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FAQs

MEMBERSHIP

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Do I qualify to become a member?

If you are a permanent employee in one of the affiliates Employer Companies of Kentours Sacco Ltd.

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Who qualifies to join Kentours Sacco Society Ltd from the affiliate Employer Company?

A person shall be eligible for membership if he has the following qualifications:
1. Is an ordinary resident in Kenya.
2. Is more than 18 years of age.
3. Has not been convicted of a criminal offence involving fraud or dishonesty.
4. Is not a member of any similar savings and credit co-operatives Society during the tenure of his membership.
5. Is within the hospitality industry and any other reputable company or organization, spouse(s) and children who are over 18 years of already existing member.
6. Is not directly or indirectly, a money lender or carrying out such activities detrimental to the objectives of the SACCO.
7. Is of good character.

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How Do I join if I qualify?

Fill in a membership application form that can be collected from the SACCO office, or a Unit Representative in the various institutions, or can also be downloaded from the website. Attach a recent passport size photo (2 Copies), a copy of national ID or passport. Once the form is filled it is passed on to the SACCO’s office or presented to the Unit Representative with the relevant attachments.

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How much is the minimum and maximum contribution I can make towards the monthly Deposits/Savings?

A member can contribute as low as Kshs. 1,000 and there is no limit to the maximum amount that can be contributed.

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How much is the minimum and maximum contribution I can make towards the Share Capital?

Members are required to contribute a minimum amount as share capital (Kshs 5,000) which is not refundable. This can be remitted in 25 months instalments of Kshs 200. Dividends may be paid on share Capital, but interest will be paid to a member based on the deposits held with the SACCO. Members’ deposits will be refunded only upon leaving the SACCO.

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Can Increase or reduce my monthly contributions?

Yes, by filling in an adjustment form and pass it to the office or to your Unit representative.
The form can also be downloaded from the Website.

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If I leave employment can I continue to be a member?

Yes, so long as all the monthly contributions (deposits and also loan repayments where relevant) are made on time.

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What are my rights as a member?

a) To attend the Annual General Meeting.
b) To vote at the Annual General Meeting where each member has one vote (no proxy)
c) To be elected
d) To receive dividends
e) To apply and get a loan
f) To receive services offered by the society
g) Establish minimum qualification standards for the Supervisory Committee.
h) Advise the committee on items of interest.
i) Review the statements of accounts.
j) Approve the operating budget.
k) Set the maximum borrowing power of the Sacco.
l) Approve the share dividend rate.

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What are my duties as a member of the SACCO?

2Among others the following:
a) To observe the society By-laws
b) To repay the loan
c) To help recruit new members
d) To attend Education days and Annual General Meetings
e) To be loyal and remain true to the society.

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How do I resign from the SACCO?

A member can resign from the SACCO in writing addressed to the Manager or the Chairman. Then the office will confirm if there are any amounts due to the member or whether the member owes the SACCO. If a member owes the SACCO (when the loan exceeds the deposit) then the member agrees with the office on how the balance can be paid. If the SACCO owes the member (deposit exceed loan) then the SACCO organizes for the refund. If a resigned member has guaranteed an existing member then the existing member has to find a guarantor replacement before the resigned member can be cleared.

LOANS

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As a member how many loans am I entitled to and what is the maximum amount?

The SACCO provides several types of loans as tabulated below.


Loan Type	Maximum Amount in Kshs.	Maximum Repayment Period in Months	Interest Rate Per Month	Loans to Deposits Factor
Normal Loan	12,000,000	48	1%	3
Normal Loan	12,000,000	72	1.1%	3
Super School Fees Loan	750,000	24	1%	3.5
Home Appliance Loan	1,000,000	36	1%	3
Emergency Loan	1,000,000	24	1%	3.5
School Fees Loan	350,000	24	1%	3.5
Housing Loan	1,000,000	48	1%	3
Premium Loan	12,000,000	60	1.165%	4
Instant Loan	500,000	24	1.125%	3.5
Bank Loan Bailout	12,000,000	48	1%	3
Bank Loan Bailout	12,000,000	72	1.1%
Salary Advance	50,000	1	3%

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What do I do if I require a loan?

A member can pick the loan application form from the office or from a Unit representative or download from the SACCO website. If filled correctly and approved by the Human Resource and Accounts department, it is delivered to the SACCO office or passed on to the Unit representative.

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How long do I wait for my loan to be approved?

All loans except the Normal, Premium, Housing and Bank Loan Bailout are processed within 48 working hours while the other are processed within 7 working days.

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Can I offset a loan with part or all my deposit?

Not allowed because it is like refunding a member their deposit. A refund of deposit is only done on termination of membership.

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Can I apply for another loan if am still servicing one?

Yes, as long as you meet the 3 times factor of your deposits threshold, you are capable of repaying all your loans and you meet the 2/3 rule you can take as many products as you wish.

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Can I increase my deposit and apply for a new loan or pay off a loan and apply for another one immediately?

Yes. For increases in deposits from the payroll. But outside the payroll, the lumpsum amount paid must be with the Sacco for at least 6 months in order for the member to get the 3 times factor on the deposits.

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How many members can guarantee my loan and who can guarantee?

Members can guarantee any type of loan. Any member can also guarantee a loan as long as it is a member of the SACCO and has got free deposits available to guarantee other members.
Note: Please on Guarantorship:
1. It is important to understand that when you guarantee a loan to another member of the SACCO you are responsible for your part and also for the whole of the loan when the member is in default.
2. It is the responsibility of the members who have guaranteed a member to ensure that the member pays the loan especially if the member leaves employment with an affiliate employer unit.
3. If a member defaults, the SACCO will recover the loan from the guarantors’ deposits and the guarantors can seek legal redress and/or file a case with the Cooperative tribunal.

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If I clear a loan before its completion period, will I be required to pay interest for the future/remaining period?

No interest or penalty is charged for clearing a loan earlier than the contracted period.

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What do I need to do when withdrawing from the society?

The following are the steps to follow:
• A Member need to write a resignation Letter to the Manager or Chairman of the Sacco. A notice of sixty days (60) is required in case of any refunds due to the member.
• A member then needs to fill a clearance form.
• A member needs to inform all members he has guaranteed to seek an alternative guarantor.
• Refunds will only be paid to the member after all guarantors have been replaced.