Who is eligible to join the sacco?

Any kenyan individual or corporate entity registered under the kenyan laws, doing legitimate business in kenya or earning a living legitimately in kenya, is free to join the society.

What is minimum share capital per member and monthly contribution?

The current minimum share capital per member is kshs 20,000. The minimum monthly contribution towards member’s deposits is kshs 2,000. However the minimums are subject to periodic changes subject to approval by the AGM.

Can i boost my savings above the set normal monthly contributions?

Yes, a member is free to increase his/ her savings as long regular and consistent saving is maintained, however this should not be done with a view of immediate loan application. Such deposits qualify for consideration during loan application after 3 months.

When am i eligible for a loan?

After 6 months of consistent savings.

Who qualifies to be a guarantor?

An active member (regular saver) who has not defaulted on any loan and has not guaranteed more than 7 members.

Does the society list defaulters at the CRB?

Yes, the society has listed defaulters with CRB and enquires credit information about loan applicants before advancing the loan.

What do i need when applying for a loan?

One needs to fill the loan application form, attach a copy of the national id, attach a six month bank statement or payslip (where applicable) and have the form signed by atleast 3 guarantors. The filled form is submitted to the society’s office.

Does the society accept collaterals as security for loans?

Yes, the society accepts collaterals as security for loans subject to the valuation process, verification and charging of ownership documents. Acceptable collaterals include land, vehicles or machinery.

If i clear my loan ahead of schedule, am i required to pay for the outstanding interest?

No, loans are run under the reducing balance interest calculation method. If you pay your loan in lump sum, you will be only required to pay the interest for that month when payment has been made.

How long does it take to disburse loans?

J-sort and quick cash are disbursed immediately in the office after processing. Other loans are processed and disbursed within 72 hours.

What is the process of terminating one’s membership?

A members gives a written notice of 60 days to the society, declaring his/ her intention to withdrawal from membership. Such a member must ensure payment of all outstanding loans if such exists. Member must ensure that they are free of any guarantorships.

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