THE RIGHT PARTNER FOR YOU.
MICRO-CREDIT/INVESTMENT GROUPS JOINING CONDITIONS:
- Registration Certificate from relevant government agency/department.
- Minimum number of members in a group is five (5) for investment groups and ten (10) for Micro - Credit groups.
- Minimum monthly contribution for the Micro-Credit group is Ksh. 800 per member & Ksh. 5000 for the investment group.
- Deposit & loan can be paid daily, weekly, fortnightly or monthly.
- Original and complete copy of the Groups Constitution (Memorandum) and certified by Sub-County Social Development Officer (SCSDO).
- Each official who is a signatory should submit a current photocopy of the original identity card or current passport and one colored passport size photo.
- A letter from the Sub-County Social Development office introducing the authorized group.
- Minutes of the meeting where a resolution was passed to open an account with Jamii SACCO duly certified by Sub-County Social Development Officer. (SCSDO).
- Minutes stating the terms and conditions of borrowing and withdrawing of group funds from the SACCO.
- List of all Group members indicating their full names, identity cards numbers, personal cell phone numbers, email addresses & specimen Signatures. Payment of entrance fee of Ksh 300 per member.
- PIN certificate and Credit Reference Bureau (CRB) report for all group members.
LOAN APPLICATION REQUIREMENTS.
- The Group account should be operational for 3 months with Jamii Sacco Ltd or with other banking/financial institutions.
- Abillity to access loans in multiples of 3 or 5 times on ones deposit.
- The Loan agreement form must be fully signed by the Loanee & guarantors.
- The Chattel transfer Act form must be fully signed by the Loanee.
- The Asset schedule forms must be filled and fully signed by the Loanee & guarantors.
- A Lawyer must endorse all the Loan documents.
- Attractive Interest rates per annum on reducing balance.
- Legal charge over land or property.
- The Asset purchased is used as security.
- Comprehensive insurance cover to done on motor vehicle investment groups.
- Appraisal fee is applicable for all Micro Credit and Investment loans.
- All interest rate on loans are on reducing balance
- Repayments will be in uniform weekly, fortnightly or monthly installments enabling the group to plan however, groups are highly encouraged to pay more.
- Loans to be repaid within maximum period of 12, 24, 48 & 120 months depending on the loan granted.
- Must Provide Bank Statement/Business records of your existing account/Business