Any member of the SACCO who has been saving with the society for at least 6 months qualifies to borrow. The member will also use their savings as collateral as well as present at least two (2) guarantors who will sign a guarantor form.

A member of the SACCO who qualifies to borrow can access a maximum of 2 times their savings as a loan. The facility can be paid back in a period of up to a maximum of 60 months. There is however no penalty for early repayment.

Such a member would have to use the SACCO bank or mobile money account details as provided by the Sacco Administrator and deposit or transfer any such savings to any of those.

The interest rate is 12% p.a on a regular loan, 5% per month for instant loans, 4% on the loan amount for quick fix loans and 3% per month for a somesa loan.

What the SACCO considers as collateral is a member’s savings and the guarantors for the amount that exceeds the member’s savings.

Yes, they can. A member can get to purchase shares using their savings.

Currently, a member can only sell their shares to a fellow member.

For the regular savings account, a member is entitled to one withdraw a month that attracts a charge of 1% for amounts below 2,000,000/. For amounts above 2,000,000/ the withdraw fee is 20,000/ For a member school fees account, the first 3 withdraws in a year are free of charge. If a member exceeds the allocated number of withdraws, he’ll be liable to a penalty of double the withdraw fee.

A member can have a maximum number of 3 loans. Those loans will however be tagged to different savings accounts.