Micro-Credit MembershipThe SACCO opened its common bond in the year 2014 to enable every members of the community to join Kenversity SACCO. The SACCO caters to the employed under check-off, employed not under check-off, groups, companies, partnership and individual business people.
Micro-Credit ProductsMembers who join Kenversity as a registered group or business people can now enjoy the benefits of affordable loans and attaractive interests on savings. We offer loans of upto three times your deposits at 1.25% per month on reducing balance. This laons can be granted as short term and long term loans.
The Loans Include:-
Tujijenge TuinukeTo be granted upto Ksh. 100,000, repayable within 8 Months at an interest rate of 1.25% per month on reducing balance.
Tujijenge TuendeleeTo be granted for amounts above Ksh. 100,000 upto Ksh. 300,000, repayable within 16 Months at an interest rate of 1.25% per month on reducing balance.
Tujijenge SuperTo be granted for amounts above Ksh. 300,000 upto Ksh. 500,000 repayable within 24 Months at an interest rate of 1.25% per month on reducing balance.
Tujijenge PremierTo be granted for amounts above Ksh. 500,000 and the repayment period is 48 Months at an interest rate of 1.25% per month on reducing balance.
A member can take upto 75% of their deposit as a loan under the mentioned categories without attaching any security. This will only be possible when the member has no other loan and has not guaranteed any other member.
Loan Application Details- One needs to save for at least three months continously to qualify for a loan.
- If a member/ Group takes a loan of more than 75% of three times their deposits, the loan has to be secured. A loan can be secured by an item that the member intends to buy, or that they currently own.
- Valuation and charging shall be done on the property that the member intends to use to guarantee the loan.
- The loan shall attract an insurance fee of 3% of the total loan applied for.
- The loan shall also attract a processing fee of 2% of the total loan applied for.
- The member shall provide a bank statement/mobile money statement to ascertain his/her cash flow when assessing their ability to repay a loan.
- The SACCO has a panel of lawyers,valuers and other consultants who shall be made accessible to the member when applying for a loan.
Formats of MembershipGroups can join as either listed or non-listed.
Listed GroupFor listed groups, every member of the group contributes deposits and evenetually qualifies for loans individually. The other members of the group guarantee the loan but the lon applicant also provides security. A group joint savings account will be opened where signtories of the group shall operate it. Every individual will also have their own savings account with a VISA branded ATM Card.
Requirement to join1. A copy of group registration certificate
2. A copy of all member Nation ID
3. 2 Color Passport photos for each member joining
4. Group Minutes resolutions to join Kenversity SACCO
5. A copy of Constitution/Memmorandum/Articles of Association
6. A copy of KRA Pin for every member or for every signatory
Individual MembershipIndividual business people can also join the SACCO and qualify for loans after three months of membership. An individual can take up to three times his/her deposits as a loan provided that all the loan requirments are met. All individual members are eligible for a VISA branded ATM Card for purposes of accessing their savings account.
Requirement to join1. A copy of all member Nation ID
2. 2 Color Passport photos for each member joining
3. Payment of Ksh. 1,000 entrance fee
4. A copy of KRA Pin