FREQUENTLY ASKED QUESTIONS
Anyone can become a member after successfully been approved by the Board of Directors and contributing monthly shares/deposits .
You are guaranteed favourable and competitive interest and dividend every year, additionally, deposits earn you interests yearly. The deposits enable you to access credit facilities, elect or be elected to the board of directors or as a delegate
We peg loans on your deposits, the higher the deposits the higher the ability to borrow.
You will enjoy various loan products that will enable you to grow financially. There are also various savings products that help you save and invest wisely.
- The Board and Management are managing the Sacco as per the Co-operative societies ACT, Rules and Sacco By –Laws. The Sacco has implemented the use of Corporate Governance and Code of Ethics hence stability is guaranteed. The Sacco holds ADM’S yearly where reports and accounts are presented to the members.
- What do I need to do when withdrawing from the Society?
- A member needs to inform the society in writing of his intention to withdraw.
- A notice of sixty days is required in case of any refunds due to the member.
- A member needs to inform all loanees that he has guaranteed to seek alternative guarantors.
- Fully completed loan application form
- Minimum three guarantors who must be active members and have contributed deposits for at least 2 months. Guarantors’ and applicants shares MUST be equal to or more than the loan applied for.
- Outstanding loan by the applicant MUST be cleared before a loan of the same kind is approved.
- A most current pay slip certified by the applicant’s employer’s payroll officer MUST be attached to the application.
- A copy of an acceptable form of identification (National ID/Valid Passport) MUST be attached to the application
- Must have been an active member for at least 2 months.
- Members admitted in accordance with the membership policy.
- A member becomes eligible after a minimum membership period of 2 months and on fulfilling all requirements of a specific loan product.
- It is a requirement by the Regulator that all SACCO’S have a minimum of 10% of their deposits in share capital and therefore all members MUST have some shares to qualify them to be part of the owners of the SACCO. The amount representing a member’s portion in the equity of the society as a co-owner.
- Shares are not used to determine the eligibility of a borrower or a guarantor.
- Shares are not withdrawable but are transferable.
- Every member must make regular deposits towards member deposits (normal shares) in accordance with the Savings policy.
- 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.
In addition to shares and deposits a member may invest in a saving account. The Sacco provides the following savings products:-Fosa savings account, Fixed deposit account, Parrot account and Holiday account
Share Capital will not be used to qualify you for loans nor are they withdrawable at any time; they form part of the permanent capital.
The minimum per month contribution is Ksh 1,000.
No any amendments on interest will affect new applications only.
Interests on loans are reviewed from time to time by the Board of Directors on recommendation of Management or with the change of loaning regulations.
Yes, that is allowed. All that one needs to be done is to instruct in writing.
Yes by communicating the same in writing.
- Deposits in the SACCO
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 loanees 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.
- 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 borrowers 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.
- Loan amount
- Repayment period
- Applicant source of income
- Applicants term of employment
- Applicants retirement date
- Applicant’s contact details
- Any other details relating to the applicants character
- EFT (Electronic Funds Transfer)
- Cash withdrawal from the counter
- Mobile Banking
Yes, that is allowed and does not attract early clearance charge.
SASRA (Sacco Societies Regulatory Authority) is a regulatory body enacted by parliament to regulate all SACCO’S operating FOSA’S. The law came into force by 18th June 2010 and IMARISHA SACCO is licenced by SASRA because we are operating FOSA.