Home INFOMATIVE K-NAD Sacco: How to join K-NAD Sacco, how to buy shares, Paybill,...

K-NAD Sacco: How to join K-NAD Sacco, how to buy shares, Paybill, Loan, Customer Care Contacts

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Below are details about K-NAD Sacco, one of the biggest Saccos in Kenya. The details entail membership requirements, customer care contacts, paybill number, dividends and savings products.

K-NAD Sacco dividends range between 13% and 17% for the total shares you have purchased from the Sacco. If your shares are worth Ksh 10 million, you will earn over Ksh 1.3 million annually.

JOINING CRITERIA FOR DIASPORA RESIDENTS

A Diaspora Resident will be;

  • Any Kenyan woman CURRENTLY residing in any of the 23 countries of North America
  • Has attained the age of eighteen (18) years.
  • Has a valid Kenyan passport or Identity Card.
  • Be of good moral character and have a sound
  • Must apply for membership and meet all criteria for membership
  • A member will be required to pay the minimum set premium towards insurance within 3 months from the time of renewal, upon joining the Sacco.
  • Upon membership approval, pay the joining fee of KES 15,000.00 (KES 10,000.00 non-refundable registration fee and KES 5,000.00 initial deposit towards member Capital Shares
  • A member will be responsible for their monthly Savings Deposits of a minimum KES 5,000.00.
  • A member may continue to grow their Capital Shares by Purchasing minimum share capital worth Ksh 30,000 (i.e., 30 shares at Ksh 1,000 each) payable within 6 months.

A Diaspora Returnee will be:

  • Women aged 18 years and above and previously resident in North America engaged in gainful employment and have returned to Kenya.
  • A returnee must provide proof of previous residence in North America
  • Must Provide Reference and contact person in North America
  • Must be gainfully employed in Kenya
  • Be of good moral character and have a sound mind
  • Must apply for membership and meet all criteria for membership
  • A member will be required to pay the minimum set premium towards insurance within 3 months from the time of renewal, upon joining the Sacco.
  • Upon approval, must pay the joining fee of KES 15,000.00 (KES 10,000.00 non-refundable registration fee and KES 5,000.00 initial deposit towards member Capital Shares)
  • A member will be responsible for their monthly Savings Deposits of a minimum KES 5,000.00.
  • A member may continue to grow their Capital Shares by Purchasing minimum share capital worth Ksh 30,000 (i.e., 30 shares at Ksh 1,000 each) payable within 6 months.

DEPOSIT ACCOUNT

The Deposit Accoount is the Sacco’s core saving that every member must have in order to access all Sacco products and services and enjoying annual interest returns based on Sacco’s profitability. A Deposit account is NOT a deposit and withdrawing account.

The objective of Deposit account is to encourage regular uninterrupted savings for building one’s long term savings for future use and development goals through cheap Sacco loans.

  • Minimum monthly contributions is Kshs 5,000
  • Non-withdrawable unless one withdraws membership.

Benefits of a Deposit Account:

  • Opportunity to build a long term Savings for future use
  • Access to cheap Sacco loans and other services
  • Loan entitlement is 4 times your savings depending on the loan product.
  • Use as loan collateral
  • Annual interest returns based on Sacco’s profitability
  • No opening balance.

DEMAND SAVINGS ACCOUNT

  • Offers member opportunity to save money and earn interest of 6% P. a. after 6 months before withdrawal using weighted average method.
  • Joining fee Kshs 500
  • Has no minimum contribution.
  • It’s processed on member’s request for 7 working days.
  • Withdrawal fee Kshs.100 charged.
  • No opening balance.
  • No minimum book balances.
  • Contributers KRA pin required.
  • Withholding tax deducted on interest upon redemption.

FIXED DEPOSIT ACCOUNT

  • This account allows only members of the Sacco to save money for a minimum period of 3 months up to a maximum period of 12 months at competitive rates of interest.
  • The minimum amount one can fix is Kshs 10,000.
  • One automatic roll over is allowed.
  • Joining fee of Ksh 500 required.
  • Interest rates depend on period fixed as follows:
    • 3months – 4%
    • 6months – 5%
    • 9months – 6%
    • 12months – 7%
  • Contributors KRA PIN required.
  • Withholding tax deducted on interest upon redemption.
  • Processing fee of Ksh 100 is charged upon redemption.

HOLIDAY SAVINGS ACCOUNT

  • No minimum contribution
  • Joining fee Kshs 500
  • Offers member opportunity to save money and earn interest of 6% p.a withdrawable once in a year.
  • It’s processed on member’s request for 7 working days.
  • Processing fee Kshs.100 charged
  • Contributers KRA pin required.
  • Withholding tax deducted on interest upon redemption.

