membership application form from www.kentours.co.ke,
attach your two passport-size photos, a
of your ID, and
a copy of your KRA pin certificate
and send the documents to Kentours Office.
How will I know if my account is open?
Upon receipt of your Membership Application
Form, and subject to meeting the conditions
of admission as per the by-laws, the SACCO office will process your application and
an Email / SMS notification shall be sent to you.
Is there a joining fee?
Yes, a one-off registration fee of Kshs 1,000.
Is there a Minimum monthly contribution?
Yes, the Minimum Monthly Contribution is Kshs 1,000.
How do I benefit from being a member of the Sacco?
and access affordable loans at a
cheap interest rate of 1% per month on the reducing balance method.
Access selected goods on negotiated discounts
through our partners
Earn rebates on savings and dividends on share capital annually.
Insurance cover in case of death.
What is Share Capital?
Share Capital is the core capital of
the Sacco. Every member is required to purchase the minimum shareholding of 450 shares with a nominal value of Kshs 20 totalling Kshs 9,000. It is Payable in twenty-five-monthly installments of Kshs 360/-.
It is non-refundable when a member exits the Sacco but transferable to a Sacco
member. A member may opt to keep the shares as an
investment and continue earning dividends on
yearly basis. The dividend rate is currently 5% higher than the interest rate
declared on deposits.
What is the difference between deposits and share capital?
capital is not withdrawable, cannot be used to guarantee a loan or as a basis
to take a loan whereas deposits (savings) are used to take and guarantee loans.
Deposits (savings) are refundable upon exit.
Do I get a return on both my monthly deposits & Share Capital?
Yes, the returns are earned at the
end of every financial year and are subject to
Do I incur any withholding tax on interest and dividends earned?
Yes, 5% withholding Tax except for persons with disabilities with a Tax-exempt certificate.
Once I become a member, can I Introduce my spouse and children to join
Yes, you may introduce your spouse (legally
married) and children who are over 18 years to join
Will I continue being a member if I change my employer?
you can continue with your membership and continue paying monthly savings while servicing
any existing loans as an individual member.
The payments will be done through the Sacco Paybill Number 194740, or through the
Sacco Cooperative bank Account:
Kentours Sacco Ltd
Number : 01120000563700
Bank : Co-operative Bank
Branch : Green House
Code : 11153
Code : KCOOKENA
Can my Chama / Investment Group, join the Sacco?
No, at the moment, they are not eligible to join the
Log into member’s
web portal https://portal.kentours.co.ke where you can
access reports such as statements and guarantor cards. You can also download the
Kentours app from the google play store.
How long should I save in order to qualify for a loan?
the moment, you need to save consistently for at least 6 months
to qualify for loans.
Can I top up my savings to qualify for a bigger loan?
At the moment, if you
deposit a lump sum amount,
you will need to wait for at least 6 months in order to qualify for a loan against the lump sum
Does the Sacco buy Loans from other Financial Institutions?
Yes, all you need is to seek advice from our Loans Officer
by presenting latest Certified Loan
Statement/s from the Financial Institution.
How long does it take to process a Loan?
This varies on the type of loan a member is borrowing. The
processing period for a short-term loan is within 48hrs while a long-term loan is
within 7 working days.
What is the difference between a Short Term and a Long-Term Loan?
A Short-term loan is a loan that you service
within a period of up to 36 months and does not exceed Kshs 1 million.
A Long-term loan exceeds Kshs.1 million
and the repayment period is over 36 months.
What type of security do I need when applying for a loan?
You need to have a Guarantor (s) if borrowing over and above
your available free deposits (savings).
Currently, alternative securities for loans are:
Automobiles logbooks – 50% of the forced
Housing Society Land Title Deeds – 80% of the Mortgage
Assurance Policy – 75% of the surrender value
- 80% of the Mortgage Value
Who is a guarantor?
or firm that endorses a three-party agreement
that promises made by the first party (the principal) to the second party
(client or lender) will be fulfilled, and assumes liability
if the principal
fails to fulfill them (defaults). In case of a default,
the guarantor must compensate the lender
and usually acquires an immediate right
against the principal for payments made under the guarantee.
What documentation do I need when applying for a loan?
You will need to fill out
the loan application form, attach the latest and valid stamped payslip, a copy
of the National Identity Card, and a Copy of the KRA Pin Certificate.
This applies to all types of
loans. All our loans forms can be accessed online on www.kentours.co.ke
What does it mean to be on Check-Off Arrangement?
This means that your employer remits monthly deductions to the Sacco directly
and has signed a Memorandum
of Understanding (MOU) with the Sacco to remit the same by every 7th day of the month.
How many Guarantors do I need to guarantee my loan?
You may have one or more guarantors however the loan being applied MUST
be fully guaranteed.
What is the Savings ratio to loan borrowing?
The ratio is 1:3 or 1:4 for a Premium
Loan, meaning your total Sacco loans should not
exceed 3 or 4 times of your deposits (Savings).
Can I pay my loan in lumpsum and would I be charged extra?
Yes, you can pay your loan in lumpsum
repayment/s anytime without any penalties. For your information, the Sacco
does not charge interest for the remaining period.
If I guarantee someone, am I eligible to borrow a loan?
Yes, you can borrow a loan as long as your loan is fully guaranteed.
What is my Liability as a Guarantor?
You are liable for the
loan guaranteed until the loan is fully repaid. However, this
liability reduces as the loanee pays the loan on
Who are your Home Appliances Selected Vendors?
for Phones, Ryce Motors East
Africa for motorcycles, Roto Moulders for tanks among others. Financing available through our Home Appliance loan product.
Can I change my next of kin?
Yes, you can by filling in a new Nominee card available in the Sacco Office or with
Unit Reps in hard copy. A new Nominee Card automatically cancels the preceding
What is the process of terminating membership from the Sacco?
You need to write or
email a resignation letter to give the Sacco a notice
period of 60 days to enable the
Sacco align your account i.e. If you had guaranteed someone, they will need to
find replacements in order to release you. You
also need to fill the Sacco Clearance Form which is available in the Sacco
PAYMENT OF INSURANCE AND CLAIMS
Why do members pay Insurance Fee?
Members contribute premiums
to an insurance scheme that offers security to members’ savings
against any financial loss in the event
of death or permanent disability.
How long does it take to process Insurance
14 days if full documentation is
What are the Insurance benefits to the Sacco member in case of death?
Loan balance less any
arrears will be paid to the Sacco
members deposit will be paid to the member’s next of Kin through the Sacco to a
tune of 200%.
funeral expense of Kshs 100,000 will be paid to the member’s next of Kin
through the Sacco.
What documents are required by the Insurance Company?