• 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 deposits MUST be equal to or more than the loan applied for.
• THE location Delegate MUST approve the loan application by sign and stamping the application form.
• Outstanding loan by the applicant, MUST be cleared before a loan of the same type is approved.
• Three most original 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 except Express and Weekender granted by the society must be guaranteed by at least three members of the society. Guarantors’ and applicants deposit MUST be equal to or more than the loan applied for. In special cases when loan is less than applicant deposits,self-guarantee is allowed but MUST not have and will not guarantee other loans during the period of the loan repayment.

The maximum loan amount a member can be given at any one time is three times the member’s savings subject less any outstanding loan balance unless it’s a super loan where it’s four times the member deposit. 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.

This is government regulation that prohibits an employer against deducting more than two thirds of one salary. The Sacco factors that rule when appraising one loan eligibility otherwise the employer will not recover any amount in excess of 2/3 of the salary.

A member with an existing loan is allowed to apply for a new loan from which the society will recover the balance of the existing loan and give the member difference subject to the existing balance being 50% of initial loan.

 

The interest varies on the type of loan applied. The rates are;

• Upesi 15% on reducing balance
• Normal loan 13.5 % on reducing balance
• School fess and emergency loan 12% on reducing balance
• Express 5.5% p flat rate
• Weekender 15%.

 

NO, 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. A fee of 10% of the loan balance being offset is charged for this service and one must not have guaranteed any existing loan.

 

No interest or penalty is charged for clearing a loan earlier than the contracted period.

Yes but only when withdrawing from the SACCO, all a member needs is to instruct the society by filling in a share/deposit transfer form and submit a withdraw form and replace any outstanding guarantees offered to other members loans.

A member needs to inform the society by filling in an official withdrawal form giving the society 60 days’ notice.

Also you need to ensure you have no outstanding loan nor a guarantor to any outstanding loan.

After being register as a member and contributed the monthly deposits for at least six continuous months.

Yes, the SACCO has opened the membership to members from other organisation. What you need to do is to place a standing order for both deposit and loan repayments.

Yes you can pay extra contributions/ loan repayment using MPESA or Bank deposits.

YES, one can deposit a lump sumamountand apply for a loan immediately but at a penalty of 10% of the amount deposited. Otherwise one have to wait 3 months for the deposits to be factored in for loan eligibility.

One can transfer his deposits from another Sacco to Kencream Sacco. 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 as long there is accompanying letter from the Sacco one is transferring from.

This is fund(Pool) created by members through contributing Kshs 200 per month to assist members in the event of unforeseen situation of death in the member’s nuclear family. The amount contributed toward the fund is like insurance premium thus not refundable upon leaving the society.

The objective of the benevolent fund are:

1. To assist the beneficiary with Kshs 50,000 for burial expenses of the deceased contributor.
2. To boost the deposits of the deceased member by half of the amount contributed to the time of death.
3. Member financial assistance to the tune of Kshs 50,000 for funeral expenses of a deceased spouse or child of a member.
4. To pay insurance premiums in order to repay outstanding loan balance of the deceased member.

You can use either:-

1. Through check off system-deduction by the employer.
2. Bank standing order or cash payment through the FOSA or Society’s Bank Account co-operative Bank of Kenya. Account no: 01120006510900 Branch: Enterprise Road Branch
3. Through Mpesa-Lipa na Mpesa select pay bill. Enter business no as 400200. Enter Account no as 01120006510900.

This means that your employer remits deductions to the Sacco directly and has signed a memorandum of understanding with the Sacco to remit by every month

At least 3 guarantors subject to amount

This varies on the type of loan a member is borrowing:-

• Short term advances/Emergency Loan Processing- Within 2 hrs
• School Fees Loan-Within 12 Working hrs
• Normal/Super Loans Processing-Between 14-30 Working Days
• Upesi Loan Processing-Within 3 Working Days

Any person can join Kencream Sacco from all the segments of the market including: Employees of Kencream Sacco Society, Privates organizations, Private individual members and Chamas Corporate

Fill in membership forms that can be downloaded from our website or can be obtained from our offices or from the delegates at every location where Kencream Sacco have members.

Attach a copy of National Identity card/Passport, a passport size photograph and your KRA pin Certificate. Registration fee Kshs. 1,000. Minimum monthly contributions currently Kshs. 3,200 for salaried employees members while non-salaried contribute Kshs. 1,700.

Yes you can borrow a loan as the maximum you can guarantee is up to 3 times your total savings.