FAQs

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

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.

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.

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.

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%

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.

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.

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

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.

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.

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.

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

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.