The credit department is engine of Kimisitu Sacco; this is because the Sacco business is Savings and Credit. The main duty is to provide members with credit products in the shortest time possible and to ensure that quality loan portfolio is maintained
The department comprises of the following sections:
Loan processing and remittances section:
This section process over 100 loan applications on weekly basis, members whose applications do not meet the requirements are informed of their status within a day of receipt of the loan application form and adviced accordingly. Loans below Kshs: 1,000,000 are processed and funds disbursed to the member within 3 days of receipt of the loan application unless the member or guarantors do not ineligible. A member may not be eligible for a loan if his/her previous payments are in arrears or deposit account is dormant. Members who have been listed adversely with CRB are also not eligible for loans until they are cleared.
Remittances are sent to members individually and also to the organizations. Follow up on members whose instalments are not received or who have underpaid. Emails are sent to the loanee and the guarantors copied. Payroll officers are also advised on monthly basis on loans cleared.
Debt Management section:
This debt management section deals with loans in arrears, potential defaulters and defaulters. It deals with communicating to defaulters and potential defaulters by sending of demand letters to defaulters and their guarantors and listing members who have defaulted with CRB. The team also liase with debt collectors, auctioneers and lawyers on debt follow up.