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1. Who is eligible to access Ndege Chai Sacco loan facilities?

Members admitted in accordance with the membership policy.

2. When does a member become eligible for a loan?

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. 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.

4. What loan products are offered by Ndegechai Sacco Society?

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.
Special Advance Interest rate 6.5% p.Month
Jipange Loan
  • Maximum 6 months - Interest rate 14% p.a
  • Maximum amount - Kshs. 250,000
  • Minimum amount - Kshs. 5,000

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 every week and Jipange loan is processed within 48 hours from receipt of the loan forms provided applications are filled correctly and relevant documents attached.

FOSA salary advance will be processed within 15 - 30 minutes.

5. What is the difference between Shares, Deposits and Savings?

Shares:

  • A share is the amount representing a member's portion in the equity of the society as a co-owner.
  • The nominal value of each share shall be Kshs.100/= and every member shall hold at least fifty (50) shares in the Society, but no member shall hold more than one-fifth of the total shares.
  • No member other than the 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 used as a loan multilplier
  • Shares are not withdrawable but are transferable.

Deposits

  • All withdrawable deposits shall attract interest at a rate prescribed in the terms and conditions of the deposit.
  • They are not withdrawn in part or in full as long as a person is a member of the Sacco.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.
  • A member may be refunded the amount saved in his non-withdrawable deposit account within 60(sixty) days after giving a written notification.
  • Non-withdrawable deposits shall attract interest at a rate to be determined by the Society.

Savings

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
Medical Accounts Christmas Accounts
Holiday Accounts Joint Accounts
Group Accounts Fixed Deposit Accounts
Akiba Kuu  

6. Does interest charged by the Sacco fluctuate during the term of the loan?

No. Any amendments on interest will affect new applications only.

7. Who decides on what interest to charge?

Interests on loans are reviewed from time to time by the BOD on recommendation of Management.

8. Can a member capitalize interest rebates or dividends to boost one's shares?

Yes, that is allowed. All that one needs to do is to instruct in writing.

9. Can a member use dividends or interest rebates to clear loans?

Yes by communicating the same in writing.

10. What are the acceptable Securities for a loan?

  • Guarantors
  • Deposits in the SACCO
  • Land title deeds
  • Bank guarantees
  • Corporate guarantee
  • Vehicles

11. Who is eligible to be a guarantor?

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.

12. What is the role of a guarantor?

Guarantors are jointly (together) and severally (individually) liable for the repayment of a loan in the event of the borrower’s default.

13. What are the rights of a guarantor?

  • 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.
  • The right to the information on the outstanding balance of the account of the borrower with the Society subject to the borrower’s consent.
  • 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.
  • 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.

14. What does a borrower need to know about the loan she/he is guaranteeing?

  • Loan amount
  • Repayment period
  • Applicant’s source of income
  • Applicant’s term of employment
  • Applicant’s retirement date
  • Any other details relating to the applicant’s character

15. What disbursement channels do you offer?

  • EFT (Electronic Funds Transfer)
  • RTGS (Real Time Gross Settlement)
  • Cash withdrawal from the teller
  • M-PESA
  • ATM
  • M-Banking

16. Can one clear a loan in full before repayment is over?

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

17. Who is a nominee?

  • 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.

18. What are the other services offered by the Sacco?

  • ATM Service-we are connected to Co-operative Bank’s Sacco Link Network. Members can access their cash at any Co-operative Bank ATM countrywide and any Visa Branded merchant outlets anytime 24/7.
  • M-Pesa-We receive and send cash through our M-Pesa outlets. Members can also deposit their FOSA accounts, make loan repayments and savings using the pay bill option of the M-Pesa using Ndege Chai business number 637 637.
  • Safe Custody of valuables;
  • Banker’s Cheques;
  • M-Banking;
  • Cheque clearance;
  • Financial advice;
  • Salary Processing;
  • Dividends' Re-investment;
  • Offsetting Loans;
  • SMS Banking;
  • Asset Finance(Car Loan).