SACCO
Investment Wing
- 1All loans attract 3.0% interest per month, on reducing balance.
- 2The loan attracts 10% interest on default.
- 31% of all loans is retained towards the Risk Fund — meant to cushion the wing against losses, in case a member dies while servicing a loan.
- 4All members shall pay Kes. 1,200/- per year towards the Risk Fund.
- 5In case a member defaults, the guarantors are put on notice for a period of one month. The loanee then loses membership as his/her share contribution is forfeited and the balance of the loan is recovered from guarantors' shares.
- 6Dividends are declared at the end of our trading year (December). They are pegged on your share contribution throughout the year.
- 7A member wishing to exit the table banking must give a notice of three months. The following must be observed: must not be on loan; must not have guaranteed; shares are not transferrable; the shares will be given at the end of the trading period.
- 8The core, executive members cannot guarantee anyone, but when they borrow, they must get guarantors.
- 9When a member dies, the beneficiary filled on the form receives the money at the end of the financial year.
Send your share and loan repayment funds to:
Paybill: 400222 · Account: 20958#Name
Benevolent
Benevolent Wing
Membership
146
Target: 200, across 2 groups
Seed money
KSh 6,000
Paid once, on joining
Monthly contribution
None
Except replenishing after a calamity payout
Calamity Payouts
When a member experiences a loss, the wing pays out the following, and members then replenish the fund:
| Calamity | Payout |
|---|---|
| Death of spouse | KSh 1,500 |
| Death of biological parent | KSh 1,000 |
| Death of biological child | KSh 1,000 |