Members admitted in accordance with the membership policy.
A member becomes eligible after a minimum membership period of six months and on fulfilling all requirements of a specific loan product. Members who transfer their deposits from another Sacco are exempted from the waiting period.
The minimum contribution is 7,000 per month.
Deposits are withdraw-able members’ savings while shares or share capital is the permanent member contribution towards the Sacco capital and forms part of Sacco equity. Shares cannot be withdrawn even on exit from the Sacco but can be transferred to another willing member.
A loan application must be done in writing on prescribed forms which must be fully filled.
The repayments commence immediately for all the Loans. All the loan Schedules are set to the last day of the month.
Any amendments on interest will affect new applications only.
Interests on loans are reviewed from time to time by the BOD on recommendation of management.
Yes, that is allowed. All that one needs to do is to instruct in writing.
Yes by communicating the same in writing.
Guarantors, Deposits in the Sacco, Collateral.
Any active member in good standing is allowed to be a guarantor provided that one has not over guaranteed. A guarantor must be willing and able to repay the loan guaranteed if the loanees fail to pay.
Yes, that is allowed and does not attract early clearance charge.
When the loan is cleared fully
The Sacco is licenced by SASRA the regulatory body of the deposit taking Saccos. Also the Sacco has invested heavily on its Co-banking systems and security firewalls and measures to safeguard the ICT infrastructure.
The member must give 60 days notice through writing whereby his/her deposits are refunded.