We applied to participate in the profit sharing programme to help our members get extra funds to invest in agricultural activities that will enable them earn extra incomes as a result of the diversification.
Other Primary Co-operatives also bank with us like, Chepchabas Coop. Society, Kiwoto Coop. Society, Bemiat Coop. Society etc, Kimulot, Chepchabas Women Sacco, Mau Tea Multipurpose, Siomo Co-operative, Kipsigis Highlands, Simaki Co-operative, CHASCO Sacco, Fintea Sacco/FSA.
Development Loan:- This regards to general purpose of loans where a member can invest in various activities like farming, business etc. It is repaid within a period of 3 years (36 months). The interest rate is on reducing balance
This is for school fees repayable in a period of 2 years (24 months). Interest rate is also on reducing balance method.
Emergency Loan:- This is meant for emergencies like; hospital bills and court fnes. It’s repayable in a period of 1 year (12 months). Maximum emergency guaranteed is Ksh. 20,000 or less depending on the native and amount required as per attached documents.
Contributions shall be made per month with minimum amount of Ksh 500. Every member shall be required to contribute towards group savings.
Micro credit entails lending of money to groups of persons who come together as savers in the sacco.
Any applicant must:-
Upon taking the loan, a member is deducted 3% of the loan granted as loan insurance. This will assist the benefciaries of the loanee in case uncertainties e.g. death, insanity, incapacitation etc of the member. The loan insurance will cover for the loan balance due i.e. the loan will be offset upon surrendering of the supporting documents e.e. death certifcate, medical examination certifcate etc. The percentage charged is variable depending on the resolutions which can be made in the Annual Delegates Meeting (ADM)
The groups shall consist of persons above 18 years.
Apart from off-setting the loan due, also give out a little amount of money from the welfare fund to the bereaved families in case of death of a member together for any expenses incurred i.e. Ksh. 20,000 for a member and 10,000 for non member (Account holder). The amount charged towards welfare fund per every account holder is Ksh. 50 per month.
All the loans granted must be guaranteed by at least 3 members with shares in the sacco. This will enable the society to recover the loan in case of default by member. A member can guarantee part of his/her shares and not all and should not guarantee more than three loanees. NB: As a guarantor, one is liable for the debt owed to the loanee as per guarantee form in case of default.
Micro credit entails lending of money to groups of persons who come together as savers in the sacco.