WASKOM SACCO LOAN PRODUCTS
1. TOTO ACCOUNT.
This type of Sacco account has a minimum monthly contribution of 100/=
>One can contribute through check off/payroll or direct deposit to Sacco pay bill no:79953
or by placing a bank standing order.
2. HOLIDAY ACCOUNT
This as the name suggests is a savings account targeting a specific event e.g.:
weddings ,ex-mass, vacations, etc. The minimum amount paid per month is 100/=
and one can access the money after 12 months of saving.
3. BENOVELENT SAVINGS.
The Sacco has partnered with the insurance company to provide cover for
immediate family members of up to 10 including parents & parents-in-law by the
intended Sacco member at a premium of KSH 350 every month per year cover of
KSH 100000/= in the event of death.
4. CREDIT PRODUCTS.
Emergency loan > This is a loan issued up to a maximum of three times a member share
repayable for (1) year (12) months interest for this type of loan is at 14.4% rate P.An on a
reducing balance.
For one to qualify for this loan one must attach the following documents :
> A recent payslip
> An ID copy
> Enough guarantors to cover the loan
5. EDUCATION LOAN.
This is issued up to three times a member share and recoverable in 12 months interest on
this loan is at 15% P. An on-reduced balance
for one to qualify for this loan one must attach the following documents :
> A recent payslip
> An ID copy
>THREE guarantors to cover the loan
6. PLOT LOAN
This type of loan is issued three times a member share recoverable in 36 months at
the interest rate of 12% P.An on a reducing balance.
For one to qualify for this loan one must attach the following documents :
> A recent payslip
> An ID copy
> Guarantee is the land/plot or cheque to the Waskom Heritage Sacco
7. ASSET LOAN.
This type of loan is issued three times of the member's shares and is recoverable in
12 months at the interest of 24% P. A reducing balance.
For one to qualify for this loan one must attach the following documents :
> A recent payslip
> An ID copy
> Enough guarantors to cover the loan
8. JIMUDU LOAN
This is issued with a maximum repayment period of 48 months It is issued to a
maximum of three times member shares savings processing fee of 0.3% or a
minimum of 500/= at an interest rate of 1% per month on reducing balance, security
is guarantor .insurance fee is applicable.
9. MWANZO LOAN.
This type of loan is for a newly recruited member of the Sacco.
The maximum amount qualified is 20000/= repayment period of 12 months (1 year)
interest rate of 1.25% Per month on reducing balance. The processing fee is 400/=.
One is not eligible for another loan before paying half of his loan security as
guarantor.
20% of the applied load is rolled back to the deposit insurance fee is
applicable.
10.JIPANGE LOAN
Applicant of this loan must have a savings of 200,000/= repayment period of 6
months maximum amount qualification is 20,000/= at the interest rate of 2.5% per
month.
NO PROCESSING FEE. It is applied within 48 hours receiving of the application fee.
In case a member fails to repay the loan within 6 months they will be blacklisted for
a period of one year.
An insurance fee is applicable.
11.DIVIDED ADVANCE LOAN.
This product will be available from JANUARY – to MARCH every year applicant must
be active by the close of the financial year (312) qualification is 50% of the previous
year's dividend, and security is the dividend interest rate at 7.5% per month.
No processing fee, interest, and all charges are to be deducted upfront.
An insurance fee is applicable.
