Below are important details about PCEA Ruiru Sacco:
Quick Fix
This falls under an emergency loan which does not exceed Ksh. 10,000.
It is processed within one day. Its repayable in 4 months with and interest of 5% per month on reducing balance.
Emergency Loan
This is a loan provided for emergency cases e.g. medical expenses, court cases, and college fees.
It is repayable in 12 months at an interest of 1.15% per month on a reducing balance.
Emergency loan does not exceed Ksh. 50,000
School Fees Loan
This is a loan granted to members to pay school fees for themselves, their children and dependants.
It is repayable in 12 months (calendar year) at an interest rate of 1.15% per month.
When applying, the member is required to attach the fee requirement documents
Normal Loan
This is a development loan given at 3times of a member’s shares. It is repayable in 36 months with an interest rate of 1% per month on reducing balance.
Super Loan
It is a development loan given 4 times of member’s deposits repayable in 48 months with an interest rate of 1.2% per month on reducing balance.
To qualify for this loan one must meet the following conditions:
- minimum deposit Ksh. 250,000
- Should not be the first loan to apply
- Should not have defaulted in the past loans
- It should be guaranteed and where necessary additional security may be required
Pamoja Loan
This is a group development loan repayable within 36 months granted for development purposes such as buying land, construction, purchase of equipment & machinery, vehicles e.t.c. maximum amount granted is 3 times of the group’s savings. Interest rate is 1% per month on reducing balance.
Conditions
- The group should be a member for more than six months.
- Guarantors should be members of the group
- At least two guarantors should not be servicing any other loan
Asset Financing Loans
- Interest is charged at a rate of 1.5 % per month on the reducing balance method.
- No guarantors are required.
- Saved for a period of not less than six months.
- Good credit history
- All Loan forms must be submitted before the 5th of every month
The membership is currently over 5500 growing widely and very fast. The minimum deposit contribution is Kshs. 500.00 per month where a member can be granted a loan based on total contribution after six months.
New Members Requirements:
- Fill an application form
- Two passport size photographs
- A copy of national identity card.
- A copy of KRA Pin certificate.
- When joining members contribute a minimum of kshs. 3300.
- Minimum contribution of kshs. 500 per month.
- Minimum share capital of sh. 10,000. A member must pay kshs. 2000 when joining and the balance of ksh. 8000 to be paid within 6 months.
- Benevolent fund of ksh. 300 (paid once annually).
Re-joining Members:
- Payment of a re-joining fee of Ksh. 1000 for one to retain his/her membership number.
Corporate Membership Requirements
Corporate:
- A valid registration certificate
- Copy Company memorandum of article of association
- Copy Certification of incorporation
- Copy of the minutes
- KRA PIN CERTIFICATE
- Introductory Letter from ministry of gender and social services for groups
- When joining to pay Share contribution of Ksh. 2,000 and to pay the balance of ksh. 28,000 in 6 months’ time
- Registration fees Ksh. 1,000
- Minimum deposit of 2,000 per month
Registered Groups
- A valid registration certificate
- At least seven members should be members of the Sacco.
- Copy of minutes
- Introductory Letter from ministry of gender and social services for groups
- KRA pin certificate
- When joining to pay Share contribution of Ksh. 2,000 and to pay the balance of ksh. 28,000 in 6 months’ time
- Registration fees Ksh. 1,000
- Minimum deposit of 2,000 per month
Membership benefits
Welfare
The management committee holds education seminars for members, management and staff where issues related to risk management, compliance wth law and stakeholders responsibilities are discussed. The society has worn several trophies during National Ushirika Day celebrations over the years for being the best managed and best insured Sacco in Ruiru sub-county.
The Mpesa Paybill Number for PCEA Ruiru is 843700
Payment methods
MPESA
Paybill: 834700
Account number: Your Sacco Member number
KCB
Account Number: 1208683519
Cooperative Bank
Account Number: 01100074554200
National Bank
Account Number: 01248059569400
Equity Bank
Account Number: 0870172350573
Family Bank
Account Number: 024000032564
Mon-Fri:8.30am-4pm
Saturday:8.30am-12pm
Closed on Sundays and Public Holidays
Phone Number
+254717604010,
+254738775754
Location
P.O Box 1497-00232,
Ruiru Kamiti Road opp. Spinners and Spinners.
Email :info@pcearuirusacco.com
Non-Withdrawable Savings
This enables a member to safely save his daily business earnings and withdraw the following day or any other day in the course of his business.
- Minimum savings of Kshs. 500 per month.
- Loans are issued against non-withdrawable deposits.
Elimu Bora
This account enables members to save for the educational needs of their children/dependents:-
- Withdrawal can only be done twice a year, once after every six months.
- The deposit can be done daily or monthly depending on the member’s source of funds.
- Interest at 5% p.a. on prolata..
Terms Deposit
- Savings is done anytime.
- Withdrawal can be done once a month
Holiday savings account
A holiday savings account enables members to save for their holidays. Withdrawal should be done once a year.
- Saving can be done daily.
- Interest at 5% per annum on prolata.
The percentage of dividends is 12% to 16% for the total amount of money you have invested in the Sacco as shares.
