Normal Savings Account
The individual’s normal savings account gives our members the opportunity to save monthly and build a safe accumulation of deposits for desired future use or just a safety net.
The Sacco offers you loan facilities with repayment periods that are flexible between one month and 60 months.-
Development Loan/Normal Loan
Granted for productive purposes only and the applicant may be required to attach the supporting documentation as proof of project viability. Six-month consistent contribution and the multiplier is three times the deposits.
TopUp Loan/ Refinancing
A member with an existing development loan is free to top up after having paid 1/2 of the borrowed loan. The society refinances this loan to members to complete their stalled projects.
Salary Advance/ E-Advance
Short-term advance – This has a repayment period of two months and an interest rate of 7% per month on a reducing balance. The amount given is 50% on the member’s net pay and is recovered using the check-off system. When applying a member is required to give a copy of the latest payslip, if the amount applied is more than the member’s share contribution then this amount has to be guaranteed.
Long-term advance – This has a repayment period of six months and an interest rate of 10% per month on a reducing balance. The amount given is 50% on the member’s net pay and is recovered using the check-off system. When applying a member is required to give a copy of the latest pay slip and have 3 guarantors who are our members.