MEMBER SAVINGS
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Deposits - Member Deposit is mandatory for every member of the society. The minimum monthly contribution is Ksh 1000/= while maximum is infinite.
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Benefits - Member benefit from the savings interms of borrowing, annual dividends and any other benefit that may arise.
ANNUAL DIVIDENDS
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These are benefits realised annually from the Sacco's net income.
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It is paid every year to all members, on a pro-rata basis to every indiviudual's savings
(The more you save, the more the dividends and vice-versa).
LOANS
Normal Loan
- ~ This is a long term loan, repaid within 60 months
- ~ This loan is 3 times the shares a member holds in the sacco
- ~ Attracts an Interest rate of 12% per annum
- ~ 10% interest penalty is charged when a loan is offset before the 5 years.
- ~ A top-up is only allowed when a member has an outstanding loan balance of not more than Ksh. 8,000,000/=
Education Loan
- ~ This is a short term loan, repaid within 12 months
- ~ This loan is meant to cater for school fees only
- ~ The maximum amount to be applied is Ksh. 50,000/=
- ~ A top-up is only allowed when a member has an outstanding loan balance of not more than Ksh. 10,000/=
Emergency Loan
- ~ This is a short term loan, repaid within 12 months
- ~ This loan is meant to cater for Emergency
- ~ The maximum amount to be applied is Ksh. 60,000/=
- ~ A top-up is only allowed when a member has an outstanding loan balance of not more than Ksh. 10,000/=
