Applewood Adams, Ngong Road, 5th Floor, Suite 502

Loans

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.

School Fees Loans

Loan is given to a maximum of
Kes.300, 000.00 each, Repayable within two years at an interest rate of 12% per annum on reducing balance.

Emergency Loan

Loan is given to a maximum of
Kes.250, 000.00 each, Repayable within one Year at an interest rate of 12% per annum on reducing balance.

Hakuna Matata Loan

Given at maximum of 70% of the current net salary, Repayable within Six months at an interest rate of 4% per month.

Asset Finance Loan

Loan is given at maximum of a quarter of one's savings, repayable at a maximum period of 24 months and a rate of 12% per annum on a reducing balance.

NORMAL/DEVELOPMENT/
JIJENGE LOAN

Loan is given at maximum of four times of ones savings, repayable at a maximum period of 60 months and a rate of 12% per annum on a reducing balance.

Jijenge Loan: Two times member deposits, for a period of 84 months and a rate of 12%

per annum on a reducing balance.
THIRD PARTY SECURED Loan
Loan is given to a maximum of up to four times member deposits repayable within six (6) years at an interest rate of 12% per annum on reducing balance. Processing fee of 1% - One-Off. No guarantors required. Title Deed or Motor Vehicle or Government Securities or Shares Quoted in Nairobi Securities Exchange (N.S.E) as security.
SELF GUARANTEED LOAN

Loan is given to a maximum of 95% of the Savings. repayable within the stipulated loan types period, at an interest rate of 10% per annum on reducing balance.

COMMERCIAL LOAN

Loan is given to a maximum of 5 times of a members savings, repayable within six (6) years at an interest rate of 15.5% per annum on reducing balance. The applicant must have six guarantors.

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).