TYPES OF PRODUCTS THAT WE OFFER
Deposits
A minimum of Kshs 2000 is saved every month through check off to serve as members’ investment in future. The more a member saves the bigger the loan.
Registration Fee/Entrance
Payable from first contribution
Christmas Savings
Minimum savings Kshs. 300 per month; the total is paid back on or before 20th December.
School Fees Savings
Minimum savings Kshs. 300 per month; the total is paid back on or before 20th December.
Leave Savings
Minimum savings Kshs. 300 per month; the total is paid back the time when one is going for leave or after the leave.
We give the following loan facilities
a. Ushirika Advance – “Karibu Member”
This is given to new members after receiving first deduction from the employer. It is handy for members taking up employment for the first time. The maximum amount is Kshs 5,000 recoverable in one month at the normal advance rate. Advance form to be filled.
b. Development Loans
This is given to members who have been saving with the Sacco for at least 6 months. The maximum repayment period for development loans is 12 – 60 months depending on the amount.
c. Emergency Loans
This loan facility is given to members who need cash for unplanned and uncertain events. Maximum amount is 20,000 and the repayment period is 4 – 10 months. The necessary supporting documents should be attached to the loan application form.
d. School Fees Loans
This loan is strictly for education purposes. It enables members to sponsor their children for primary, secondary, college and university education both locally and internationally. A member should provide a fee structure as evidence of school fees. This loanfacility should be cleared within the calendar year so that the following year the member can qualify for another one if need be. Maximum amount is 50,000 per member. School fees loans are sent directly to the school
e. Normal Salary Advance
This is meant for members of the Sacco only. It is payable once at an interest rate of 20% on the amount, however it should be aligned on the ability to pay the current loan installment before one is considered for an advance otherwise it is should be reduced to an amount that will not affect the loan recovery. The maximum amount is Kshs 5,000 (Five Thousand only) for those that have no other outstanding loan balances. Must fill advance form.
f. Asset Financing
This is meant to help members acquire assets of their choice. The member should identify the asset and furnish us with the details and the proforma invoice from the supplier. No cash is given to the member. Payment will be done directly to the supplier. All loan terms and conditions apply.
g. Super Salary Advance
This is meant for members of the Sacco who have 10,000 shares and above. The Maximum amount is 10,000 and repayment period is 2 months at an interest rate of 20% per month. No guarantors just the current pay-slip and fill advance form.
h. Salary Advance to Potential Members
This is given to KK employees who are already in the KK system with confirmed employment contract. The maximum amount is 5,000. The requirements are: Fill the form, attach current payslip, staff ID,
Risk fund
The member contributes Kshs, 300 per month to cushion them against the tragedies and loss of lives. In case of such, the loan balance is paid off by the insurance and the member or the next of kin gets the savings.
Last respect cover
The Sacco has a funeral cover where every member contributes 1,500 per year for a funeral cover of 100,000 per death for nuclear family of 5 members to a maximum of 3 claims in a year. For an extra child, member pays extra kshs 200; Parents are insured separately. Requirements: Copies of ID for you and spouse (If any), Your KRA pin copy, copy of birth certificates for the children.
Loan Disbursement
All applications should be received to the office not later than 3rd of every month for appraisal by the staff and thereafter approval by the credit committee. From there all approved loans are sent to the members bank accounts and advances can be sent to the Mpesa number. The member and the guarantors should attach ID copies. All loans should be within three times your shares and ability to pay as per your pay slip. All loans should be fully guaranteed by guarantors with available free shares.
NB: both insurance fee and registration fee are non-refundable.