Membership is open to all.
Members admitted in accordance with the membership policy.
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
No, shares cannot be withdrawn as long as you are still a member.
• The amount representing a member’s portion in the equity of the society as a co-owner. • No member other than a Cooperative Society shall hold more than one-fifth (1/5) of the total shares • Share capital cannot be used to determine the eligibility of a borrower or a guarantor. • Share capital is not used as a security to acquire a loan. • Share capital is not withdrawable but is transferable to another member and the minimum share capital is Kshs. 5,000 Deposits: • Every member must make regular deposits towards alpha deposits in accordance with Savings and loans policies. • They are not withdrawn in part or in full as long as a person is a member of the Sacco. • These deposits may be used to determine the eligibility of a borrower or a guarantor. Savings: In addition to shares and deposits a member may invest in a saving accounts. Which you can view in our “Our Products” in the Menu.
Our interest rate is on flat rate basis and reducing balance in reference to loan product plan, however when a loan is paid in advance a client is given a waiver of the interest of the remaining period
Interests on loans are reviewed from time to time by the BOD on recommendation of Management.
Yes, that is allowed. All that one needs to do is to instruct in writing.
Yes by communicating the same in writing.
• Guarantors • Deposits in the Sacco • 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 (together) and severally (individually) liable for the 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
A nominee is the person designated by a member to receive the proceeds of any payable funds upon the death of the member. All members are required to provide details of nominee(s) upon registering as members. One can change and/or update his/her nominee information as when and need arises.
Payment towards your loan repayment can be made by depositing cash to your Loan deduction savings account by use of Use the MPESA Pay Bill option • Go to the Safaricom M-pesa menu • Select the Pay bill option. • Enter the business number 986900 • Enter the specific account number where you would like the money to be deposited in. • Enter the amount, then your MPESA PIN No.
Raise withdrawal request through a signed letter, the request will be successful after 60 days if you have not guaranteed anyone.
You will be required to look for guarantor replacement for your shares to be released.
Yes, you can. All you need to do is instruct your salaries section to remit your salary through FOSA. It is important to note that by processing your Salary through Siraji Sacco FOSA,You can get loan advances at affordable rates
SASRA is an abbreviation for the Sacco Societies Regulatory Authority. This is the institution mandated by law to regulate the activities of Saccos so as to observe prudential financial standards. In short it acts like Central Bank which monitors banking activities in the country.
All FOSA operating Saccos will now be monitored by SASRA, they will be giving monthly reports to SASRA and they are expected to operate under very strict financial rules.