Who is eligible to access Vision Sacco Credit Facilities?Members admitted in accordance with the By–Laws and are making monthly remittances.
When does a member become eligible for a loan?A member becomes eligible after a minimum membership period of four 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. However, loan advance can be taken within 1 month after registration provided that the amount can be secured using own funds.
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 attaché all relevant documents. Alteration will not be allowed.
What is the difference between Shares, Deposits and Savings?
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 withdraw able but are transferable.
Every active member must make regular deposits in accordance with Savings and loans policies. They are not withdrawn in part or in full as long as a person is an active member of the Sacco. These deposits may be used to determine the eligibility of a borrower or a guarantor.
In addition to shares and deposits a member may invest in a saving account. The Sacco provides the Junior Savings Account and Safari Savings Account.
Does interest charged by the Sacco fluctuate during the term of the loan?The Sacco charges interest on declining balance at the applicable interest rate per month.
Can a member capitalize interest rebates or dividends to boost ones shares?Yes, that is allowed. All that one needs to do is to instruct in writing
What are the acceptable Securities for a loan?
- Deposits in the SACCO
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 loanee fails to pay
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 that he has paid to the Sacco.
What does a borrower need to know about the loan (s)he is guaranteeing
- Loan amount
- Repayment period
- Applicants contact details
- Any other details relating to the applicants character
What are available disbursement channels?
- EFT(Electronic Funds Transfer)
- RTGS(Real Time Gross Settlement)
Can one clear a loan in full before repayment is over?Yes, that is allowed and does not attract early clearance charge only the relevant interest charge for the month applies
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
Can one alter loan repayment period during the repayment of the loan?On loanees request the repayment period may be altered at any stage of repaying the loan provided that the request is within the limits of a particular loan term.
Available loan productsThe Sacco offers several loan products. For details of the loans kindly refer to the Loans Policy