5. Emergency Loans LENDING REQUIREMENTS A. K AYOLE SAC C … · 2020. 6. 16. · LENDING REQUIREMENTS 1. Guarantors Members are encouraged to form groups consisting of at least 4

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P.O. Box 967-00518, KAYOLE

Tel:0770 150 002, 020 [email protected]

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BANK DETAILSAccount Name: P.C.E.A KAYOLE SACCO LTDAccount No. : 01100092689600Bank: Co-operative bank

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LENDING REQUIREMENTS

1. Guarantors

Members are encouraged to form groups consisting

of at least 4 - 20 members.

2. Collateral

a) Title deed

b) Logbook- Comprehensive insured

NB

Collateral security covers only 40%

of the total loan.

- Loan offset

Any member who offsets his/her

loan against the deposits shall be eligible for a loan

after six months.

DEPOSITS

Deposits are payable through;

I) Any Co-operative bank branch

ii) Co-operative kwa Jirani Agent

iii) Mobile banking

5. Emergency Loans

- The Loan is Processed within 24 hours

- Maximum Repayment period is 12 months

- Interest rate is 1% per month on reducing

balance.

These include;

Medical Fire

Death Court fine

NB must have relevant supporting documents

6. Instant loan

- This is a special loan processed within 12 hrs

- Payable within 12 months

- Interest rate of 1.25% reducing balance

maximum 100,000/=.

7. Church /Institution Loans

This product targets churches & institution to

helps them acquire assets such as land,

construction, instruments, furniture among

others.

- Processing takes up to one week

- Repayment period is upto 48 months

- Interest rate of 1.2% p.m. on reducing balance

8. Refinancing (Top-up) loans

This facility is available to members who have

serviced their loans faithfully for a certain period.

9. Bima loan

Financing insurance products; medical, Motor

Vehicle, livestock, Building etc Interest of 1% per

month on the reducing balance Payable within

12 months.

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Save regularly, borrow wisely & repay promptly.

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Save regularly, borrow wisely & repay promptly.Save regularly, borrow wisely & repay promptly.

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Save regularly, borrow wisely & repay promptly.

ABOUT US

P.C.E.A. Kayole Sacco Limited is registered under

the Ministry of Industrialization and Enterprise

development. We are a Christian based Sacco

registered in the year 2005, situated at P.C.E.A.

Kayole Church along spine road, opposite

Co-operative bank.

Our office is open from Monday to Friday

8:00 a.m.-5:00 p.m.

VISION

To be a unique SACCO of choice, offering quality

financial products and services to our members.

MISSION

To promote wealth creation by building a strong

culture of savings to our members through

affordable credit, prudent investment and

effective management.

CORE VALUES

¥ Professionalism Integrity

¥ Commitment Customer Focus

¥ Accountability Transparency

REGISTRATION REQUIREMENTS FOR

INDIVIDUAL MEMBER

¥ Registration fee 1000/= (non refundable)

¥ Purchase minimum 500 shares at Ksh 20, Total

Kshs. 10,000.

¥ Pass book - 300/=

¥ Insurance - 80/= per month

¥ Benevolent fund 20/= per month

¥ Two coloured passport size photos

¥ A copy of ID

¥ Minimum monthly contribution of 1000/=

REGISTRATION REQUIREMENTS FOR

CORPORATE MEMBERS

¥ Registration fee 5000/= (non refundable)

¥ Purchase minimum 500 shares at Ksh 20,

Total Kshs. 10,000.

¥ Must have a certificate of registration from

relevant ministry (CBO office)

¥ Minutes authorizing opening of the Account

¥ A copy of group constitution / Company

Memorandum of Association.

¥ A copy of CR12 form in the case of a Limited

company

¥ A copy of the group or company registration

certificate from the government

¥ Pass book - 300/=

¥ One coloured passport size photos for all

members

¥ Copy of Id’s

¥ Must also individually be a member of the sacco

¥ Must have a Bank Account

¥ Minimum Monthly contribution of 2000/=

REGISTRATION REQUIREMENTS FOR

CHURCHES/INSTITUTIONS

¥ Registration fee of Kshs 5,000

¥ Purchase minimum 500 shares at Ksh 20, Total

Kshs. 10,000.

¥ Save Kshs 5,000 monthly

¥ Attach the Church/Institution Governing

Body/Authority’s minutes resolving to join the

sacco.

¥ For PCEA Churches attach a letter of Authority

from the Session clerk.

¥ Others a letter from head of Authority.

PRINCIPLES GOVERNING CREDIT

I) Saving for six months.

ii) Full guarantorship of the loan through;

a) group members

b) if above does not cover collateral applies

iii) Total Savings minus share capital of (Ksh 10,000)

the balance is multiplied by 3

iv) Ability to pay

v) Past records

vi) Purpose

vii) Character

PRODUCTS OFFERED

1. Development Loans for individual

Repayment period of 36 months.

Any loan above 500,000/= can be paid within 48

months.

Maximum loan is 6 Million - interest rate 1% per

month on reducing balance.

Loan processed within one (1) week

Maximum loan according to ability.

2. Business Loans

This loan provides members with finances to grow

their business payable at 1.25% interest on

reducing balance for 24 months.

3. School fees

Maximum Repayment period is 12 months interest

rate at 1% per month on reducing balance.

4. Development Loans for corporate

Repayment period of 36 months

Maximum loan according to ability

Interest rate 1% per month on reducing balance

Loan processed within one (1) week.