Nyumba Regulated Non-WDT Sacco Society Ltd Loans
Enrollment
Member is required to fill His/Her details in the membership application form and attach a copy of the I.D and recent passport size photo.
In addition to registration, a member has to fill a beneficiary form or Next of kin(s) form to be kept by the society. Enclose one recent passport size photo, copy of ID for the next of kin(s) and/or copy of birth certificate if beneficiary is a minor(s).
The entrance fee is One Thousand shillings (Kshs.1, 000.00) non- refundable. To be deposited to A/C 704-0000221 (Nyumba Regulated Non-WDT Sacco Society Ltd Account).
Any new member is eligible to all the Sacco’s facilities after contributing for the first three months continuously. The minimum contribution one can make in a month is Kes. 1,500.
Loan Processing
Loan application is submitted by applicant fully signed by a minimum of 3 to 10 guarantors depending on the Loan amount and latest pay slip attached.
The application are received, stamped and signed by the Sacco Officer. The loan calculation is done on each applicant where the principal installment, interest, the insurance fee and other deductions where applicable is vetted on the net pay and the loan applications are entered into the loan application register.
The applications and member’s statement are forwarded to the Credit Committee for approval and in case of exemptions; the Executive Committee does the consideration. The Sacco Officer receives the approved or deferred or declined applications which are then forwarded to the Executive Committee for verification and final approval.
The Executive Committee authorizes for disbursement on each applicant by signing on disbursement letter or flexi cheque to credit to members account.
The application is received back to the Sacco Office and the loan is updated into member’s account before being filed to each member’s personal file.All payroll changes are submitted to the C.E.O to go through and recommend to the payroll officer to effect deductions on monthly basis.
Withdrawal
If a member wishes to withdraw from the society He/She is supposed to give a written notice of sixty (60) days to the Sacco and cannot withdraw the Share Capital but can only transfer it to another member.
Members leaving the common bond
If a member is leaving the organization under which he/she is registered and wishes to continue as member of Nyumba Regulated Non-WDT Sacco Society Ltd, he/she should always get a guarantee from the guarantors incase he/she has a loan (consent for continued guarantee).