DEPOSIT ACCOUNT

The Deposit Accoount is the Sacco’s core saving that every member must have in order to access all Sacco products and services and enjoying annual interest returns based on Sacco’s profitability. A Deposit account is NOT a deposit and withdrawing account.

The objective of Deposit account is to encourage regular uninterrupted savings for building one’s long term savings for future use and development goals through cheap Sacco loans.

  • Minimum monthly contributions is Kshs 5,000
  • Non-withdrawable unless one withdraws membership.

Benefits of a Deposit Account:

  • Opportunity to build a long term Savings for future use
  • Access to cheap Sacco loans and other services
  • Loan entitlement is 4 times your savings depending on the loan product.
  • Use as loan collateral
  • Annual interest returns based on Sacco’s profitability
  • No opening balance.

TRAVEL SAVINGS ACCOUNT

This account allow member to save money for the purpose of travel needs.ie when wish to travel from Diaspora to Kenya.

  • Designed to assist members to purchase a vehicle for personal or commercial use or save for an opportunity to travel to a place of choice upon redemption.
  • No opening balance.
  • No Minimum contribution
  • Interest earned Kshs 6% p.a
  • You can withdrawal any time you need it but give one-week notice.
  • Joining fee Kshs 500.
  • Withdrawal fee Kshs 100.
  • Contributors KRA PIN required.
  • Withholding tax deducted on interest upon redemption.

CONSOLIDATED LOAN

Consolidated loan is designed for a member who has existing loan balances but due to limited income, is unable to take an additional independent loan. Thus, their only option is to ‘consolidate’ their previous loans with the new loan, such that the new loan repayment amount remains more or less the same with the initial repayment(s).

  • Once loans are consolidated they become Development loan.
  • You will be eligible for a loan of up to four times (x4) your current total Main Savings Account contributions.
  • The amount borrowed shall not exceed Kshs.9 Million.
  • Consolidation fee Kshs 2% will be charged on consolidated loan balances.
  • Interest is charged at 1% per month or 12% per annum on reducing balance.
  • The repayment period shall be a maximum of 84 months
  • A non-refundable processing fee shall be recovered from the new loan as follows:
    • 1.5% for loans below Kshs 9 million and
    • 2% for loans above Kshs 9 million

CONSTRUCTION LOAN

  • The amount borrowed shall not exceed Kshs 8 million; however, a higher loan amount may be approved subject to availability of funds.
  • The maximum amount borrowed shall not exceed four (x4) times the member’s deposits.
  • Interest is charged at 1% per month or 12% per annum on reducing balance.
  • The repayment period shall be a maximum of 84 months.
  • A non-refundable processing fee shall be recovered from the new loan as follows:
    • 1.5% for loans below Kshs 9 million and
    • 2% for loans above Kshs 9 million
  • A member is entitled to another type of Loan only if the three times deposit rule could apply.
  • A member can refinance after 6 months of repayment.

DEVELOPMENT LOAN

  • The maximum amount shall not exceed Kshs 9 million, if funds are available, a higher amount can be borrowed. These can be determined by the liquidity of the SACCO.
  • The maximum amount borrowed shall not exceed 4 times the member’s deposits.
  • The repayment period shall not exceed 60 months.
  • The loan shall attract an interest rate of 1 % per month or 12 % per annum on reducing balance.
  • To qualify, the applicant must have been a member for at least 6 months with consistent deposits.
  • A member must show proof of ability to repay the loan per the requirements.
  • Boost monies for the purpose of borrowing must have been in the account for at least 3 months before they can borrow against it.
  • You can refinance normal loan if you have paid for the last 6 months. Refinance fee of 2% on loan balance will be charged.
  • The cost of valuation and administration fee will be catered by the member and will be deducted from the new loan or pay directly to the service providers.
  • A non-refundable processing fee shall be recovered from the new loan as follows:
    • 1.5% for loans below Kshs 9 million and
    • 2% for loans above Kshs 9 million
  • A defaulter on any previous loan will not qualify for a new loan.

EMERGENCY LOAN

Designed to assist members take care of emergency needs for her and relatives in Kenya.

  • The maximum amount borrowed shall not exceed four (x4) times the member’s deposits
  • The maximum loan is Kshs 1million
  • The maximum repayment period is 12 months
  • The interest rate will be charged at 1% interest rate on reducing balance or 12% per annum on reducing balance
  • You can TOP UP Emergency loan if you have paid for last 3 months.
  • Top up fee of Kshs 2% on loan balance will be charged.
  • A non-refundable processing fee of 1.5% of loan amount approved.

