- A member must complete FOUR (4) months before applying for any loan. Members transferred are treated as old members for purposes of loaning (date he/she joined the old society).
- Loans granted to members shall be deducted from their salaries, debited from their bank accounts or from standing order remittances including the applicable interest rate per month on a reducing balances method.
- Except for Emergency and Instant loan all the other loans granted are subjected to three times the Deposits Contribution. An interdicted member /Retirees who continue with membership are eligible for a loan but such loan shall not exceed his/her shares.
- A loan must be guaranteed by three or more members, whose shares plus those of the loanee shall equal the loan applied for. Non-citizens be guaranteed by citizens for loans
- A loan applied within one’s Deposits shall not need a guarantor, provided that such members has not Guaranteed any member.
- The first loan must be cleared in full before applying a second loan of the same type.
- School fees loan must be supported by a school fees structure for that particular year.
- Emergency loans shall be granted on production of acceptable documentary evidence and paid within 12 months.
- A member should not belong to more than one SACCO SOCIETY at the same time.
- A member withdrawing shall give 60 days’ notice, clear outstanding loans and provide alternative guarantors if need be.
- No member shall be allowed to withdraw part of share neither offset them against the loan unless one ceases to be a member.
- Members shall have one loan of each category i.e. school fees, emergency and development.
- No member will be allowed to suffer total deduction including loan repayment in excess of 2/3 of his Consolidated Salary.
- Loans application will be considered in the order in which they are received; (FIFO Method). But preference to:
- Small loans and shorter periods
- Members who have never had loans
- New members who have qualified for loans.
- Other members who qualify for considerations and have outstanding loans
