Asili Sacco is one of the best Saccos to join in Kenya. Below are important details you wish to know about the Sacco:
MEMBERSHIP REQUIREMENTS
- Entrance fees- Ksh. 1,000/= non- refundable
- Rejoining after withdrawal Ksh. 1000/=
- Minimum contribution-Ksh. 3000/=
- Monthly BBF contribution of Ksh. 500/=
- Share capital- Ksh. 20,000/=
- Eligible for a loan after 3 months
- Can join even after retirement as a cash member or still retain his PF NUMBER paying through pension and enjoy segmented products and services.
- Fill the withdrawal form
- Produce alternative guarantors (where applicable).
- Processed within 60 working days
- The repayable amount credited in the member’s Fosa account
- Every member must contribute Ksh. 20,000/= as share capital.
- New members should top up their shares to kshs.20,000/=
- Can only be transferable and not withdrawable
- Earn dividend as determined from time to time.
- The share capital is not used for loan eligibility.
- Can increase share capital through dividend capitalization
- Chief’s letter indicating all beneficiaries
- Fill in a withdrawal form
- Copy of Death Certificate certified by CIC
- Sworn Affidavit/marriage certificate
- Claimed within six (6) months. Failure to which claims cannot be made due to time-lapse.
- Paid to next of kin indicated in the file
- Burial permit or Death Certificate.
- Notification of death by a delegate
- Beneficiary to complete a BBF claim form
- Marriage certificate/sworn affidavit
- Copy of death certificate to be certified with CIC and be delivered to the office within six (6) months.
- Entitled to Ksh 50,000/= for burial expenses
- Burial permit or mortuary admission sheet.
- Notification of death by delegate and beneficiary
- Must be in our records
- Marriage certificate/sworn affidavit
- Copy of death certificate to be certified with CIC and be delivered to the office within six (6) months.
- Eligible for one wife/husband.
- Entitled to Kshs 25,000/= for burial expenses
- Burial permit or Death Certificate
- Birth Certificate
- Must be in our records
- Eligible for a maximum of four children.
- Entitled to Kshs 20,000/=
- Form duly completed i.e. telephone, contact address, current pay slip not a photocopy
- Any changes in the loan form must be countersigned for.
- Signed with consistent signature
- Guarantors informed of their liability and must assert their signatures
- Must be stamped and signed by the employer.
- Must be signed by branch/county official.
- Loan form must be completed by one person.
- Loans must be payable on a monthly basis. A default of 3 months will be listed with CRB (Credit Reference Bureau).
- This will affect your access to credit facilities from other financial institutions for the next 5 years.
- All loans shall be disbursed through Fosa accounts.
- N:B No member shall have fosa pride and pride reloaded at the same time
- Normal loans are disbursed after 30 days and emergency loans after 2 hours unless otherwise.
- 1/3 rule on basic salary/income applies to all loans applications
- B: A member can qualify for a maximum of 2 short-term loans and 1 long-term loan and all should be running on the payslip.
- Member should tick or specify loan to be cleared by Fosa.
- Member to obtain a statement from the society for any loan clearance by other financial institutions. Members should not use the payslip balance.
- Sufficient guarantors must be provided for all loan applications.
- The member’s loan form must be witnessed.
- Remember the declaration part is mandatory i.e. the member’s consent on any form is vital.
