Lending and Membership Terms

To qualify for a loan: –

  • A member must have completed at least six months and contributed not less than Kshs.12, 000/= for advocates members and Kshs.6, 000/= for non-advocates members.
  • Loan applicant is entitled to three (3) times his/her deposits but subject to lending limit of Kshs 7.5 Million currently.
  • A member who withdraws from the society and rejoins later will be treated as a new member for the purpose of this policy.
  • All loans shall be restricted to members only & shall be approved by the credit committee.
  • Savings contributions paid in lump sum for the purpose of securing a loan must remain in the Sacco account for at least three (3) months.
  •  Unless the loan applied for is equal to or less than a member’s shares it must be secured by guarantors or chattels mortgage.
  • To withdraw membership a member will be required to give a written notice of up to 60 days.
  • A member will be required to maintain a monthly share contribution of not less than Kshs.2, 000/= for advocates and Kshs.1, 000/= for non-advocates.

Loan security

Loan securities may include:-

  • Members’ deposits
  • Guarantors’ deposits
  • Chattels mortgage
  • Charge on land