- Each membership category saves the minimum monthly savings.
- Savings may be used as collateral when borrowing from the Sacco.
- Savings are refundable when a member withdraws from the Sacco, if
- Member has no outstanding loan from the Sacco
- Member is not a guarantor of any outstanding loan(s) in the Sacco.
- Upon membership withdrawal, total savings plus interest/dividends accrued are refundable within 60 days upon receipt of a written notification from the member by the society.
- ID card/passport
- 1 passport photo
- 1,000/= for membership
- Savings may be used as collateral against borrowings.
- A proportion of deposits may be used to guarantee another member’s loan.
- Loan is 3 times member savings
- Savings will earn interest/dividends at the end of every financial year at a rate that shall be pre-determined by the board
- Deposits may be transferred from one account/function to another e.g. insurance, pension, holiday package; investment plan etc. as long as the transaction does not contravene the society’s savings policy.
Pre-requisite Loan Qualification
- Persons aged 18-65 years
- Individual is of sound mind
- Possess no criminal record and/or poor credit rating
- Express genuine financial need
- Express strong stand to use loan for the purpose applied for
- Full compliance with our loan application process and minimum operating standards
- Possess a strong attitude to repay the loan promptly