- Fully completed loan application form
- Minimum three guarantors who must be active members and have contributed deposits for at least six months. Guarantors’ and applicants shares MUST be equal to or more than the loan applied for.
- Employer MUST sign and rubber stamp the application form.
- Outstanding loan by the applicant, MUST be cleared before a loan of the same kind is approved.
- A most current pay slip certified by the applicant’s employer’s payroll officer, MUST be attached to the application.
- Attach copy of an acceptable form of identification (National ID/Valid Passport
- Must have been an active member for at least six months.
All loans granted by the society must be guaranteed by at least three members of the society. Guarantors’ and applicants shares MUST be equal to or more than the loan applied for. In special cases when loan is less/equal to shares one could self guarantee but have to state in writing and will need to be approved by full committee.
The maximum loan amount a member can be given at any one time is three times the member’s savings subject to a maximum of Kshs 15 million less any outstanding loan balance. A member must take home at least a third of his/her pay after all deductions.
A member is allowed to take all the loan products on offer so long as total loans repayments do not exceed two thirds of the member’s salary and three times the member’s savings.
A member with an existing emergency loan is allowed to apply for a new emergency loan from which the society will recover the balance of the existing loan and give the member difference subject to maximum of Kshs 500, 000.
All loans except Premier Loan, Mega Loan, Divided Discount, Car Loan, and Masaa Loan attract an interest of 1% on reducing balance. Insurance Loan does not attract any interest.
A member is only allowed to offset his deposits against his loans if he is ceasing to be a member. He must then pay off the loan balance immediately if any. Offsets are only done when a member has asked those he has guaranteed to seek for guarantor replacements.
All loans except the Mavuko and Masaa loans attract an interest of 1% per month on a reducing balance basis. Mavuko and Masaa loans attract interest at 1.25% per month.
No interest or penalty is charged for clearing a loan earlier than the contracted period.
Yes, all a member needs to do is to instruct the society by filling in a withdraw form and replace any outstanding guarantees offered to other members loans.
- A member needs to inform the society by filling in a withdrawal form giving the society 60 days’ notice.
- The process can however, take two weeks at a commission 5% of the current deposits.
After being a member for at least six months and have contributed for a minimum of kshs.18, 000
Yes as long as your guarantors are in agreement. What you need to do is place a standing order for both deposit and loan repayment.
You can pay extra contributions/ Loan repayment using MSACCO/ MPESA or Bank deposits.
Yes, You can boost your deposits and apply for a loan immediately
One can transfer his deposits from another Sacco to Kimisitu. A member who does so is treated as an old member even if he has just joined the Sacco and can apply for a loan immediately.
Yes, Kimisitu Sacco membership is open to employees of Non-Governmantal Organizations, International Organizations, Embassies, Foreign Mission and other reputable organizations.
The spouse of an already registered member and children above 18 years are also eligible to join.
All loans granted by the society must be fully secured either by guarantors who are members of the society and have been active for atleast 6 months or by use of collateral; Collateral will include a title deed/Property and car log book.
In special cases when the loan applied for is less/equal to a members deposits, one could self guarantee by filling a self guarantorship form subject to approval by the committee.
Shares continue earning dividends and can also be transferred/sold to another member
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