To be the Sacco of choice in the provision of competitive financial solutions.
Mobilize financial resources and offer quality timely products and services to our members to empower them economically and socially.
MAJOR LOANS TERMS
A. Development loan
The terms of multiplication remains three times on members deposits.
It was recommended the interest rate be reduced to 1% per month which 12% annually on a reducing balance.
B. School fees
1) The conditions remain unchanged.
C. Emergency loans
1) It was felt that we should open up so long as a member qualifies.
2) The ceiling of ksh.50,000 be removed.
3) The interest rate remains at 1.125% per month.
4) All other conditions remain the same.
5) A member can reduce the repayment period by paying cash.
6) A member need a duly filled loan application form
D. Silver loan
1) Repayment to remain 60 months
2) Interest rate be reduced to 15%(1.25% per month) on reducing balance and compounded to the principle loan.
3) Introduce a Top-up on silver loan available after 12 months.
E. Top-up loan
1) The commission charged to remain at 5%
2) Repayment period remains at 48 months.
3) The interest rate be reduced to 1% per month.
F. Instant loan
1) Maximum remains ksh.20,000
2) The interest rate remains 5%
3) The application has been simplified, members use email.
G. Karibu loan
1) The maximum should be increased to ksh.90,000 from ksh.60,000.
2) The sacco to retain ksh.30,000 as deposits.
3) For private members guarantors to be four in number in civil service or guarantors who are not indebted to the sacco.
4) The repayment period to remain at 24 months
5) Interest rate is 1.125% per month.
H. Masomo loan
1) Has no ceiling
2) The repayment period is 24 months
3) The interest rate be 1.25%
I. OTHER PRODUCTS
1) Interest rate 1.25%
2) Maximum repayment period 24 months
3) All other conditions apply.
J. OTHER CONDITIONS
1) Early clearance commission to remain at 2.5% to all loans cleared by cash.
2) Members can boost their deposits through the development loan at 10% service fee charged upfront.
3) The word ‘’commission’’ used when charging members be replaced by word ‘’processing fee’’
K. REVOLVING FUND CO-OPERATIVE BANK.
Proposed loan type name ’’PATANISHA’’.
Conditions of loan
1. The loan not based on members deposits but ability to pay.
2. 1/3rd rule to be applied
3. Repayment period 72 months
4. Six guarantors in civil service who are members of Jogoo Sacco.
5. A copy of the National identity card.
6. Two current certified pay slips
7. For private members a letter of commitment from the guarantors.
8. Members on contract to provide a confirmation letter from the employer indicating the period of contract.
9. The maximum amount to be ksh.2,000,000
10. Capitalize the interest.
11. Appraisal fee of 1% to be recovered from the loan(up front)
12. Interest rate 1.5% i.e 18% per annum on reducing balance.
13. Processing fee will be charged at 5% on any amount cleared by the Sacco.