Savings Products
We provide a range of tailor-made savings solutions
Credit Products
We offer a range of tailor-made credit solutions
Our sAVINGS PRODUCTS
Mandatory/Compulsory minimum monthly savings for all members at Ksh. 1,000 per month, there is no maximum limit and there is room for daily saving either individually or as a group.
Our Savings products include:
- Normal Savings
- Special Savings
- School Fees Savings
- Holiday Savings
*School, special and holiday a/c- are withdrawable within a minimum of a three months
Our cREDIT products
Emergency Loans
This will include hospitalization, funeral expenses, court fines and other unforeseen calamities but shall not include rent, bank loans and credit cards.
A member shall qualify for only one emergency loan at a time.
All emergencies shall have relevant documentary evidence to support them.
The maximum repayment period is 6 months
Interest rate charged is 16% p.a (1.3p.m) on reducing balance.
Education Loans
This will include fees for pre-primary, primary, and secondary, colleges and both local and overseas universities.
The total outstanding loans including school fees must not exceed three times of a member’s shares and deposits.
Only one education loan may be granted in one year. Education loans must be repaid within 12 months
Fees for colleges and universities may be considered as devel- opment loans in respect of repayment period alone.
Interest rate shall be 16% p.a (1.3% p.m) on reducing balance.
N/B only for those requested within normal share contributions.
Within the school fees account a loan shall be given up to 90% of the savings at 12% p.a interest (1% p.m) on reduc- ing balance.
Development Loans
This loan will normally be given for productive purposes only.
This will be assessed at three time a member’s shares in the society.
Maximum repayment period 36 months.
Interest rate is at 16% p.a (1.3% p.m) on reducing balance.
Members shall be required to disclose the particular use and if possible collateral given as part of security.
Holiday Loans
Shall be given against the holiday account only, at a maximum of 100% of the savings with 0% interest rate.
Business Loans
Shall be 2 times member’s shares. For business expansion only.
Repayment period strictly 6 months
Interest rate charged is 20% p.a (1.7p.m) on reducing balance.
Security for this loan is Sacco shares, guarantors or collateral security.
Under Business Account: One can borrow up to 80% of the savings at an Interest rate of 12% p.a ( 1% p.m) on reducing balance.
Micro finance: Special loans given to organized groups and
individuals for the purpose of boosting or setting up business. Interest rate shall be at 18% p.a on reducing balance. The management committee shall have the discretion in a warding the loans. Repayment period maximum 18 months.
Wedding Loans
Shall be given against the Wedding account only, at a maximum of 100% of the savings with 0% interest rate.