In its endeavor to realize its vision and mission, Jamii SACCO upholds the following core values: Integrity, Professionalism, Customer Focus, Teamwork, Innovation and ICT.

New Member Joining Requirements

Apply for a Loan.
School Fees Loan
Development Loan
 
M-Cash Loan
elder
 

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Investment or Micro-credit

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Asset Finance loan

Asset Finance Loans

Asset Finance is a facility available to all SACCO members who may desire to acquire, develop and own assets/properties. The product is available to meet purchase of various assets as follows:

 

A) Motorcycle, Water
Tank, Posho Mill, Solar Panel, Water Pump and Generator among others:

The terms and conditions are:

  • Must be a member of the SACCO for a minimum of 3 months.                                                                                                         
  • Loan security is the Asset to be acquired.
  • Loan term is a maximum of 12 months.
  • Asset financed is 3.5 times of the Special savings (one must have special Savings)
  • Loan amount of up to Kshs.300,000 for motorbike, tuk tuk, posh mill, solar panel, generator etc.
  • Grace period is one month.
  • Repayment frequency is daily, weekly, fort-nightly or monthly.
  • Collateral discharge process requires member to apply for release of security from the SACCO upon clearing the loan.
  • The Asset must be fully insured to the term of the loan.

B) Motor Vehicles

Terms and conditions are:

  • Must be a member of the SACCO for a minimum of 3 months.
  • Loan security is the Asset to be acquired.

Loan term is:

  • Brand new Cars(1-7 years) – 48 months
  • Used Cars up to 7 years -36 months
  • Used Cars (8-10 years) -24 months.
  • Loan term is maximum of 180 months for salaried members and 120 months for non-salaried members.
  • The Sacco finances  up to 60% of the  forced value of the motor vehicle.
  • Loan amount of Kshs 4,000,000 as maximum.
  • Interest rate of 1.08% per month or 13 % per annum  on reducing balance.
  • The motor vehicle shall be jointly owned with the SACCO and comprehensively insured to term of the loan.
  • Repayment and collection will be done either through check off, standing order, pay bill or cash.
  • Grace period is one month.
  • Repayment frequency is daily, weekly, fort-nightly or monthly.
  • Collateral discharge process requires member to apply for release of security from the SACCO upon clearing the loan.
  • Valuation, tracking system and legal charge to be borne by the member.
  • Motor vehicle Insurance to be auto-renewed by the Sacco and members to pay the Sacco  the insurance premium loan in 12 equal monthly installments at the rate of 1.08% per month or  13% per annum on reducing balance.
  • Car track device to be installed by reputable service providers appointed by the Sacco and SLAs to be drawn and signed with clear terms and conditions.
  • Log Books to be used as collateral  to be regularly checked/ verified  with NTSA  and the insurers to confirm status by credit administration team.
  • The Sacco will finance specific motor vehicles that have resale value.
  • Matatus  and tractors  will not be financed  by the Sacco  except for the members  who have accessed similar loans and with good repayment history.

C) Mortgage (Land and Property):
The terms and conditions are:

  • Must be a member of the SACCO for a minimum of 3 months.
  • Member to acquire it for buying commercial & residential land( within municipalities & urban areas).
  • Loan term is maximum of 120 months.
  • Asset financed 5 times of Special savings.
  • Loan amount of up to a maximum of Kshs.10,000,000 for commercial land.
  • Financing will be 100% of the purchase price plus the processing fees & other incidental costs.
  • Land must have freehold title or a lease certificate with not less than 20 years before expiry.
  • Maximum loan of Kshs.6,000,000 for agricultural land & limit the collateral value to forced sale value.
  • Grace period is one month.
  • Interest rate of 1.08 % per month or 13 % per annum  on reducing balance.
  • Processing fee is 2% of the cost of the Asset.
  • Collateral discharge process requires member to apply for release of security from the SACCO upon clearing the loan.
  • Valuation and legal charges to be borne by the member.
  • Valuation and Charge to be conducted by SACCO appointed service providers.

Jamii Normal Loan

Jamii Normal Loan

This Loan is granted three times of the member's total deposits is repayable in 48 months.

Basic Requirement

  • One must be a member of Jamii Sacco.
  • One must have contributed for at least 6 months.
  • Interest rate is 1% per month or 12 % per annum on reducing balance.
  • A duly Completed loans application form.
  • Original current pay slips for three months.
  • A copy of the members national identity card.
  • One third (1/3) rule is applicable.
  • Loan must be guaranteed.

Benefits:

  • Quick processing and disbursement
  • Payment period is 48 months
  • Adjudicated once a month

Jamii Project Loan

Jamii Project Loan

The new re-engineered Project Loan has the following features:

  • Loan granted four (4) times of  member total  deposits.
  • Interest rate is 1.17% per month or 14% per annum on reducing balance.
  • Maximum repayment period 30 months.
  • Maximum loan of Kshs.1,000,000.00.
  • Available to payroll based members only.
  • Loan must be fully guaranteed.
  • Remittances from employer MUST be up to date.
  • Available to members with existing long term loans or Top Up loans and performing.
  • Recovery within 1/3 rule of the basic salary.
  • Loan attracts 1.5% of the approved amount.

Mustaafu loan

Jamii Mustaafu Loan

This is a facility for retirees and it has the following features:

  • Available to retiree members only
  • The member must be a FOSA Account holder.
  • The member MUST channel their monthly pension through FOSA/ Member provide evidence of ability to pay.
  • A copy of the retirement letter and an official form electing the Jamii SACCO FOSA as the pension pay-point should be attached.
  • Maximum repayment period is 36 months.
  • Ability is computed based on 1/3 rule on member’s net pension.
  • Loans must be fully guaranteed by Deposits or Golden savings account.
  • For self guaranteed loans the loan will be issued 80% of free deposits.

Jiinue loan

Jamii Jiinue Loan

This is a Top-Up loan granted to members with existing project and/or Normal loans and the features are as follows:

  • Granted 5 times a member’s total deposits.
  • Repayment period is a maximum of 96 months for members in the public service and 84 months for other members.
  • Interest rate is 1.17% per month or 14 % per annum on reducing balance.
  • Maximum limit of Kshs. 6,000, 000.00.
  • Available to all members .
  • Must be secured by guarantors and/or collaterals.

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Jamii Sacco

Head Office: Jamii Sacco Court, Mukenia Road, South
‘B’ Next to Mater Hospital
Address: P.O. Box 57929 Nairobi 00100 Kenya
Tel: +254 (020) 552477/48 / +254 (020) 6552523
Mobile: +254715961545/ +254712852762
Email: info@jamiisacco.com

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