Shirika Sacco pays dividends to members annually.Their dividends are 13%-18% per annum on your shares.The Sacco offers loans and investment opportunities.You can also save money and earn interest.
HEAD OFFICE
SHRIKA DT SACCO SOCIETY LTD
P.O. BOX 43429-00100
NAIROBI, KENYA
Customer Care Contacts
0724610715/0734897817
info@shirikasacco.co.ke
kipande Road ,Ngarajunction
+254734897817/+254726277778
+254724610715
shirikasaccosociety@gmail.com or marketing-@shirikasacco.co.ke
- Monday8am – 5pm
- Tuesday8am – 5pm
- Wednesday8am – 5pm
- Thursday8am – 5pm
- Friday8am – 5pm
- 1stSaturday of the month8am-1pm
- SundayClosed
Requirements for joining;
- Duly filled membership form
- Passport photo
- Copy of identification card
- Registration fee of Kshs 1,000/= (non -refundable)
- First deposit (which should also include 300/= risk fund paid by all members)
Payment Options
- Check off system where the employer deducts from the payslip- contribution is 10% of gross pay paid monthly.
- Non-check off members-those who are in business and self-employment have paybill and standing order option. Should you choose paybill to send your contributions, during loan application, you will need to place a standing order including the monthly contribution and loan monthly repayment principle as your total filled in the standing order. This is to reach us by 10th of every month.
All loans you apply will need at least 3 guarantors.
You can download membership form, fill and send to;
info@shirikasacco.co.ke
You can also call marketing on 0726277778 Or customer care on 0724610715
SMS
Paybill no: 177683
Account number; Co-op Bank, Stima plaza. 01100069026301
Fosa Personal Loans
This facility boosts your finances through provision of credit with a maximum repayment period of 72 months and maximum loan amount of 3 million. You will need to channel your salary through our F.O.S.A . What determines the amount of loan you qualify is the net salary. From the net salary, we negotiate with you how much you are willing to commit to secure the loan. This is because, the policy does not allow you to commit all your net for purposes of loan during application. As a result, we let you have a minimum of Ksh. 2500 as your take home from your net salary. The interest rate charged is 13% per annum on reducing balance or amortization. Top-up commission of 4% is charged.
Instant Loans
The facility is designed for our members who channel their salary through the FOSA to enable them access quick short term financing to enable them meet their emergency needs. A minimum of Ksh.2,500 must be left in the account after deductions. Repayment period is 6 months with an interest rate of 5% on reducing balance.
Salary Advance Loan
For members who channel their salary through the FOSA. Maximum of 60 % of salary channeled through FOSA is given as advance. A member must be left with at least ksh 2500 in the account as take home after all deductions. An interest rate of 5% is charged one-off upon posting of salary.
Daraja Loan
Loan accessible to all active members
Maximum loan amount of 10,000.
Repayment period is within 30 days.
Incase of default the amount to be automatically from deposits.
Incase of default member will be barred from the product for 6 months.
Accessible via USSD and Shirika App.
Interest rate is 6% one off recovered upfront.
Repayment is member driven via Paybill, Bank transfer or FOSA Transfer
Asset Based Loans
Guarantor problem? Do not worry, this facility helps remove the stress of looking for guarantors as you can use your asset, (Land-commercial) to secure the loan. The product also enables you to access more than what your savings can give you as the loan you apply is 80% of the value of your property. Repayment period is 5 years with an interest of 1.5% per month on reducing balance .You will need to meet processing fees.
Asset Financing
You can now be a proud owner of your dream asset through our Shirika Sacco asset financing. You will identify the asset, (Land) and we will finance you upto 80% and a repayment period 5 years at an interest rate of 1.5% per month on reducing balance. The asset is jointly owned by the member and the Sacco through an agreement. You will meet the processing expenses.
Vukisha Loan
You can now plan early using your dividend advance. You do not have to worry about your December holiday and January- back to school stress. You can access upto 50% of previous interest on deposit. Application of the loan begins on 1st December to January yearly. Interest is 5% one off without guarantors.
Tarajia Loan
The product is designed for members who received interest on deposit in the previous year and have channeled their salary through the FOSA. A member can access upto 50% of previous interest on deposit. Application of the loan is between July and November yearly. Interest is 1% straight line. No guarantors needed. Repayment period 5months depending on the month you apply.
Group/Unganisha Loan
For registered groups; Maximum loan 2 million, repayment period, 24 months:interest rate 1.5%. per month on reducing balance; additional collateral other than deposit required: 1st loan will be one and a half times the group’s savings; second loan will be twice the group’s savings.
Shirika Junior Account
For our members who love their children and passionate about early planning for the education of their children. It saves you the burden of school fees and let you have peace of mind. For as low as Kshs 500, you can make small savings that will go along way earning interest on quarterly basis. Withdrawal is timed by the child’s education calendar as it is done once on quarterly basis. Interest earning balance is ksh4,000. For the members who have saved upto Kshs 50,000 and above, we promise to reward your junior with a birthday token. A dully filled form, a copy of birth certificate and passport photo is needed.
Masomo Savings
Minimum savings Ksh.500 per month. withdrawable 3 times in a year. minimum interest earning balance Ksh.4.000. 3 free bankers cheque.
