Savings Account



It is part of the funds that the member will be contributing by investing in the Association so that they will be able to borrow when needed.

Benefits of Savings:

  •  It enables the member to build a regular savings habit so that they can help him later.
  •  Part of the member's Savings Rate is used as collateral in case the member borrows
  •  It helps the member to properly plan income and expenses by saving regularly;
  •  Helps build member's capital
  •  The minimum contribution to this savings fund is only fifty thousand shillings (50,000/=) per month. In addition, the member can set more than this level according to his ability and needs.

Emergency Loan



This type of loan is given to the active member whenever there is an emergency. As the name of this loan explains itself, this type of loan will be given to a member who has an emergency (emergency) only to help him at the relevant time

The maximum amount of the emergency loan is two million shillings (2,000,000/=) only.

The interest rate is ten (10) percent for 6 months (Reducing method)

 

The following events may be urgent for a member

  •  Finding a close family member's tragedy
  •  The problem of getting sick or being sick with a family member
  •  A conflict between the landlord and the tenant that will lead to the tenant (member) wanting to be removed from the house, thus requiring urgent funds for a new cave
  •  Paying tuition for a member's child who is about to be suspended.
  •  Member robbed, house broken into (Theft and Burglary) and house burned or burnt down
  •  Other emergencies that the Board through the Credit committee will be satisfied and confirm are among the emergencies


Emergency Loan Procedure
  •  The member will not be allowed to get another emergency loan if he has not completed the repayment of the previous emergency loan
  •  A member can borrow an emergency loan even if he has another loan such as a community development loan.
  •  The applicant will be required to fill in the application form and submit it to the Chairman of the association
  •  The security for an emergency loan for a member who is in employment is the shares, the savings he has, his pension and two (2) guarantors.
  •  The loan guarantee for a member who is out of employment is the shares, savings he has, two (2) guarantors who are employees of the Revenue Authority or other immovable assets owned by the member

Education Loan



This type of loan is provided with the aim of assisting the member in meeting his educational needs such as school/college fees, transport, accommodation & more

Development Loan



This type of loan is given with the aim of helping the member in meeting his social needs such as

  •  School/College fees
  •  Furniture purchase
  •  Construction and home ownership
  •  Purchase of fire equipment
  •  Capital for various businesses
  •  Other requirements similar to those mentioned above


Community Development Loan Procedure
  •  This loan is provided to meet the long-term needs of the member
  •  The maximum loan amount is three times the member's savings and its limit is Fifty Million (50,000,000/=)
  •  The repayment period will not exceed 60 years and the repayment will depend on the ability to pay by using deductions from the salary without affecting the various existing laws that bind the lender and the borrower.
  •  The applicant will be able to make repayments in the form of salary or cancel the debt by going through the bank
  •  The applicant will be required to fill in the application form and submit it to the Chairman of the association
  •  Loan guarantee for a member who is in employment is shares, savings he has, his pension and two (2) guarantors
  •  Loan guarantee for a member who is out of employment is the shares, savings he has, two (2) guarantors or other immovable assets owned by the member
  •  Interest is twelve percent (12%) per year in the balance (Reducing Balance Method)

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