To become a member complete the following steps;

1. Complete an application for membership form
2. Complete a beneficiary nomination form
3. Provide a copy of national ID/valid passport and KRA PIN
4. Provide a coloured passport size photograph
5. Make an initial contribution of at least Kshs.12,000/=

The following can serve as guarantees for loans

• Guarantors
• Motor Vehicle- up to 60% of the current value
• Tangible assets – land and building located in urban areas up to 75% of the current market value
• Shares trading at Nairobi Security Exchange- Up to 50% of the current market value

All applications for loans shall be made on prescribed forms and which must be duly filled and submitted together with:-

1. The required identification documents such us photocopy of the National Identity Card or Passport
2. The applicant’s Payslip (if employed) or bank statement (if in business) or any other document to prove source of income

In filling the application form, the following must be clearly stated (where applicable)

1. The amount applied for
2. Purpose of loan
3. Terms of repayment
4. Type of security provided

The following forms the minimum threshold for one’s qualification for any loan or services in the Society:-

1. One must be a fully-paid up member by purchasing the minimum 250 shares of Kshs. 20 each
2. One must have been a member of the Society for a minimum period of six (6) consecutive months
3. One must have saved minimum Kshs. One hundred thousands (100,000/=) in deposits
4. One must obtain a minimum of three (3) guarantors and/or collateral commensurate with the value of the applied loan
5. One must not be in default of any loan and must also be paid up to date with the monthly remittances/payments
6. One must undertake to commit future salary deductions towards repayment of the loan, if in employment
7. One must demonstrate the ability to repay the loan, if not in full-time employment
8. One must present a duly filled up ‘Loan Application form’ and supplied the office with all the required documents
9. In the absence of guarantors or collateral as stated in (c) above, one can apply for a loan or loans whose total is equal or less his/her deposits as long as such member has not guaranteed any other loan. In case he/she has guaranteed some loan(s), then his/her total liabilities, including the amount of loan applied for should not exceed the amount of deposits.

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.

Shares

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. Shares are not used to determine the eligibility of a borrower or a guarantor. Shares are not withdrawable but are transferable.

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

This refers to putting money aside for the purpose of investing orkeeping it aside for a rainy day. This is in addition to shares and deposits a member may invest in a Sacco.

No. However, any amendments on interest will affect new applications only.

Yes, by communicating the same in writing.

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 loanees fails to pay

1. The right to obtain a copy of the letter of guarantee or contract of guarantee and any other documents in relation to the loan transaction.
2. The right to the information on the outstanding balance of the account of the borrower with the Society subject to the borrowers consent.
3. The right to call upon the borrower to pay off the loan to release him from all his liabilities under the guarantee. This right can be exercised at anytime and even before the Society has called upon the borrower to pay the debt.
4. The right to be indemnified by the borrower for any payment made to the Society. This means that he can sue the borrower for the amount that he has paid to the Sacco.

Yes, that is allowed and does not attract early clearance charge.