Christmas Account
Minimum savings Ksh.1,000 per month. withdrawable once per year. Minimum interest earning balance Ksh.4.000. Attractive tours and travel packages offered.
Fixed Deposits Accounts
Minimum Ksh.5,000. Interest is 7.5% annually on prorata basis.
Withdrawable Saving Scheme (WSS )
Is a voluntary contributory savings where members save for a specific purpose and can withdraw anytime. Minimum savings 500/per month. Maintenance of 2.500/- in the account for the whole year attracts an interest of 5% A member can transfer all funds to Personal account.
Personal Account
Is a current account where members can access loan given, refunds and other transactions. It is linked to the ATM and M-banking services.
Salary Processing Account
Salary processing is a facility for members who channel their salary through the FOSA. The Sacco charges a commission of 100/= for processing. The members can access their salary using Sacco link ATM card and M-banking application or over the counter.
Values of channelling salary through Shirika Fosa
- Member can apply salary advance upto 60% with interest of 5% recovered one off when salary is received:
- Short term loan with repayment period of 3 and 6 months.
- FOSA loan with repayment period of 60 at an interest rate of 1.08% reducing balance per month.
- Once we receive the schedule, we pay the member even as we wait for the employer to pay us.
- Should you not have M-banking or ATM Card (Sacco-link) You will need to apply together with salary processing form to improve convenience
Requirement for processing Salary through FOSA
- Filled salary processing form
- Bank clearance from the previous bank
- Copy of Sacco-link card
- Filled TSC bank form (for tsc members)
- Copy of your ID card
Smart Loan
All loans should be within 3 times members deposits repayable within 90 months. Interest rate is 1% per month on reducing balance.
School Fees Loan
Repayable in one calendar year at 1% interest per month on reducing balance or amortized option.
College Fees Loan
Repayable in 24 months at 1% Interest per month on reducing balance or amortized option.
Emergency Loan
Repayable in 12 months on reducing balance or amortized option. . Interest at 1% per month . Only one Emergency loan is allowed at a time.
Super Savers Loan
Long term loan repayable in 84 months for members with deposit of 1,000.000 and above. Interest at 1% per month on reducing balance or amortized option..
Debooster Loan
The loan is applicable to new members who are 12 months and below as follows:
- 50% of the loan is used to boost the deposit at a commission of 6%.
- Maximum loan is Ksh 300,000.
- Maximum repayment period of 36 months at 1% reducing balance.
- Loan is issued to check-off members
- Minimum of KShs 25,ooo share capital is recovered fully from the loan
The loan is applicable to all members who are 13 months and above who would wish qualify FOSA product but are limited by deposits as follows:
- Maximum loan is Ksh 500,000.
- Maximum repayment period of depend on loan type being applied.
- A commission of 6% is applicable to the boosted amount which is transferred to deposits.
- Loan is issued to check-off members
- Minimum of KShs 25,ooo share capital is recovered fully from the loan
Senior Citizen Loan
- This is a product for retired society members who process their pension through the FOSA or place an irrevocable standing order with the bank.
- Security for the loan is title deed for commercial property or fully guaranteed by members in check off system. Deposit multiplier three times the deposit. Interest rate 1% per month ,repayment period 48 months.
Mega Loan
- Repayment period is 96 months.
- Interest of 1% per month on reducing balance or amortized option.
- Deposit multiplier of four.
- Member must processing salary through FOSA.
- Member must have deposit of 1 million and above.
Nguvu Loan
- Repayment period is 108 months.
- Interest rate of 1% per month on reducing balance or amortized option .
- Deposit multiplier of four.
- Member must processing salary through FOSA to qualify for 108 months repayment.
Share capital
It is a long term investment that gives a member a permanent ownership of the society.Dividends are paid towards the account yearly(its transferable).Minimum contribution Ksh25,000:
Deposit
It is a long term non-withdrawable savings.Enables a member to earn interest yearly.can be used to provide loan *three times the deposit.its refundable(can also be used as security for a loan):
Burial Benevolent Fund
Is a risk management fund. The society members are the fund members. They contribute KShs. 300.00 per month. The Fund covers Premiums for Loan guard Insurance Policy with the CIC. BBF Benefits are below:
BBF BENEFITS
CIC pays to beneficiaries KSh.180,000.00 to cover the
funeral expenses for Fund members who pass on. It clears outstanding loans of the member who has passed.
BBF boosts Deposit by half to the refund of deceased members contribution.
Deposits Refunded in full to the next of kin of the deceased
To join Shirika SACCO, you need the following documents:
- A filled out application form(Download Form)
- A copy of your Identity Card
- A Copy of your current payslip
- A passport size photograph
Members may include:
- Staff of various ministries
- Staff of other reputable organisation
- Teachers
- Self employed individuals
- Self help groups
- Co-corporate bodies
- Retirees
- A member needs to inform the society in writing of his intention to withdraw. A notice of sixty days (60) is required in case of any refunds due to the member.
- A member needs to inform all Loanies he has guaranteed to seek an alternative guarantor. Refunds will only be paid to the member after all Loanies have replaced member as guarantor.
- A member intending to withdraw must have more deposits than his/her outstanding loan,this will enable the society to offset loanbalance against deposits and refund the difference.
There is a 5% interest charged on loan balance for clearing a loan earlier than the contracted period.
