Many thanks for your continued patronization of the SACCO products. As we start the second half of the year am glad to update you on the following:
a) Share Capital
I thank the members who have already rationalized their shareholding, for those who have not you are kindly reminded to advice on the preferred option to attain the target. Where a member has not advised the deduction will be effected automatically on loan application.
b) Holiday Loan [Save and Enjoy]
Members wishing to access likizo loan in December are advised to spread their savings in the next six months depending on the amount to be applied. See tabulated sample of the expected monthly savings:
|Expected Likizo loan||Required Savings [10%]||Monthly saving [July to Dec]|
The likizo loan is payable in 12 months at an interest rate of 1.25% per month and the maximum loan being Kshs. 200,000.00
c) Normal Savings
Boost members wishing to make lump sum boost for their savings to access loan will enjoy 1 month a waiver for the lump sum to be eligible for loans. This means those who top up their savings in July can comfortably access the loan beginning of September instead of October. The offer runs up to 31 st July 2016
d) Development and Top up Loans timelines
Members applying for the development loans are advised of the disbursement timelines as follows;
|Loan Amount [Kshs.]||Timelines||Repayment Period[months]|
|Below 300,000||2 weeks||36|
|Below 1 million||3 weeks||36 [48 applicable for Loans of Kshs.
500,000 and above]
|Above 1 million||4 weeks||160 months|
The timelines for Fasta fasta and 24 hr remain unchanged at 3 days and 1 day respectively.
e) Membership on staff Exit
Members joining new employers are encouraged to continue saving and servicing their liability over and above the savings and terminal benefits. Where such a member intends to access loans, the new employer will be required to commit in writing on remittance of payroll deductions on behalf of the member.
Attached please find the Share drive application form.