Below are important details about ACK Thika Talents Sacco:
SAVINGS ACCOUNT
Savings Account
Savings Accounts provide opportunities for individuals and corporate bodies to accumulate regular savings. The Society offers both medium and long-term savings accounts to members.
Prior to opening a savings account, the individual requesting the account shall have been admitted as a member of the society. Contributions can be through check-off, standing orders, mobile banking, direct deposits, or bank transfers.
1. These are the continuous monthly savings members make to the Sacco throughout their membership.
2. Savings earn interest annually and allow members to access the Sacco loans.
Minimum Monthly Contributions
- Individuals Kes. 500/=
- Groups Kes. 1,000/=
- Corporates Kes 1,000/=
3. Can be contributed through standing order, check off, mobile banking, bank transfer, or direct deposit.
4. It Can only be accessed upon membership withdrawal.
JUNIOR SAVINGS ACCOUNT
Junior Savings Account
Ack Thika Talents Sacco Junior Account is a savings account designed to provide a savings facility for parents to save for their children and is open to all kids below 18 years
1. For Children under 18 years.
2. Minimum Monthly Saving is KSh.500
3. Requirements( Parent ID copy, birth certificate, passport photo)
SHARES ACCOUNT
Shares Account
It is an excellent account for long-term saving with attractive dividends. The shares are non-refundable but can be transferred to existing member. Each member needs to have share capital depending on their category. A member may purchase shares by installment.
Minimum Shares
•Individuals Kes. 10,000/=
• Groups Kes. 10,000/=
• Corporate Kes. 10,000/=
Normal Loan
FEATURES OF THE NORMAL LOAN
1. Loan Purpose
• The purpose of this loan is to enable members to improve their livelihoods by financing their economic activities.
2. Loan Amount
• A member shall qualify up to 3 times his/her savings and shares combined.
• Maximum loan amount to an individual not to exceed 20% of SACCO’s total share capital
3. Loan Term
• Duration for repayment is up to 36 months
• Frequency of repayment is monthly
4. Cost of financing
• Interest Rate is 1% per month on a reducing balance rate.
• Processing Fees 1%
• Insurance is 1.5% per annum.
5. Qualification
• Must be a SACCO member for a period of not less than six months
• Consistent and active participation in group activities including but not limited to attendance and consistent saving contribution
• Good credit record from the previous loans borrowed in the SACCO
• Demonstrate ability to repay the applied amount
• Savings must be done continuously as the member repays the loan.
6. Collateral
• Total guarantee by cash collateral (guarantor savings and/or shares)
BENEFITS
•Low-interest rate
•Diverse modes of repayment
•No penalties for early repayment
SCHOOL FEES LOAN
FEATURES OF THE SCHOOL FEES LOAN
1. Loan Amount
• The total outstanding loans, including school fees, must never exceed 3 times the members savings and/or shares.
2. Loan Term
• Repayment period, not more than 36 months
3. Cost of financing
• Interest rate of 1% per month on the reducing balance.
• processing fee of 1%
• Insurance fee 1.5% per annum.
4. Qualification
• School fee Loans may be granted to a member even though he/she may be servicing other loans
• Fees structure and/or admission letter
• Amount to be disbursed to the learning institution
5. Collateral
• Total guarantee by cash collateral (guarantor savings and/or shares).
BENEFITS
• Low-interest rate
•Fast processing
•Disbursement is done to the school/institution
•Flexible repayment period
EMERGENCY LOAN
FEATURES OF THE EMERGENCY LOAN
1. Loan Purpose
• Emergencies include sudden hospitalization, funeral expenses, court fines, and other unforeseen circumstances beyond the members’ control. Emergency loans must be supported by documents e.g. hospital bills, burial permits, court fines, etc.
2. Loan Amount
• Loan amount not to exceed Kes. 50,000
• Maximum of 3 times one’s shares and/or savings or the specific needed amount whichever is lower. If the member has another loan, the total loan amount is not to surpass three times the member’s savings and/or shares.
3. Loan Term
• Repayment period not to exceed six (6) months.
4. Cost of the Product
• Interest rate of 1.5% per month on a reducing balance
• Processing fee of 1% (payable upfront)
• Insurance is 1.5% per annum.
5. Qualification
• Emergency loans may be granted to a member in addition to other loans provided the member meets the loaning requirements.
6. Collateral
• Total guarantee by cash collateral (guarantor savings and/or shares)
BENEFITS
• Short processing time
NORMAL TOP UP LOAN
FEATURES OF THE NORMAL TOP-UP LOAN
1. Loan Purpose
• The purpose of this loan is to enable members to improve their livelihoods by financing
their economic activities.
2. Loan Amount
• A member shall qualify up to 3 times his/her savings and shares combined.
• The approved amount to offset the outstanding loan balance from the previous normal loan and the difference to be disbursed in the client’s account.
• Maximum loan amount to an individual not to exceed 20% of SACCO’s total share capital
3. Loan Term
• Duration for repayment is up to 36 months
• Frequency of repayment is monthly
4. Cost of the product
• Interest Rate is 1% per month on a flat rate.
• Renewal Fees of 1%
• Insurance is 1.5% per annum.
5. Qualification
• Must be an active SACCO member
• Must be having an active normal loan WITHOUT any outstanding arrears by the time of application.
• The Outstanding Loan Balance for the normal loan should be less than 50% of the initial loan amount.
• Consistent and active participation in the group’s activities including but not limited to attendance and consistent saving contribution
• Good credit record from the previous loans borrowed in the SACCO
• Demonstrate ability to repay the applied amount
• Savings must be done continuously as the member repays the loan.
6. Collateral
• Total guarantee by cash collateral (guarantor savings and/or shares)
• NOTE: Guarantors must sign the guarantee form afresh and the previous guarantee of the cleared loan becomes null and void.
For individuals;
• Registration fee of Kshs 500
• Minimum monthly contribution of Kshs 500
• A copy of ID or birth certificate for juniours
• Passport Photo
• Copy of next of kins ID/ passport/ birth certificate
• Fill a membership registration form
For groups & corporate entities;
• Registration Certificate
• Registration fee of Kshs 500
• Minutes of the meeting that authorized the group to join the SACCO
• Group photo of the officials i.e. Chairman, secretary, and Treasurer.
• Fill out a group registration form
Requirements to Join
- Complete both membership application form.
- Attach a copy of National Identification card, personal identification number and a passport photo.
- Membership fees is Kshs.1,500.
- Buy a member passbook of Kshs. 250
- Minimum monthly deposit contribution is Kshs. 500.00
- Build up a Minimum Share Capital is 10,000 shares equity @ Kshs.100 each.
- Qualification for a loan is after 6 Months of consistent saving
Ksh. 10,000 share capital.
Should a member wish to withdraw from the Sacco the exit procedure is as below:
1. Tender a 60 days’ notice and fill an exit form.
2. If you are a member withdrawing from the society and have guaranteed, the guarantor should find an alternative guarantor replacement or wait for member to clear the loan.
3. Transfer shares to an existing member.
4. Return Passbook.
Location: Kenyatta Highway, Munene, Next to ACK St.Andrew’s Cathedral – Thika
Telephone: +254 708 683 123
Email: Info.ackttsacco@gmail.com