LAND/PLOT LOAN

  • The amount borrowed shall not exceed a maximum of Kshs 11 million if funds are available, a higher amount can be borrowed subject to ability to pay and security provided.
  • The repayment period shall not exceed months 84 months.
  • The loan shall attract an interest rate of 1. % per month or 12 % per month on reducing balance.
  • To qualify, the applicant must have been a member for at least 6 months with consistent deposits.
  • A qualifying loan is considered 4 times member’s deposits.
  • A member must show proof of ability to repay the loan per the requirements
  • Collateral must be provided prior to borrowing per the collateral requirements.
  • You can Refinance Land/plot loan if you have paid for the last 6 months. Refinance fee of 2% on loan balance will be charged.
  • Deposit funds used for borrowing must have been in the account for at least 6 months before they can borrow against it.
  • Must have not defaulted on any other loan.
  • A non-refundable processing fee shall be recovered from the new loan as follows:
    • 1.5% for loans below Kshs 9 million and
    • 2% for loans above Kshs 9 million
  • The cost of valuation and administration legal fee will be catered by the member and will be deducted from new loan.
  • A defaulter will not qualify for the loan.

MEDICAL LOAN

These will assist members who would like to take medical covers for their family and relatives who reside in Kenya.

  • The maximum amount borrowed shall not exceed four (x4) times the member’s deposits.
  • The member will attach the invoice of the insurance company of her preference.
  • The SACCO will write cheque to the insurance company.
  • The maximum period is 36 months.
  • The interest rate is 1% per month on reducing balance or 12 % per annum on reducing balance.
  • The maximum amount is Kshs 1,000,000.
  • You cannot have two medical loans at a time.
  • Refinancing is not allowed.
  • A non-refundable processing fee shall be recovered from the new loan as follows:
    • 1.5% for loans below Kshs 9 million and
    • 2% for loans above Kshs 9 million

MOTOR VEHICLE LOAN

Designed to assist members to purchase a vehicle for personal or commercial use.

  • The maximum amount borrowed shall not exceed four (x4) times the member’s deposits.
  • The maximum amount is Kshs. 5 million.
  • The SACCO will finance 80% of the market value of the motor vehicle.
  • Interest is charged at 1% per month on reducing balance.
  • The maximum loan term will be 48 months.
  • A valuation must be done by the Registered automotive at member’s cost.
  • The vehicle will be owned jointly by the member and KNADS until loan clear.
  • You can refinance a motor vehicle loan if you have paid for the last 6 months.
  • Refinance fee of 2% on loan balance will be charged.
  • A non-refundable processing fee shall be recovered from the new loan as follows:
      • 1.5% for loans below Kshs 9 million and
      • 2% for loans above Kshs 9 million

NO QUESTIONS ASKED LOAN

Designed to assist members with a quick loan that is less than Kshs 100,000.

  • The maximum amount borrowed shall not exceed 50% of a member’s free share (Deposits not attached to loans)
  • Interest is charged at 1% per month or 12% per annum on reducing balance.
  • The loan repayment period cannot exceed 3 months from the date of issue.
  • A member cannot have two No questions asked loans at a time. Refinance not allowed.
  • In case of default a penalty of 10% of loan balance is charged.
  • A non-refundable processing fee shall be recovered from the new loan 1.5% Loan.

RELOCATION LOAN

  • The maximum amount borrowed is Kshs. 1,000,000.
  • The maximum amount borrowed shall not exceed four (x4) times the member’s deposits.
  • A non-refundable processing fee of 1.5% of loan amount shall be paid in or be recovered from new loan.
  • The interest rate is 1% per month on reducing balance or 12 % per annum on reducing balance.
  • Refinancing is not allowed.
  • The repayment period for this loan cannot exceed 24 months.

SCHOOL FEES LOAN

Designed to assist members pay school fees for their relatives in Kenya or in US for various institutions of learning.

  • The maximum amount borrowed shall not exceed four times the member’s deposits.
  • The maximum amount is Kshs 1 million
  • The interest rate charged will be 1% per month on reducing balance or 12 % per annum on reducing balance.
  • Processing fee of 1.5% of the loan will be charged.
  • The loan repayment period shall not exceed 12 months.
  • The member will advise SACCO the mode of payment.
  • You can Refinance Education loan if you have paid for last 3 months.
  • Refinance fee of 2% on loan balance will be charged.

K-NAD Sacco customer care contacts

6th Avenue Parklands, Muthaiga Court House Number 14 Top floor.

