Ardhi Sacco Dividends range between 12.5% and 18% per year based on your shares. Below we provide all the details you need to know about the Sacco:
- Past and present employees of all the Government Ministries and institutions,
- Any other person employed by an organization registered in Kenya and capable of making regular contributions to the society and fulfilling loan repayment requirements.
- Approved business entrepreneurs and institutions.
- Non-Governmental organisations.
- Kenyans in Diaspora
- All Universities
- Groups and Chamas
This is one of the core function of the Society whereby one borrows after having saved. Currently members are supposed to contribute a minimum of Ksh.3,000 or 7% basic salary monthly. Members are encouraged to save more even above the minimum contribution. These deposits are refunded to the member on application giving 30 days notice.
To become a member one must:-
- Fill an application form for membership.
- Pay a membership fee of Ksh.1000 once.
- Pay a monthly minimum contribution of Ksh.2500
- Pay sinking fund of Ksh.300. i.e. Ksh.150 for sinking fund and the other Ksh.150 to cater for the institutional ratio deficit.
- Two passport photosgraphs, copy of ID and pin number.
Opening an Account
Features
- Prescribed application form.
- Membership of the SACCO
- Two-passport size photograph
- Copy of National ID
- Copy of society’s membership card
- Minimum bal.-Ksh 500
- Pin Certificate.
For Groups
For groups add the following:
- Groups are allowed to open savings account so long as more than one of them is a member of the Society.
- Group minutes authorizing them to open a savings account
- Group registration certificate.
- Certificate of good conduct for the office bearers.
- Pin Certificate for individual group members.
Biashara Account
Features
- A/c holder has access to advances with flexible terms.
- Minimum balance Ksh.10, 000.
Holiday Account
- Enables savings for holiday and leave expenditure
- Interest credited at the end of the year.
Retirement Account
Features
Encourages savings for retirement
- Access funds on retirement.
- Interest credited at the end of the year.
Savings Account
Features
- Interest is credited at the end of every financial year.
- No withdrawal notice.
- Connected to Sacco link and mobile banking (Pesa Pepe).
- Minimum balance Ksh.500.
- No charge on deposits.
Fixed Deposit Account
Features
Used for long-term investments at reasonable returns
- Deposit terms are three, six, nine and twelve months and are renewable.
- Interest payable at maturity.
Junior Account
Features
Encourages savings for school fees and presents/gifts
- Minimum balance Ksh.500.
- Interest credited at the end of the year.
Qualification for a loan
Features
- Must have contributed a minimum of Ksh.6000 for three months.
- Must be guaranteed by two or more members whose shares and those of the loanees must be equal to the loan applied.
- Loan applied must be three (3) times the members savings.
- Interest chargeable shall be 1.2% on reducing balance i.e 7.8 p.a.
- Must attach two current payslip.
- (1/3 salary rule shall apply to all loans.
Instant Advance
Features
- Offered to customers of ASFOS
- Must be guaranteed by at least two members
- Repayment period 24 months
Salary in Advance
Features
- Offered to salary accounts holders
- Maximum amount equivalent to net salary
- Repayment period 1 month
- Interest charged is 3%
- Must be guaranteed by at least three guarantors.
Salary Advance
Features
- Offered to salary account holders
- Limited to 6 months net salary
- Repayable within 30 months
- Interest rate is 12 % p.a.
JazaJaza Facility
Features
- Secured by the loan/advance applied.
- Helps the member to boost share deposits/ clear outstanding loans/advance with the society so as to access bigger loan with the society.
- The amount is recovered once the loan is approved.
Saves the member from expensive credit options.
Discounting Credit
Features
- This is a facility that allows the member to access part payment of expected funds from the society e.g. loan, refund of deposits, dividends.
Development loan
Features
- Repayment period shall be 1 to 84 months.
- Members are entitled to 4 times savings.
- No supporting documents required.
- No collateral security required.
- Loans approved on monthly basis on first come first served basis.
- Any amount applied of up to ksh 500,000 is processed and paid the same day.
School Fee loan
Features
Granted for the purpose of paying school fees.
- No supporting documents.
- Repayment period is 1 to 24 months.
- No supporting document required.
- Members are entitled to 4 times savings..
- No collateral security required.
- Any amount applied of up to ksh 500,000 is processed and paid the same day.
Karibu loan
Features
- For new members to enhance settlement.
- Maximum Ksh.100,000
- Repayment period 1 to 18 months.
- Applicable to salaried members only.
- Must be fully guaranteed.
Emergency loan
Features
Granted for any unforeseeable circumstances beyond the members control.
- No supporting document required.
- Members are entitled to 4 times savings.
- Repayment period 1to 24 months.
- No collateral security required.
- Any amount applied of up to ksh 500,000 is processed and paid the same day.
Email Address
info@ardhisacco.com
Call Us
+254 709 252 100
+254 722 209 851
+254 730 725 000
Address
Survey of Kenya Field Headquarters
Ruaraka Off Thika Road
P.O.Box 28782 – 00200
Nairobi
Work Hours
Mon-Fri 08:00 – 05:00
Paybill: 305750
