Below are important details about Centenary Sacco:
Salary Loans
This is a personal loan granted to employees whose salary is processed through Centenary Sacco FOSA account.
LOAN FEATURES:
– Loan is eligible to sacco members whose salaries have been channeled through centenary sacco for atleast 1 month.
– Maximum loan granted is 9 times of 2/3 net pay.
– The maximum repayment period of 12 months
-Attach copies of original stamped payslips and must be endorsed by the employer.
Salary Advance
This is a short term loan granted to employees whose salary is processed through Centenary Sacco FOSA Account.
LOAN FEATURES
– Maximum advance granted is 3 times 2/3 net pay with a maximum repayment period of 6 months.
-Attach copies of original stamped payslips.
-This loan must be endorsed by the employer.
Kamua Pesa Loan
This is loan granted to dairy farmers whose milk payout is channeled through Centenary Sacco FOSA account.
LOAN FEATURES:
– Member qualifies 9 times average of 3 months payout.
– Loan repayment period is up to 12 months.
Vuna Majani Loan
This is a loan granted to tea farmers whose tea proceeds are channeled through Centenary Sacco FOSA account.
LOAN FEATURES
– Loan repayment period is up to 12 months.
-Maximum amount is based on previous years production in (Kgs).
Bonus/Coffee Advance
This is facility granted to Tea/Coffee farmers whose their tea/coffee proceeds are channeled through Centenary FOSA account.
LOAN FEATURES:
– Amount advanced is calculated at assumed rate of Kshs 10 per Kg.
– Loan repayment period is up to 3 months.
Jifunze Junior Loan
FOSA short term loan granted to Sacco members with active jifunze junior account to enable them finance education of their children.
LOAN FEATURES
– 80% school fees to be financed to Maximum amount 100,000
– Maximum payment period 12 months
– Jifunze account to be active for at least four month.
– Benefit – free bankers cheque
Salary Overdraft
Short term loan granted to employee whose salary is processed in centenary FOSA account.
LOAN FEATURES
– Maximum overdraft granted is half the net pay in the FOSA account.
– Loan is advanced after 15th day of every month and is fully recovered upon receipt of that month pay.
Classic Loan
Long term salary loan advanced to permanent and pensionable employees whose salary has been processed through the FOSA account in centenary Sacco for minimum 3 months.
LOAN FEATURES
– Maximum loan granted is kshs 1,000,000
– Maximum repayment period is 60 months
– Loan security is guarantors, employment benefits and other accepted member assets.
Normal Loan
The loan shall be granted to members who are borrowing more than 300,000.
LOAN FEATURES
– Minimum loan amount is kshs 300,001 and Max mum loan advanced 3.5 times member deposit.
– Maximum loan repayment period is 48 months.
– Loan is secured by guarantors deposit and other acceptable collateral.
Instant Loans
The loan is advanced to Sacco member who are borrowing amount kshs 300,000 or less and is processed instantly.
LOAN FEATURES
– Maximum loan advanced is 300,000 subject to 3.5 times member deposit.
– Maximum repayment period is 48 months.
-For bodaboda product the maximum repayment period should not exceed 18 months.All other features apply.
Re-financing Loan
Loan advanced to active Sacco members who have other Bosa loan and are servicing them accordingly and their deposit can allow another loan to re-finance their current projects
LOAN FEATURES
– Maximum loan advanced is determined by 3.5 time’s total deposit freed
– Maximum repayment period is determined by number of BOSA loans one’s has with a maximum of:-
1. First maximum of 48 months
2. Second maximum of 36 months
3. Third loan maximum 24 months
4. Fourth loan maximum 12 months.
Asset Financing
Loan advanced to active Sacco members who intend to acquire assets like piece of land, motor vehicle, farm machinery or to develop already acquired asset.
LOAN FEATURES
– Minimum loan amount is kshs 200,000 and Maximum loan advanced is Kshs 2.5 million subject to five (5) times member deposit.
– Maximum repayment period 60 months but for motor vehicle maximum period will be 36 months.
– Loan is secured by title deed ,motor vehicle or any other asset recommended by board of directors, members can also add guarantors if the asset used as security cannot fully cover the loan advanced.
-Log book will be accepted as security only if it is the asset being financed.
Kumekucha Loans
Middle term Loan advanced to established and registered groups and institutions to finance income generating group or institutions project.
TERMS AND CONDATIONS
a) Loan granted to established church groups, social group, investment groups and institutions that have joined the Sacco through group or corporate memberships.
b) The group Must have a minimum of 10 members and for institution shall be a Sacco member
c) The group Must have contributed for a period not less than 3 months standing and should have an active account with the Sacco
d) The minimum amount is Kshs 50,000 and a maximum of kshs 5,000,000 for established groups and maximum 10,000,000 for institution
e) The loan shall be a short term with a maximum repayment period of 2 years(24 months)with a grace period of 2 months on principal.
Pambazuka Loan
Long term Loan advanced to established and registered groups and institutions to finance income generating group or institutions project.
TERMS AND CONDATIONS
a) Loan granted to established church groups, social group, investment groups and institutions that have joined the Sacco through group or corporate memberships.
b) The group Must have a minimum of 10 members and for institution shall be a Sacco member
c) The group Must have contributed for a period not less than 3 months standing and should have an active account with the Sacco
d) The minimum amount Must be Kshs 50,000 and a maximum of kshs 5,000,000 for established groups and maximum 10,000,000 for institution
e) The loan Must be a long term with a maximum repayment period of four years(48 months)with a grace period of 2 months on principal.
Micro-credit Loan
Short term loan granted to members of micro credit group payable within 12 month in equal installment. The loan is meant to assist Sacco members in organized group access finances before accumulating enough deposit.
LOAN FEATURES
– Maximum loan granted is ten times ones deposit with 20,000 first cycle and graduated by 20,000 for the subsequent cycles to a maximum of 80,000 in the fifth cycle.
– Maximum repayment period is 12 month.
– A top up can be done after the group member has paid 1/2 the period and 1/2 the amount
Mibubo Loans
Middle term Micro credit loan granted to micro credit group members who have demonstrated credit worthiness in the micro finance program.
LOAN FEATURES
– Medium term loan payable in one and half year (18 months) with minimum of kshs 80000 and a maximum of kshs 150, 000.
– Total loan advanced is 5 times one’s deposit.
Contacts
Call us: +254 715 467 290 hours: 8:30am-4pm
Paybill:700300
