GENERAL LOANING CONDITIONS
- A member must have contributed for at least 6 months to access all the other loans except Asset Financing where a new member is expected to contribute for at least three (3) months before being considered for a loan.
- A member must attach all the necessary documentation including original payslips, and copies of ID cards and any other stated requirements.
- A member must complete, sign and date the loan form.
- All the guarantors must provide their details in the loan form.
- Loan application forms must be endorsed by the delegates as applicable.
- The SACCO conducts a confirmation search from CRB and any listed member cannot be considered for a loan.
- Loan processing for short-term loans takes 24 hours while long-term loans take 48 hours to 3 weeks for Asset Financing with all required documentation in place. Security options for acquiring a loan are Guarantors (who should be payroll-based members of the SACCO), and Title Deeds for urban properties.
- Loans are granted at 60% of the forced value of the Motor Vehicle Log Books, which do not exceed 10 years old and must be valued and charged.
- Other securities include regular remittances e.g. monthly savings, pension remittances, Special Deposit Account (SDA) among others.
- Repayment and collection will be made either through check off, standing order, pay-bill or cash.
GUARANTORS/COLLATERALS.
i) Gurantorship.
Members are allowed to guarantee up to a maximum of 20 long term loan applications. Members with default history will not be allowed to guarantee new loans.
ii) Other Acceptable collaterals.
- Deposits: Any form of deposits or non-withdrawable savings is acceptable such as Special Deposit Account (SDA)/Golden Savings.
- Land Titles: Land titles for urban areas including Jamii Housing Co-operative Society plot titles.
- Car log books: For vehicles not exceeding 10 years subject to valuation.
NOTE:
- Land Share Certificates are not acceptable.
- Cost of valuation and charge to be borne by the member.
- Car logbooks to be co-owned with the SACCO.
- Land Titles to be charged and members to meet the legal charges.
