Sheria Sacco Reviews: How to join, loans, saving products, paybill, customer Care Contacts

Sheria Sacco is among the top Saccos in Kenya. Below we provide full details about the Sacco, which include how to join, saving products, how to buy shares, how to take loans and how to contact them.

Who can join the Sacco

• Past and present employees of
  1. Judiciary
  2. Office of the Attorney General
  3. Government ministries and departments
  4. Sheria Sacco society limited and all its projects and subsidiaries
  5. Kenya School of law
  6. All universities
  7. Law Society of Kenya
  8. Non-Governmental Organizations

9.Quasi government institutions under the office of the Attorney General and Judiciary

• A member’s Spouse or a member of his/her immediate family
• Advocates of the High Court of Kenya.
• Students of the Kenya School of Law
• Certified Public Secretaries
• Approved business entrepreneurs and institution
• Any other person employed by an organization registered in Kenya and capable of making regular contribution to the society and fulfil loan repayment requirements.

Requirements for joining Sheria Sacco

Applicants who are 18yrs and above and have an income are required to have the following;

• A duly filled membership application form
• A copy of the National ID /Passport
• A duly filled Nominee card
• One (1) passport sized photos
• Kshs. 1, 700/= entrance fees

Documents required when joining Sheria Sacco

1.  Check whether you have met the requirements

A filled membership application form
A copy of National ID /Passport.
A filled Nominee card
Two (2) passport size photos
Kshs. 1, 700/= entrance fees;
Sacco Registration: Kshs. 1,000
FOSA Account opening: Kshs. 500
Burial Benevolent Fund registration: Kshs. 200

02 .Fill the Membership Application Form

Scroll to the bottom and click “Apply Now” to download the form.Visit Sheria Sacco website to download the form

03 .That’s it! Wait for our team to contact you.

If you want to contact Sheria Sacco,use the following contact details:

Location:Matumbato Close, Upperhill, Nairobi, Kenya

Email :bosa@sheriasacco.coop

Phone Number:+254 20 780 1500

Ordinary Deposits account

Features

• Minimum monthly contribution of Kshs. 2200.
• Minimum Share Capital Kshs. 20,000.
• Annual ROI through Interest on Deposits and Dividends on Share Capital.
• Withdrawal is made via a 60 days’ notice.

Shewisa Account

Features

• Minimum monthly contribution of Kshs. 500.
• Interest is credited at the end of every financial year at prevailing market rates.
• No withdrawal notice.

Childa account

Features

• Minimum contribution of Kshs. 300.
• Interest is credited at the end of every financial year at prevailing market rates.

Burial Benevolent Fund

Features

• This is a compulsory monthly contribution of Kshs. 200 by all members.
• The fund covers the member and/or spouse and four children up to the age of 25 years.
• Upon death the contributor or spouse is paid Kshs. 60, 000 while a child is paid Kshs. 50,000.

Fosa Ordinary Savings Account

Features

• Minimum balance of Kshs. 500.
• Account holder gets a Visa-branded Sacco Link card.
• The Sacco Link card can be used to make purchases from POS i.e supermarkets, petrol stations, etc.
• Salary is processed through this account.
• You can access the account through mobile banking (USSD, *472# & Sheria Senti App) and Internet banking.
• Personal checkbooks are available.

Holiday Account

Features

• Minimum balance of kshs 1,000
• The account caters for holders who wish to save for holidays
• Withdrawals are limited to two times per year
• Interest credited at the end of every financial year

Education Account

Features

• Minimum balance of kshs 1,000
• The account caters for holders who wish to save for education needs
• Withdrawals are quarterly
• Interest credited at the end of every financial year

Group Account

Requirements

• At least one member of the group must be a member of the Society.
• The Groups must be registered with the Ministry of Culture and Society Services or the Registrar of Societies.

Features

• Minimum account balance of Kshs.2,500
• Share capital of Kshs. 10,000/=.
• The Group to provide minutes authorizing the opening of the account, the names of the signatures and the mandate.
• The Group to provide a current certificate of registration.
• The account to earn interest at the prevailing market rates on savings accounts at the closure of the financial year.

