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F.A.Q.

How do I resign from the sacco?

A member needs to inform the Sacco in writing of his intention to withdraw.This is done by filling a withdrawal form. A notice of sixty days (60) is required incase of any refunds due to the member.

How do i qualify for a loan?

One has to have saved regularly for three months ,have guarantors who are our members and have savings with us or use collateral as guarantor.If it is asset loan, no guarantor is required.

How long do i wait for the loan to be approved?

An emergency loan is processed immediately and released subject to meeting the relevant conditions.Normal loans require approval of the management.Asset loans may be approved in the management committee but disbursed subject to availability of funds in the laid down disbursement schedule.Some loans may take long before disbursement especially asset loans due to various reasons.

Can i apply for another loan if i am serving one?

For normal loans,you can apply on the condition that you have already paid 75% of the initial loan taken .

What is the interest charged on loans?

All loans except Mkombozi loan attract an interest of 10% at flat rate while mkombozi loan attract an interest of 1% paid in a span of one month.

What are my benefits an rights as a member?

Attend general meetings, vote and be heard in those meetings.
Elect the committees,appoint nominees,approve,reject or defer the budget, participate in the amendment of the society’s by-laws.
Enjoy all the services provided by the Sacco.

Can i transfer my shares to savings and use the money to borrow loan?

Yes a member can do a transfer of some amount of his shares to savings with a charge of five hundred shillings.

If I clear a loan before its completion date, will i be required to pay interest in future period?

No interest or penalty is charged for clearing a loan earlier than the contracted period.

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