Below are important details about Nairobi Water Sacco:
- Must be 18 years and above either employed or carrying out a legal business activity
- Duly complete a membership application form
- Must have a copy of national ID or passport
- Must have a copy of KRA pin
- Provide 2 coloured passport size photographs
- Pay a non-refundable registration fee of Kshs.1,000
Member Deposits
This is the monthly contributions which a member deposits and acts as a multiplier when a member applies for a loan. The deposits can also be used to guarantee other member loans. The minimum monthly contribution is Kshs.2,000 and the deposits attracts attractive interest rate annually.
Holiday savings
This is money which a member saves monthly from as low as Kshs.500 for a specific purpose i.e holiday, wedding or any other special purpose. The savings earns an attractive interest rate of 5% annually payable at the end of the year.
Benevolent Fund
This is a welfare scheme aimed at covering burial expenses incase of loss of a loved one. A member is required to fill a benevolent scheme joining form clearly stating the beneficiaries and contribute Kshs.400 monthly. The fund covers the principal member, nuclear family and biological parents.
Benefit package incase of death is as follows:
- Principal member – Kshs.70,000
- Spouse – Kshs.70,000
- Children – Kshs.50,000
- Parent – Kshs.50,000
Children are covered upto 18years but can extend upto 24years upon proof that the child is still under the parents care.
The cover has a 3months(90days) waiting period from inception on natural deaths and non for accidental deaths.
NB: A member who exits the Sacco ceases to be a benevolent member automatically.
Emergency Loan
Shall be granted for unforeseen circumstances but shall not include house rent dues or other loans mentioned in the Sacco Policy.
Requirements:
- Maximum repayment period=12 months
- Qualifying shares = *3 savings
- At least 2 guarantors
- Member must have contributed for at least 6 months
- Two latest payslips /bank statement for 3 months
- A copy of national ID for the member
- Proof of emergency is required.
School Fees Loan
Meant to cater for primary and high school education needs for a member and his/her family.
Requirements:
- Maximum repayment period= 12 months
- Qualifying shares =*3 savings
- At least 2 guarantors
- Members must have contributed for at least 6 months
- Two latest payslips/bank statement for 3 months
- Fees structure
- A copy of national ID for the member
Super Emergency Loan
This is an emergency loan that can be issued to a qualifying member without proof of emergency.
Requirements:
- Maximum repayment period = 12 months
- Qualifying shares=*3 savings
- At least 2 guarantors
- Member must have contributed for at least 6 months
- Two latest payslips/bank statement for 3 months
- A copy of national ID for the member
Instant Loan
This is a rapid response loan issued upon submitting a duly filled form to the Sacco.
Requirements:
- Maximum repayment period = 6 months
- Qualifying shares=*3 savings
- At least 2 guarantors
- Member must have contributed for at least 6 months
- Two latest payslips/bank statement for 3 months
- A copy of national ID for the member
Life Style Loan
Enables you to acquire simple assets such as household furniture, electronics e.t.c.
Requirements:
- Maximum repayment period = 12 months
- Maximum loan amount is Kshs. 100,000.00
- At least 2 guarantors
- Member must have contributed for at least 6 months
- Two latest payslips
- A copy of national ID for the member
Nawacash mobile loan
This is a mobile loan which is accessible anytime at the member’s convenience
Requirements:
- Maximum repayment period = 1 month
- Must be an active member
- Maximum amount depends with member’s credit rating
Scholar Plus Loan
Is meant to cater for undergraduate and post-graduate education needs for a member and his/her family.
Requirements:
- Maximum repayment period = 24 months
- Qualifying shares=*3 savings
- At least 2 guarantors
- Member must have contributed for at least 6 months
- Two latest payslips/bank statement for 3 months
- Fees structure
- A copy of national ID for the member
Normal Loan(36)
This is a loan that is meant for development purposes
Requirements:
- Maximum repayment period = 36 months
- Qualifying shares=*3 savings
- At least 2 guarantors
- Member must have contributed for at least 6 months
- Two latest payslips/bank statement for 3 months
- A copy of national ID for the member
Normal Loan (48)
Are loans that provide opportunity for bigger investment.
Requirements:
- Maximum repayment period = 48 months
- Qualifying shares = *3 savings
- At least 2 guarantors
- Member must have contributed for at least 6 months
- Two latest payslips/bank statement for 3 months
- A copy of national ID for the member
Normal Loans (60)
This is a development loan that provides opportunity for bigger investment and longer repayment period.
Requirements:
- Maximum repayment period = 60 months
- Qualifying shares=*3 savings
- At least 2 guarantors
- Member must have contributed for at least 6 months
- Two latest payslips/bank statement for 3 months
- A copy of national ID for the member
- One must contribute 10% of basic as monthly savings
Top Up Loan
This is a refinancing loan issued to complete stalled projects. The loan to be refinanced must be with the Sacco. A complete buy-off of the existing loan is mandatory. The interest rate shall be pegged on the previous loan.
Super Member Loan
Intended for super Savers who want to go it alone
Requirements:
- Maximum repayment period = 48 months
- Maximum loan amount is 90% of member savings
- No guarantors required
- Member must contribute at least 12.5% of basic salary monthly
- Two latest payslips
- A copy of national ID for the member
Contact Details
Phone Number: 0711485922
Whatsapp Number: 0748636651
Address: Moktar Daddah St Opp Jevanjee Gardens, Nairobi
P.O Box 13880-00100 Nairobi
Email: info@nairobiwatersacco.co.ke
