it is non withdrawable, but transferrable to another member of the Sacco. The minimum share capital per member is Ksh.5000. (50 shares of Ksh.100 each). The minimum share capital can be contributed within a period of six (6) months upon registration or before any loan application.
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Last Mile Assist
The fund is an insurance policy for members that cover the member and immediate family against death. One must be a member with a mandatory Share Capital of Ksh.10,000.
REQUIREMENTS
- Fill in the application form
- Registration fee – Ksh.300 (One Off)
- Annual Premium – Ksh.3600
- The cover will pay the following in case of death.
- Self – Ksh 50,000
- Spouse – Ksh 30,000
- Parent – Ksh 25,000
- Children – Ksh 25,000 (up to 4 children) you can cover more at an extra cost of Ksh.300 per child
- The cover has a six (6) months waiting period from inception or registration for one to benefit.
- Minimum age is 6 months while maximum age is 60 years.
Mahitaji Loan (Emergency)
- Shall be offered at 10% one off charge.
- Repayment shall be within 12 months.
- One can only borrow within 40% of one’s savings.
- One should have a minimum of 50 Share Capital to Qualify.
Normal Loans
- One can qualify up to 3 times their savings.
- Repayment period – up to 24 months.
- One must have been a member for 6 months with consistent monthly contributions.
- Interest rate is at 12% p.m. on a reducing balance.
- A guarantor or collateral must be availed for the normal loan.
- One shall have a minimum of 500 Share Capital to Qualify.
Education Loans
- Shall be offered at 5% one off charge.
- Payable within 3 months
- The schools fee structure must be available during application
- A cheque shall be written addressed to the school.
- Disbursement shall be done within one week of application
- One cannot apply for another loan if currently servicing a previous Education loan.
- One shall have a minimum of 50 Share Capital to Qualify.
Asset Financing
- Maximum loan Amount is Kes 7M.
- Repayment shall be within 36 Months.
- Interest offered at 16% reducing balance.
- Processing fee shall be 2% of the loan amount.
- One should have a minimum of 1000 Share Capital to Qualify.
- Insurance shall be Comprehensive and recommended from the Sacco’s listed providers.
- Financing shall be at 90% for Zero Mileage Units and 70% for Second Hand Units.
Secured Loans
- Maximum Loan Amount is Kes 7M or Four (4) times once Savings
- Repayment shall be within 48 Months.
- Interest offered at 14% reducing balance.
- Processing fee shall be 2% of the loan amount.
Who can Join Us?
Joining is open to all above the age of 18yrs with a sound mind.
Requirements
1. KRA Pin Number
2. National ID
3. Registration fee Ksh. 500
For any Enquiries
Incase of any enquiries you can always visit our offices in Westalnds, Fedha Plaza Along Mpaka Road 6th Floor.
