- Fully completed loan application form
- Minimum three guarantors who must be active members and have contributed deposits for at least six months. Guarantors’ and applicants shares MUST be equal to or more than the loan applied for.
- Employer MUST sign and rubber stamp the application form.
- Outstanding loan by the applicant, MUST be cleared before a loan of the same kind is approved.
- A most current pay slip certified by the applicant’s employer’s payroll officer, MUST be attached to the application.
- Attach copy of an acceptable form of identification (National ID/Valid Passport
- Must have been an active member for at least six months.
All loans granted by the society must be guaranteed. Loans below a 1,000,000 can be guaranteed by 1 guarantor of the society and loans above 1,000,000 ought to be guaranteed by at least three members of the society. Guarantors’ and applicants shares MUST be equal to or more than the loan applied for. In special cases when loan is less/equal to shares one could self guarantee up to 95 percent of their free deposits but have to state in writing and will need to be approved by full committee.
The maximum loan amount a member can be given at any one time is three times the member’s savings subject to a maximum of Kshs 30 million less any outstanding loan balance. A member must take home at least a third of his/her pay after all deductions.
A member is allowed to take all the loan products on offer so long as total loans repayments do not exceed two thirds of the member’s salary and three times the member’s savings. However, a member cannot apply for the same loan facility that they are servicing unless they clear it, that is, if a member has a current running Normal Development he/she is not eligible to apply for another normal development until he/she clears the loan balance to enjoy the same facility.
A member with an existing emergency loan is allowed to apply for a new emergency loan from which the society will recover the balance of the existing loan and give the member difference subject to maximum of Kshs 500, 000.
All loans except Premier Loan, Mega Loan, Dividend Discount, and Car Loan, attract an interest of 1% on reducing balance. Insurance Loan does not attract any interest.
A member is only allowed to offset his deposits against his loans if he is ceasing to be a member. He must then pay off the loan balance immediately if any. Offsets are only done when a member has asked those he has guaranteed to seek for guarantor replacements.
The turn around time is between 3 and 7 working days with an exception of emergency, instant and education loans that take a maximum of 12 working hours.
10. If I clear a loan before its completion date will I be required to pay interest for future periods?
No interest or penalty is charged for clearing a loan earlier than the contracted period.
Yes, all a member needs to do is to instruct the society by filling in a withdraw form and replace any outstanding guarantees offered to other members loans.
- A member needs to inform the society by filling in a withdrawal form giving the society 60 days’ notice.
- The process can however, take two weeks at a commission 10% of the current deposits.
After being a member for at least six months and have contributed for a minimum of kshs.18, 000 with an exception of Karibu loan whereby members qualify after 3 months of contribution to a maximum of Ksh. 100,000
14. Can I continue with my membership as an individual member after leaving the organization I work for?
Yes as long as your guarantors are in agreement. What you need to do is place a standing order for both deposit and loan repayment.
You can pay extra contributions/ Loan repayment using MSACCO/ MPESA or Bank deposits.
Yes, You can boost your deposits by 100 percent of your deposits to a maximum of ksh. 500,00 and apply for a loan immediately
One can transfer his deposits from another Sacco to Kimisitu. A member who does so is treated as an old member even if he has just joined the Sacco and can apply for a loan immediately.
Kimisitu Sacco membership is open to employees of Non-Governmantal Organizations, International Organizations, Embassies, Foreign Mission and other reputable organizations.
Kenyans living in the Diaspora are eligible to join the Sacco.
Anyone working in our member organizations are eligible to join the sacco.
The spouse of an already registered member and children above 18 years are also eligible to join.
All loans granted by the society must be fully secured either by guarantors who are members of the society and have been active for atleast 6 months or by use of collateral; Collateral will include a title deed/Property and car log book.
In special cases when the loan applied for is less/equal to a members deposits, one could self guarantee by filling a self guarantorship form subject to approval by the committee.
Shares continue earning dividends and can also be transferred/sold to another member