Uncategorised

Details: Written by Maureen Gakii; Category: Uncategorised; Published: 10 August 2023; Hits: 2033

Jamii Biashara Loan

This product is geared towards supporting small scale entrepreneurs to improve their income generating activities.

Basic Requirement

Must be a member of Jamii Sacco with minimum savings of Kshs. 3,400 for a period of 8 weeks.
Registration fees Kshs.300 per member.
Minimum voluntary savings Kshs. 200 per week or 800 per month.
Must be willing to abide by Jamii Sacco lending policies, rules and regulations.
Must provide adequate security for the loan/fully guaranteed by group members.
Must be a member of a registered self help group operating an account with Jamii Sacco.
Must provide current 6 months business record book.
Granted three(3) times a member's Micro Credit savings.
Granted up to a maximum of Kshs. 3,000,000
Interest rate of 14.5% per annum or 1.21% per month on reducing balance.
2.5 % appraisal fee is applicable.
Maximum repayment period is 30 months.
Copies of Business documents such as certificate of registration ,KRA PIN and business assessment report/audited report must be provided.
To be cleared at 8% after 60% payment of the previous loan.
The loan can be cleared after 12 months/ 1 year consistent repayment without default.

Benefits:

Loans between Kshs. 10,000 (min) and Kshs. 2,000,000(max) will be made available to individual members in the Micro-credit Program to assist them start or expand own micro-enterprises.
Loans are granted 3 times of a member micro/Biashara savings.

Jamii Chama Emergency Loan

This product is geared towards supporting group members to meet Emergency and School fees needs

Basic Requirement

Must be a member of a registered self help group operating an account with Jamii Sacco..
Granted two(2) times a member's Micro Credit savings.
Granted up to a maximum of Kshs. 50,000
Interest rate of 15.5% per annum or 1.29% pm on reducing balance.
2.5% appraisal fee.
Maximum repayment period is 12 months.
Copies of Business documents such as certificate of registration ,KRA PIN and business assessment report/audited report must be provided

Details: Written by Maureen Gakii; Category: Uncategorised; Published: 09 August 2023; Hits: 7300

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.

Details: Written by Maureen Gakii; Category: Uncategorised; Published: 09 August 2023; Hits: 3839

ASSET FINANCE LOAN PRODUCT-(DEVELOPMENT LOAN)

This is to notify you that the board meeting held on 26/7/2023 resolved and approved the above product under asset finance with the following features effective from 1/8/2023.

1. Must be a member of the SACCO for a minimum of 12 months.

2. Only commercial and residential land (within municipalities and urban areas) will be financed.

3. Loan term is maximum of 120 months (10 years).

4. No special asset savings account is required

5. Loan amount of up to a maximum of Kshs.15, 000,000 subject to value of the property/land and ability to repay the loan.

6. Value of land must be higher than the property to be granted (Mortgage value).

7. Land must have freehold title or a lease certificate with not less than 20 years before expiry.

8. Grace period is one month.

9. Interest rate of 13% per annum on reducing balance is charged.

10. Processing fee is 2% of the loan approved.

NB:That all loans secured by developed property must have insurance cover to loan term.

Details: Written by Maureen Gakii; Category: Uncategorised; Published: 09 August 2023; Hits: 3169

Jamii Emergency loan

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Jamii Emergency loan

This loan is granted to meet member emergency needs within the shortest time possible.The waiting period not being more than 24 hours.

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.
One must have one emergency loan at a time.
Loan must be guaranteed.

Benefits:

Granted 3 times the member total deposits.
Payable in 24 months.

Jamii School fees loan

Jamii School fees loan

The purpose of this product is mainly to assist members pay school fees for themselves or the children.

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
Loan must be guaranteed.

Benefits:

Granted 3 times the total member deposits
Payable in 12 months.
Available within 24 hours

Jamii Bila Riba Loan

Jamii Bila Riba Loan

This product is geared towards supporting members to meet emergency and school fees needs.

The loan is granted to Muslim faith members and the features are as follows:

Basic Requirement.

Granted three (3) times of member total deposits.
Attracts appraisal fee of 2.5%.
No interest is charged
Maximum repayment period is 24 months.
Available to Muslim faith members only.

Details: Written by Maureen Gakii; Category: Uncategorised; Published: 03 May 2023; Hits: 11185

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.