SAVINGS PRODUCTS


  • Fill a savings deposit form.
  • Deposit savings on a monthly basis
  • Minimum monthly Kshs 1,000.
  • Minimum savings period 6 months
  • Withdrawal done once in a year.
  • Amounts earn 8% interest per annum.
  • One loses interest if you withdraw

  • For members' children below 18 years old.
  • Minimum monthly savings Ksh.1000.
  • Minimum account balance is Kshs.1000.
  • Minimum interest earning period is 6months.
  • Amounts earn 8% interest per annum.
  • Account can be used as security for school fees loan.
DOWNLOAD FORMS HERE

WHO CAN BECOME A MEMBER

  • Individuals who have reached the age of majority and have a regular source of income
  • Registered groups’ e.g. Chamas
  • Children whose parents/guardians are members of the Sacco

PROCEDURE FOR JOINING

  • Fill an application form and attach
  • 2 passport size photographs
  • Copy of the national identity card
  • Kra pin certificate
  • Membership fee Kshs. 1,000.
  • Minimum monthly deposit contribution Kshs. 2,000.
  • Minimum transferable share capital Kshs 10,000.

LONG TERM PRODUCTS


  • Repayable within 72months (6yrs)
  • Loan can be secured by guarantors, title deed or logbook.
  • Interest rate is at 1% per month on reducing balance

  • A member must have saved at least 15% the value of the asset
  • Interest charged at 1.5% per month on reducing
  • Security to be provided title deed or logbook.
  • Methodist Sacco finances up to 80% of the value of the asset

  • Interest rate for the loan 1.5% per
  • Repayment period is 36
  • No guarantors needed for this
  • The title deed is the Security

ASSET FINANCING

PRODUCT

FINANCING %

LOAN LIMIT

MORTGAGE TERM

Car Loan

80%

8 Million

36 Months

Land Purchase

80%

8 Million

72 Months

House Purchase

80%

8 Million

72 Months

Construction Loan

80%

8 Million

72 Months

SHORT TERM PRODUCTS


  • Maximum amount is three times your shares
  • Repayable within 12 months (1yr )
  • Interest rate is at 1% per month on reducing balance
  • Attach fee structure

  • Minimum amount is Kshs 50,000, Maximum amount is Kshs 150,000
  • Repayable within 12 months ( 1yr)
  • Security offered is deposits, no guarantors needed
  • Interest rate is at 1% per month at a fixed

  • Maximum amount is50, 000.
  • Repayable within 12 months ( 1yr)
  • Interest rate is at 1% per month on reducing balance


  • Must have Ksh 70,000 as deposits
  • No guarantors needed
  • Application and disbursement done through the phone.

Instant Loan

Maximum amount is sh.50, 000 repayable within 6 months.

Mobi Loan

Maximum amount is sh.20, 000 repayable within 1 month.

More about Mobile Loans

  • One can borrow up to 100% of current total deposits to boost his/her
  • A 5% interest is charged on the Hisa booster
  • This loan must be accompanied by another loan through which it shall be recovered.
  • Your monthly deposits are automatically credited with the Hisa boost
  • You can borrow up to 3 times your new deposits which include the HISA boost amount.

SACCO MEMBER BENEFITS

  • Low interest loans
  • Savings
  • Dividends
  • Investments
  • Creation of new networks
  • Education to members

LOAN REQUIREMENTS

  • For one to qualify for any of the products, a member must have saved consistently for a period of six months.
  • Maximum loan granted is Ksh 8 million.
  • Attach Pay slip or Bank/M-pesa statement.

OTHERS PRODUCTS


  • A registered group under the relevant government
  • Registration fee Ksh 2,000
  • Loan given four times the group
  • Minimum monthly group savings of Kshs 10,000.
  • Group constitution and minutes to be submitted during

  • Registration fee of Kshs 5,000
  • Share capital- Kshs 10,000.
  • Minimum monthly savings of Ksh. 20,000.
  • Introduction letter/minutes with a Resolution to open an account.
  • Recommendation letter from a Bishop or his representative/ congregation head / Institutional head where applicable.
  • Form duly filled with authorized signatories’ details

Search