| NO | PRODUCT | REQUIREMENTS | INTEREST RATE | REPAYMENT PERIOD |
| 1 | FOSA PRIDE | Operate account in Fosa Monthly salary must have passed through Fosa for 3 months The Loan shall be credited to FOSA account 2 days after reciept of Loan form Net salary must cover loan repayment and interest and retain a take-home of Ksh 2000/= Maximum loan of Ksh 500,000/= | 10.80% p.a (Straight Line) | 24 months |
| 2 | PRIDE RELOADED | Operate account in Fosa Loan granted 3 times saving in pride saving account. Minimum of 5 guarantors Loan shall be credited to FOSA account 14 days after the receipt of loan application Maximum loan of Ksh. 1,000,000/= | 12 % p.a (Straight Line) | 36 months |
| 3 | SALARY ADVANCE | Operate account in Fosa. Monthly salary must have passed through Fosa for 3 months. Qualifies for 80% of the net salary. Interest is recovered upfront. | 13% per annum recovered upfront | 12 months |
| 4 | SALARY IN ADVANCE | Operate account in Fosa Monthly salary must have passed through Fosa for at least 3 months. Maximum amount accessible is equal to net salary | 5% per month recovered upfront | Repayable within 1 month |
| 5 | BIASHARA LOAN | Issued to members who have saved through Mwananchi account. Granted up to four times savings in Mwananchi account to a maximum of Kshs. 500,000/= Repayment through FOSA standing orders. Loan can be refinanced at 20% | 1.5% per month. 1% appraisal fee 1% insurance fees | Repayable in 24 to 36 months |
| 6 | FOSA CHAMA LOAN | Issued to those who have saved through Group Account. Granted to a minimum of Kshs.500, 000, repayable in 12 months at an interest rate of 1.5% per month. Repayment through FOSA standing orders. Loan can be refinanced at 20% | 1.5% per month. Appraisal fees of 1% will be recovered. Insurance fees of 1% | Repayable in 24 months |
| 7 | FOSA SCHOOL FEES | The maximum amount is Ksh. 150,000 Mode of payment is Ksh. 20,000 cash and the rest is free bankers cheque to the school | Interest rate is 1.20% per month on straight line | Maximum repayment period is 15 months |
| 8 | FOSA ANGALAU | Eligible to those whose salary pass through fosa but can’t qualify for a loan in the back office The maximum amount is Ksh. 20,000 | Interest rate is 15% recovered upfront on straight line method | Maximum repayment period is 2 months |
| 9 | UCHUMI LOAN | Must be a Uchumi saving account holder Must operate the account for 4 months to qualify for the loan Maximum loan is 1.5 times the balance in Uchumi account Can only access 50% of the saved amount after the loan is granted Can be repaid by either standing order from Uchumi account or direct cash payment or PayBill no: 638018 | Interest rate is 12% charged upfront Insurance charge is 12% upfront | Maximum repayment period is 6 months |
| NO | ACCOUNT | REQUIREMENTS |
| 1 | ORDINARY SAVINGS ACCOUNT | Opening balance Kshs.1000/= if not a Sacco member. Minimum balance Kshs.500/= Interest will be determined from time to time |
| 2 | HOLIDAY SAVINGS/XMAS SAVINGS | 12 months maturity Minimum savings of Kshs.500/= per month. No monthly charges. Open to non-members Interest will be determined from time to time Withdrawal done once per year |
| 3 | ASILI SUPER SAVER | Minimum opening balance Kshs.10,000/= Withdrawal is done quarterly Interest will be determined from time to time |
| 4 | BARAKA SAVINGS (CHILDREN) | ID of parents /guardian or passport Birth certificate of the child Minimum balance Khs.1000/= Interest will be determined from time to time |
| 5 | EDUCATION SAVINGS SCHEME | Not withdrawable for 12 months Interest determined from time to time Free bankers cheque Premature cheque clearance Kshs.500/= |
| 6 | FOSA MWANANCHI | Group account List of group members with their contacts and signatures Registration certificate of the group Minutes resolving opening of account Photocopies of ID of signatories Two photographs –passport size of office bearers Minimum opening balance – Kshs.5000/= |
| 7 | FIXED DEPOSIT | Minimum deposit – kshs.50,000/= Minimum period 3 months and no maximum period. Interest rate is 6% per annum. Interest is negotiable depending on the amount and duration Withdrawal before maturity attracts 2% penalty and interest earned will still be paid. Interest is calculated on a prorata basis |
| 8 | UCHUMI SAVINGS ACCOUNT | Fill in the Uchumi Savings’ application for account Attach both passport and id copy No minimum and operating balance Can withdrawal anytime and withdrawal charges apply No minimum and maximum balance |
