5. emergency loans lending requirements a. k ayole sac c … · 2020. 6. 16. · lending...
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![Page 1: 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](https://reader036.vdocuments.us/reader036/viewer/2022071013/5fcbaba620f5776c2f374784/html5/thumbnails/1.jpg)
LLLEEE SSSAAACCCCCCOOO LLLTTTDDD
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P.O. Box 967-00518, KAYOLE
Tel:0770 150 002, 020 [email protected]
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LIPA NA M-PESAPAY BILL NO: 400222Account No: 1714# Your Membership No
BANK DETAILSAccount Name: P.C.E.A KAYOLE SACCO LTDAccount No. : 01100092689600Bank: Co-operative bank
PURSUE
KAYOLE LTD
CO
PCEA
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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.Save regularly, borrow wisely & repay promptly.
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Save regularly, borrow wisely & repay promptly.
![Page 2: 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](https://reader036.vdocuments.us/reader036/viewer/2022071013/5fcbaba620f5776c2f374784/html5/thumbnails/2.jpg)
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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.