MKU SACCO is one of the best Saccos in Kenya. Members earn dividends of 11%-16% of the total shares they own in the Sacco. Below we provide details on how to join the Sacco, how to make savings, how to contact the Sacco and loans available.
School Fees / Education Loan
- This loan is taken to facilitate payment of school fees, could be university degree, starting or finishing Masters, your child is Joining form 1, college fees and so forth
- A member is entitled to 3 times their total deposits
- Interest rate is 1% per month on a reducing balance basis
- School fees Loan is payable within 24 months
- Only one school fees loan may be granted in one calendar year
Emergency Loan
This Loan facilitates any unforseen circumstances for example; sudden hospitalization, funeral expenses, court fines, and other unforeseen circumstances beyond our members’ control.
- Emergency loans are given within a members entitlement, i.e. 3 times the members deposit at a maximum limit of Ksh. 100,000.
- This Loan is granted to a member upon producing documentary evidence.
- This is payable within 12 months at an interest rate of 1% per month on a reducing balance
- Emergency Loans are disbursed within 24 working hours.
Normal Loans / Development
- These are loans for development purposes and form the major portion of loan
- Loans are processed as received.
- Loan form MUST be correctly filled and all required attachments included, in the Loan application form.
- Repayment period is 48 months at an interest rate of 1% per month on a reducing balance.
- Maximum Entitlement is 3 times the members deposits.
Loan Re-Purchase
- This Loan gives members access to a new, bigger loans on fresh terms, i.e. maximum repayment period of 36 months.
- Repurchase Loan is applicable to members who wish to apply for a loan while still servicing a previous loan
- The Repurchased loan falls under the normal terms applicable to all loans.
- Loan form MUST be correctly filled and all required attachments included, in the Loan application form.
- Repurchase loans are processed as received.
- Repayment period is 48 months at an interest rate of 1% per month on a reducing balance.
- Maximum Entitlement is 3 times the members deposits Less Outstanding Loan balance plus interest of 1%
MKU Express Mobile Banking Loan
MKU Express Mobile Banking Loan is a short term Loan taken to take care of unexpected events
The qualifications for MKU Sacco Express loan is simple.
Register to access the service in the following steps;
1. Dial code *483*040#
2. Select MKU Sacco
3. Input your National ID Number
4. Input your name
The following are the conditions of the facility
Loan Period 30 days
Interest rate 7.5%
Appraisal fee KES 50
Maximum Loan KES 30,000 subject to credit score
Disbursed Value The Requested Amount
Repayment procedure:
1. Load your Mpesa with the amount you wish to pay
2. Dial *483*040#
3. Input PIN
4. Select “Pay Loan” Option
5. Input Repayment amount
6. Confirm
7. Input Mpesa PIN
OR
1. Go to Lipa na Mpesa on your phone
2. Select Paybill option
3. Input Paybill Number “4088927”
4. Input your National ID Number as the account Number
5. Input Mpesa PIN
Defaulting on the loan is not allowed and will lead to your account being blacklisted and NOT able to access the facility when you have an emergency.
Incase of any queries contact the office
Super Okoa Loan
Super Okoa is a short term Loan taken to take care of unexpected events
The Key product features include:
- Repayment period 3 months
- An interest rate of 5% fixed per month
- Processing fee of 2% paid up front.
- Maximum entitlement Ksh 100,000.
- A member is entitled to only one Super Okoa at a time.
- Guarantors required.
- Maximum entitlement is 3 times total deposits less other loans
- Loan approved within 3 working day
Requirements
- That You need to be a SACCO member for six months and have met the loans eligibility criteria.
- That a duly completed loans application form will be required.
Jiendeleze Loan
Jiendeleze Loan is a short term Loan taken to take care of unexpected events
The Key product features include:
- Repayment period 6 months
- An interest rate of 6% fixed per month
- Processing fee of 2% paid up front.
- Maximum entitlement Ksh 200,000.
- A member is entitled to only one Jiendeleze loan at a time.
- Guarantors required.
- Maximum entitlement is 3 times total deposits less other loans.
- Loan approved within 7 working days
Requirements
- That You need to be a SACCO member for six months and have met the loans eligibility criteria.
- That a duly completed loans application form will be required.
Consolidation Loan
This entails merging of existing loans. It gives members access to a new and cheaper loan terms and simplify member financial affairs. It reduces member’s debt burden to a single payment per month.
Terms and conditions:
1. Repayment period up to 42 months
2. Consolidation fee 10% of the total loans being consolidated.
3. Loans to be consolidated must be more than two (2)
4. The consolidation loan should not exceed 3 times of deposit less other loan balances
5. Interest rate: For loan up to 36 months’ repayment period will be at 1% per month and stretching from 37-42 will be at 1.2% per month all interests at reducing balance.
6. The Loans to be consolidated must have been paid for a period not less than 12 months.
7. Only loan products with the same interest rates is eligible for consolidation after attaining the set credit terms threshold.
MKU Sacco Paybill Number is 119912
Payment methods
1. Bank Deposit
COOPERATIVE BANK, Thika Branch.
- Account Name: Mount Kenya University Sacco Society ltd
- Account Number : 01120074864600
- Please indicate on the slip, your Membership Number
2. Lipa Na M-PESA
Steps;
- Go to the Mpesa Menu on your phone
- Select Payment Services or Lipa na Mpesa
- Select Pay Bill
- Enter Business Number ‘119912’
- Enter Account number – put in your Membership Number or your full names
- Enter the Amount
- Enter your PIN
- Confirm that you have entered the correct Pay Bill number/ Your Membership Number/ the Amount
- You will receive a confirmation shortly confirming that the payment has been received.
- You will then be required to contact the Sacco office advising on how the monies sent should be distributed the various voteheads.
Please note that the Sacco does not receive any cash payment in any of its transactions.
Mount Kenya University Regulated Non-WDT-Sacco Society Ltd,
Room 212, Second Floor,
Alumni Plaza, Mount Kenya University,
P.o. Box 342-01000,
General Kago Road. Thika, Kenya
0791-360-892
A person who possesses the following qualification shall be eligible for membership: – Is within the field of membership consisting of the following common bond
- EMPLOYEES OF MOUNT KENYA UNIVERSITY current and former.
- Has attained the age of 18 years.
- Is of good character and sound mind
- Pays the entrance fee and share capital as prescribed in the by-laws
You need to fill in a membership application form and pay a membership fee of Kshs. 1,000. Then submit the fully completed form to Sacco office for registration.
The minimum contribution is Ksh 1,000 per month
You are entitled to maximum loan equal to 3 times your total savings
Yes, you can have a maximum of two loans as long as you don’t exceed your maximum loan entitlement of 3 times your deposit and ability to repay for all of them.
A duly filled loan application form supported by;
- ID/ passport Copy
- Pay slip – 3 month most recent certified pay slips or 6 month certified bank statement
- Guarantors ID or passports copy
The maximum loan repayment period is 36 months
A loan can be rejected on the following grounds;
- Incomplete information
- Lack of supporting documents
- Renegotiate loan terms or purpose
- Inadequate funds to meet loan demand
- Inability to repay or bad repayment history
- Clear outstanding loan
- Excessive loan frequency
- Lack of proper quarantees or security
- Membership period less than six months
- Key documents like ID, certified pay slips, standing order instructions etc have not been attached
- The member deposits are insufficient to support an additional loan.
short term loans are processed instantly if all requirements are met.
Normal loans, repurchase loan, School fees loan are processed within three weeks, so long all requirements are met.
Emergency loan is processed within 24 hours if all requirements are met.
