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:

1. Land Share Certificates are not acceptable.
2. Cost of valuation and charge to be borne by the member.
3. Car logbooks to be co-owned with the SACCO.
4. Land Titles to be charged and members to meet the legal charges.