SAVING PRODUCTS 

The Savings and Loan products are defined as below:

a)    School Fees Savings Scheme

Optional to members of the Sacco. The Minimum monthly contribution is KShs 1,000/=. The product is designed to help members save for school fees which are mostly in high demand in January of each year. All or part of the amounts saved can only be withdrawn once in a year in January each year.

However, two more free withdrawals are allowed within the year but a small commission will be charged for any other withdrawal.

b)    Holiday Savings Scheme

Optional to members of the Sacco Minimum monthly contribution is Kshs 1,000/=. This scheme is designed to help members save for Christmas and New Year holidays. All or part of the amounts saved can only be withdrawn once in a year in the month of December.

A small commission will be charged for any other withdrawal done during the other months of the year.

c)    Other Savings Scheme – Birthday Anniversaries of school fees

These are optional to members of the Sacco. There’s no minimum contribution/=. This scheme is designed to help members save for their children either for example for birthday anniversaries or school fees. All or part of the amounts saved can only be withdrawn once in a year.

LOAN PRODUCTS

• A member must have made monthly contributions for at least 6 consecutive months to be eligible to apply and be given a loan by the Sacco.

• The Minimum monthly contribution is Kshs 3,000/= per month but there is no maximum limit which means a member can contribute any amount he or she can afford as long as it’s not less than Kshs 3,000/=

• All loans granted must be fully guaranteed by members of the Sacco. The Sacco may accept any other form of collateral provided that is approved by the board of directors.

• A loan application form must be dully filled before it is submitted to the Sacco office.
• Loans are given on first come, first serve basis.

TYPES OF LOANS

•    Loan 1 Development Loan: Kshs 3,000,000/=@ 1.05% per month for 72 months.
•    Loan 2 Emergency Loan: Kshs. 200,000/= @ 1.3% per month for 12 months.
•    Loan 3 Salary Advance Loan: Kshs 40,000/= @ 2.0% per month for 6 months.
•    Loan 4 Education Loan: Kshs 800,000/= @ 1.2% per month for 60 months.
•    Loan 5 Product Loan: Kshs 200,000/= @ 1.25% per month for 24months
•    Loan 6 Express Emergency Loan: 10% of the member’s accumulated deposits, @ 2% per month for 6 months.
•    Loan 7 Biashara Loan: Kshs. 1,500,000 =1.0% per month for 60 months.
•    Loan 8 Karibu Loan: Kshs. 50,000, @1% per months for 12 months.
•  Loan 9. Super Savers Loan: ksh 5,000, 000/= @1.05% per month for 84 months.

•    Deposit Boosting Loan- Meant to boost your deposits.
 
     i)    Max 300,000
     ii)   Full recovery of the advance from the applied loan.
     iii)  5% upfront interest charged.

A member can apply and be granted all the loans as described above provided that the total of all the loans granted shall not exceed four times of such a member’s total deposit contributions and other terms and conditions of the loan product are met.

NB: The deposit multiplier to secure a loan is 4 times.