Diamond Loan

Features

• Maximum amount granted Kshs. 50,000,000/=
• Interest of 1.15% p.m. on reducing balance
• Insurance fee of 0.5% of the net loan
• The maximum repayment period is 84 months
• Easy top-up facility
• It is given x3 of deposits
• The processing fee is Kshs. 1000

Terms and condition

• Applicant must be a member
• Applicant must make minimum monthly contribution as applicable to all members
• Mode of recovery is check off
• Loan Guarantee is as provided in the credit policy

Bima Loan

The purpose for this loan is to enable the Society finance insurance premiums for members. It is not limited to insurance cover provided by C.I.C. It covers Assets such as Motor Vehicle, Motor Bicycle, House hold property, Buildings and Business stocks. Its features includes:-

Features

• The loan is guaranteed by member’s deposits
• Maximum amount is Kshs. 300,000
• Interest of 0.5% p.m. on reducing balance
• Maximum repayment period is 10 months
• The processing fee is Kshs. 1000

Terms and Conditions:

• Fully guaranteed by deposits

Development Loan

Features

• Maximum amount granted Kshs. 40,000,000
• Interest of 1% p.m. on reducing balance
• Insurance fee of 0.5% of the net loan
• The maximum repayment period is 60 months.
• Given x 4 of deposits
• Easy top-up facility
• The processing fee is Kshs. 1000

Terms and Conditions:

• Applicant must be a member
• Applicant must make minimum monthly contribution as applicable to all members
• Loan Guarantee is as provided in the credit policy
• Mode of recovery is check off or Standing Order

Emergency Loan

Features

• Maximum amount granted is Kshs. 5,000,000
• Given *3 of deposits
• Interest of 1 % p.m. on reducing balance
• Insurance fee of 0.5% of the net loan
• The maximum repayment period is 12 months.
• Easy top-up facility
• Processing fee of Kshs. 1000

Terms and Conditions:

• Mode of Recovery: Check off and standing order
• Fully guaranteed by deposits

Education Loan

Features

• Maximum amount granted is Kshs. 500,000
• Interest of 1 % p.m. on reducing balance
• Insurance fee of 0.5% of the net loan
• The maximum repayment period is 12 months.
• Easy top-up facility
• The processing fee is Kshs. 1000

Jipange Loan

Features

• • Maximum amount granted is Kshs. 300,000
  • Interest of 1.15% p.m. on reducing balance
  • Insurance of 1% on the approved amount
  • The maximum repayment period is 12 months
  • Easy top-up facility

Terms and Conditions:

• Mode of Recovery: Check off
• Fully guaranteed by deposits

Shamba Loan

This loan facility is available to members of the SACCO Who would like to acquire plots at any location within the Republic of Kenya.

Features

Refinancing Loan

Features

• • Maximum amount granted is Kshs. 12,000,000
  • Interest of 1.15% p.m. on reducing balance
  • Insurance fee of 0.5% of the net loan
  • Given x 3 of deposits
  • The maximum repayment period is 24 months
  • Easy top-up facility
  • Processing fee: Kshs. 1000

Terms and Conditions:

• Mode of Recovery: Check off and
• Fully guaranteed by deposits

Business loan

Features

• Maximum amount is Kshs. 5,000,000
• Interest of 1.15% p.m. on reducing balance
• Repayment period is 48 months
• Applicant must have Fosa business account active for at least 6 months
• Must have class A or B shares or must have Savings account and class A shares
• The loan is guaranteed by loanee’s deposits and or collateral or guarantors deposits.
• Must have the ability to service the loan either through salary/standing order.
• 2% of loan value will be charged.
• Collateral accepted is land title deed.

Terms and Conditions:

• Mode of Recovery: Check off or standing order.
• Fully guaranteed by deposits.

Salary Advance

Features

• The maximum repayment period is 3 months.
• The maximum amount is 3 times the net salary
• Salary must have been processed through Fosa at least once
• Interest is 3% p.m. on the outstanding balance.
• No guarantors required
• Processed through the mobile app
• Processing fee of Kshs. 1000

Salary in Advance

Features

• Maximum repayment period is 3 months.
• Maximum amount is 80% of Net Salary.
• Salary must have been processed through Fosa at least once
• Interest is 2.5% p.m. on outstanding balance.

Terms and Conditions:

• Salary MUST pass through FOSA and processed at least once.

Paybill: 964700

How to pay your loan through the Mpesa Paybill

• Go to Mpesa
• Select Lipa Na Mpesa
• Select Paybill
• Enter Business Number (964700)
• Enter Account Number (Sheria Sacco account number to send money to)
• Enter Amount
• Enter Mpesa Pin and send