P.O. BOX 1954-00621,
Village Market, Nairobi, Kenya.

PHONE

+254714 917 049 or
+254 786 467 640

EMAIL: members@knadsacco.com

Transfer by Wave

Install the wave app into your mobile phone from Google Play Store or Apple App stores.

  • Send To Recipient Name: Type K-NAD SACCO
  • ​Click on New Bank Recipient > ​
  • Select Co-operative Bank >
  • ​Type Account ​Number 01158537312300 >
  • Re-Enter Account Number > ​
  • Save.
  • Enter amount ​you wish to send >
  • Click send.
  • After payment login to your web portal or app and send payments details instructing us on how to allocate your deposit.

PoaPay

Log on to PoaPay

  • Register as a user >
  • ​Enter K-NAD Sacco as your recipient’s contact information and Account # 01158537312300 >
  • Enter amount you wish to send >
  • ​Indicate your Membership Number and name > ​
  • Send the money.

After payment, login to your web portal or app and send payments details instructing us on how to allocate your deposit. You can also contact Poa Pay customer service on 1-205-267-6043 or email at customer_service@PoaPay.com ​ for assistance.

M-Pesa

Using a Kenya Safaricom Simcard enabled phone/line.

  • Click on Lipa na Mpesa >
  • ​Enter Business no. Pay Bill 400200 >
  • ​Account # 01158537312300 >
  • ​Enter amount you want to send >
  • Click send.

After payment login to your web portal or app and send payments details instructing us on how to allocate your deposit.

World Remit

SACCO is an abbreviation for Savings and Credit Co-Operative.
SACCOs are member owned financial institutions that offer both savings and credit services to their members. Members of these financial institutions can be both net savers and net borrowers.

Western Union

  • Transfer by Western Union
    1. Register as a user >
    2. ​Click Send to Kenya >
    3. ​Enter ​the amount you wish to send >
    4. ​Enter K-NAD Sacco Account # 01158537312300 >
    5. Indicate your membership number and Name and >
    6. ​Click send.

After payment login to your web portal or app and send payments details instructing us on how to allocate your deposit.

Money Gram

  • Transfer by Money Gram
    1. ​Register as a user >
    2. ​Enter your K-NAD Sacco Account # 01158537312300 and >
    3. ​Select K ​-Sacco as receiver >
    4. ​Choose how to pay >
    5. ​Enter amount >
    6. ​Indicate your membership number and Name >
    7. ​Click send the money.

After payment login to your web portal or app and send payments details instructing us on how to allocate your deposit.

Local Bank RTGS

Transfer by Local Bank RTGS

To do an RTGS transactions from a Kenyan Bank Account to K-NAD Sacco Account. You will need the following:

  1. Name of the Bank: Co-operative Bank of Kenya >
  2. Branch: Haile Selassie Avenue >
  3. ​Swift Code: KCOOKENA >
  4. ​K-NADSACCO Account # 01158537312300.
  5. Amount should be in KES.

US Bank Wire Transfer

Transfer by US Bank Wire Transfer

To initiate a Wire Transfer you will need the following:

  1. Name of the Bank: Co-operative Bank of Kenya
  2. Branch: Haile Selassie Avenue
  3. ​Swift Code: KCOOKENA
  4. ​KNADSACCO Account # 01158537312300
  5. Amount should be in KES.

How do I qualify to become a member

A member is anyone who signs the application for registration and is admitted in accordance with the K-NADs Bylaws.

  • Be a Kenyan over 18 years old, residing in the North America or previously resident in North America engaged in gainful employment and have returned to Kenya.
  • Be of a good moral character and sound mind.
  • Pays registration fee of 15,000ksh and makes monthly contribution of 5,000ksh every month.
  • A member shall give the following securities for loans
    • The shares and deposits of a member
    • The shares and deposits for guarantor(s),
    • any other as the committee may consider necessary.

Provident that: a guarantor has already taken a loan and has already guaranteed three loans: a guarantor is not a member of the committee or an endorser of such.

  • As a member of a SACCO, you are allowed to borrow up to 4times their savings, provided they give a form of security. If you wish to take a loan after the required 6 months of regular contribution and depending on the type of loan, you will be eligible to borrow up to four times (4x) the amount you have in your Sacco Main Savings Account.

You can take a loan after the required 6 months of regular contribution to your Main Saving Account (MSA) without late payments. This will depend on the type of loan, and you will be eligible to borrow up to four times (x4) the amount you have in your Sacco Main Savings Account. The more you contribute, the higher the amount you can borrow through the Sacco.





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