| 9 | MALKIA SAVINGS ACCOUNT | This account is designed for the ladies Fill in the malkia saving account application form Attach both the national id and recent passport photo Only charged on withdrawal No minimum opening balance. No operating balance Earn 10% interest per annum. Interest is credited to the account monthly Withdrawal is done on a quarterly basis Minimum interest earning balance is Ksh. 5,000 A voucher of Ksh. 5,000 in December for account with Ksh.200,000 balance for 6 months proceeding December. |
| No | SERVICE | REQUIREMENTS |
| 1 | CHEQUE ENCASHMENT | 3% or kshs. 300/= whichever is higher. |
| 2 | BANKERS CHEQUE | Ksh. 100 per leaf |
| 3 | POS | Maximum withdrawal-kshs.200,000/= per day Withdrawal from Cooperative bank or COOP KWA JIRANI Charges kshs.110/=. |
| 4 | EZY CASH | Access to FOSA account using a mobile phone Registered member of Safaricom and EZY CASH Kshs.30,000/= per withdrawal. |
| 5 | ATM SERVICES | Khs.33/= per withdrawal with coop bank and kshs.220/= from any other bank Have ATM card with valid pin Maximum withdrawal is kshs.40,000/= |
| 6 | FOSA ACCOUNT OPENING | Filling of account opening forms ID photocopy 2 passport size photos (current) Minimum opening balance- Kshs.1000/= Minimum account balance Kshs.500/= No overdraft facility |
| 7 | SALARY PROCESSING | Members Fill in salary processing form Submit to the office Charges ksh. 55 when members salary pass through fosa Non- Members Open a saving account Fill in the salary processing form Submit to the office |
| No. | LOAN TYPE | MULTIPLIER (DEPOSIT) | REPAYMENT PERIOD | INTEREST | MAXIMUM LIMIT | WAITING PERIOD |
| A) LONG-TERM LOANS | ||||||
| 1 | OKOA LOAN | 3 times | 24 months | 8.5% per annum-processed in two weeks. (straight line) | No limit | 2 WEEKS |
| 2 | ORDINARY NORMAL LOAN | 3 times | 36 months | 8% per annum-processed in 1 month (straight line) | No limit | 1 MONTH |
| 3 | SPECIAL NORMAL LOAN | 3 times | 48 months | 8.5% per annum-processed in one month (straight line) | No limit | 1 MONTH |
| 4 | SUPER NORMAL LOAN | 3 times | 60 months | 9% per annum-processed in one month(straight line) | No limit | 1 MONTH |
| 5 | SUPER NORMAL 2 LOAN | 4 times | 60 months | 9.5% per annum-processed in one month(straight line) | No limit | 1 MONTH |
| 6 | MAENDELEO LOAN | 3 times | 72 months | 11% per annum-processed in one month (straight line) | No limit | 1 MONTH |
| 7 | INSTANT NORMAL LOAN | 3 times | 36 months | 10% per annum-processed in one day. (straight line) | No limit | 1 DAY |
| 8 | JIPANGE ASSET FINANCE LOAN | 3 times | 60 months | 10% per annum – processed in one month. (straight line) | No limit | 1 MONTH |
| B) SHORT-TERM LOANS | ||||||
| 1 | EMERGENCY LOAN | 3 times | 12 months | 9% per annum-processed in two hours (straight line) | 250,000 | 2 HOURS |
| 2 | SCHOOL FEES LOAN | 3 times | 12 months | 9% per annum-processed in two hours (straight line) | 250,000 | 2 HOURS |
| 3 | REFINANCING LOAN | 3 times | 12 months | 9% per annum-processed in two hours (straight line) | 250,000 | 2 HOURS |
| 4 | REFINANCING – 2 | 3 times | 12 months | 10% per annum – processed in two hours (straight line) | 500,000 | 2 HOURS |
| 5 | JIPANGE LOAN | 3 times | 12 months | 10% per annum – processed in two hours (straight line) | 100,000 | 2 HOURS |
| LOAN TYPE | INTEREST | ||
| BOSA ADVANCE | Clearance for outstanding loans. Processing fee of Ksh 1000 | 10% interest charged on Asili loans. 10 % charged on all external loan balances i.e bank, faulu, platinum, mazingira, welfare etc. | Repaid on disbursement of the loan issued |
| NORMAL LOAN DISCOUNTING | Issued to members whose normal loan applications await disbursement date. Qualifies for NOT more than 50% of normal loan approved | Charged 20% interest. | Repaid on disbursement of the loan issued |
CONTACT DETAILS
ASILI COOP CENTRE,
LOWER NGARA ROAD
P.O BOX 49064 – 00100
NAIROBI
LANDLINE:
020-2630244 / 020-2699305
MOBILE:
0722-472823 / 0733-472823
CUSTOMER CARE LINE:
0729-875784
N.B ADDRESS ALL CORRESPONDENCES VIA POST OR REGISTERED MAIL OR
BUSES TO THE HONORARY SECRETARY BUT NOT THEIR NAMES.
THE CONTACT PERSON FOR DELEGATES: RICHARD WANDERA 0723621285/0789762598
Email: info@asilisacco.coop
Asili Sacco Paybill Number is 638018
Account number is your ID number
