Membership is open to all.
Members admitted in accordance with the membership policy of kshs.1,000 Sacco shares
A member becomes eligible after a minimum membership period of three months and on fulfilling all requirements of a specific loan product
A loan application must be done in writing on prescribed forms which must be fully filled. The applicant must attach all relevant documents. Alteration will not be allowed. or can be countersigned.
Interests on loans are reviewed from time to time by the BOD on recommendation of Management.
1. Guarantors 2. Deposits in the Sacco 3. Collateral i.e. Logbooks and Title Deeds
Any active member in good standing is allowed to be a guarantor provided that one has not over guaranteed. A guarantor must be willing and able to repay the loan guaranteed if the loanee fails to pay.
Guarantors are jointly and severally liable for the principal repayment and interest thereof in guaranteed loan in the event of the borrower’s default.
Yes, that it allowed and it does not attract any fees