Members admitted in accordance with the membership policy.
A member becomes eligible after a minimum membership period of six (6) months and on fulfilling all requirements of a specific loan product. Members who transfer their deposits from another Sacco are exempted from the waiting period.
3. What do I need when applying for a Loan?
4. How is a loan application made?
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.
|Normal/Development Loan||Maximum 60 months - Interest 13% p.a-reducing balance|
|Additional Loan||Maximum 60 months - Interest rate 13% p.a-reducing balance|
|Emergency Loan||Maximum 12 months - Interest rate 13% p.a-reducing balance|
|Salary Advance||One (1) month - Interest rate 6.5% p.a.|
PLEASE NOTE: All our loans are formulated on a reducing balance and every loanee meets 1.5% of the insurance cost of their loan. Normal and additional loans will be paid within 30 days, Emergency Loan is processed from one day to a maximum of a week and Jipange loan is processed within few minutes of online application.
FOSA salary advance(online application) will be processed under 5 minutes.
In addition to shares and deposits a member may invest in a saving account.
The Sacco provides the following FOSA (savings) products:
|Personal Accounts||Children's Accounts|
|Fixed Deposit Accounts||Christmas Accounts|
|Holiday Accounts||Joint Accounts|
No. Any amendments on interest will affect new applications only.
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.
10. Can a member use dividends or interest rebates to clear loans?
Yes by communicating the same in writing.
11. If a member clears a loan before its completion date will he/she be required to pay interest for future periods?
No interest or penalty is charged for clearing a loan earlier than the contracted period.
13. Must I have guarantors when applying for a Loan ?
Yes indeed. Loans granted by the society must be fully guaranteed by members of the society. Guarantors and applicants shares MUST be equal to or more than the loan applied for. In special cases when loan is less/equal to shares one could guarantee him/herself.
14. Can I offset my deposits against my Loan?
A member is only allowed to offset his/her deposits against his/her loans if he/she is ceasing to be a member. He/She must then pay off the balance immediately if any. Offsets are only done when a member has asked those he/she has guaranteed to seek for guarantor replacements.
15. Can I apply for more than one Loan?
A member is allowed to take any loan products from different categories on offer as long as all lending conditions are met.
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 person who took the loan fails to pay.
Guarantors are jointly (together) and severally (individually) liable for the repayment of a loan in the event of the borrower’s default.
Yes, that is allowed and does not attract early clearance charge.
24. What do I need to do when leaving/resigning from the society?
The following are the steps to follow:
a) A member needs to inform the society in writing of his intention to withdraw. This is done by filling a withdrawal form which are readily available at our offices.
b) A member needs to inform all loanees he/she has guaranteed so that they seek alternative guarantor(s). Refunds will only be paid to the member after all loanees have replaced the withdrawing member as guarantor. If the member has guaranteed any other outstanding loan, he/she will fill a substitute guarantors form available at our offices. The same form is signed by all the other two parties (outgoing and incoming guarantor(s)
25. How do I open a FOSA account?
All our members automatically get a FOSA account upon joining our membership.
26. How can I acquire a Ndege Chai Sacco ATM/ Visa Card?
Our ATM Cards can be obtained by all members after making an application at any of our satellite offices/ branches.
27. Who can qualify for an ATM card?
Any member operating a FOSA Account qualifies for an AT M card.
Any further enquiry, please contact us:
Ndege Chai Sacco Society Ltd
P.O. BOX 857-20200 KERICHO
052 20 30121