FAQs

1. WHAT DO I NEED WHEN APPLYING FOR A LOAN?

1. Minimum of six guarantors who must be active members and have contributed deposits for at least three months.
2. Most current 2 months’ pay slips certified by the applicant’s employer’s payroll officer, MUST be attached to the application.
3. Attach copy of an acceptable form of identification (National ID/Valid Passport)
4. Must have been an active member for at least six months.

2. CAN I APPLY FOR MORE THAN ONE LOAN?

• A member is allowed to take all the loan products on offer so long as total loans repayments do not exceed two thirds of the member’s salary and three times the member’s savings.

3. CAN I APPLY FOR A TOP UP OF AN EXISTING LOAN?

1. A member with an existing loan is allowed to apply for a new loan of the same type from which the society will recover the balance of the existing loan and give the member difference subject to third rule on the member's current pay slip.

4. CAN I OFFSET MY DEPOSITS AGAINST MY LOAN?

 A member is only allowed to offset his deposits against his loans if he/she is ceasing to be a member of the Society. The member will then be required to pay off any loan balance if any.

1. Offsets are also allowed when a member asks those he has guaranteed to seek for guarantor replacements.
2. Your Share capital shares remains in the Sacco and earns dividends but can be transferred to another member at the same value.

5. IF I CLEAR A LOAN BEFORE ITS COMPLETION DATE WILL I BE REQUIRED TO PAY INTEREST FOR FUTURE PERIODS?

1. No, interest is only charged for the current month the loan is being cleared on period.

6. CAN I TRANSFER MY DEPOSITS TO ANOTHER MEMBER?

1. Yes, all a member needs to do is to instruct the Society by filling in a share transfer form.

7. WHAT DO I NEED TO DO WHEN WITHDRAWING FROM THE SOCIETY?

1. A member needs to inform the Society by filling in a withdrawal form giving the Society 60 days’ notice on the same.