Frequently Asked Questions

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General Questions

New around here ? Start With the Basics

What do I need when applying for a loan?

  • 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.

Must I have guarantors when applying for a loan?

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.

How much loan can I qualify for?

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.


Can I apply for more than one loan?

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.

What is a third rule

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.

Can I apply for a top up of an existing loan?

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.


What is the interest Charges on Kencream SACCO Loans?

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%.


Can I offset my deposits against my loan?

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.


9. 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.

Can I transfer my deposits to another member?

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.

What do I need to do when withdrawing my membership from the society?

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.

When Am I eligible for a loan?

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

Can I continue with my membership as an individual member after leaving the organization I work for?

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.

Can I pay extra amounts outside payroll?

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

Can a member make a lump sum deposits and take a loan immediately?

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.

Can I transfer my deposits from another Sacco to Kencream Sacco? What are the benefits?

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.

What is benevolent fund? Is the contributions refundable?

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.

What Channels can I use to deposit to my account or pay my Loans?

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.

What does it mean to be on check-off arrangement?

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

How many Guarantors do I need to guarantee my Loan.

At least 3 guarantors subject to amount

How long do you take to process a Loan?

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

Who Can Join Kencream Sacco Society?

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

How do I become a member of Kencream Sacco Society?

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.

If I guarantee someone am I eligible to borrow a loan?

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


New around here ? Start With the Basics

How to Access FOSA account

You can access your FOSA account by either:-

-Visiting the head office Branch

-Using the Sacco link Card

-Using Mobile Banking

Who can apply for Sacco link card

Must be an active Member

-Visit our head office to fill the application form


-Go to our website, download the form fill it, Scan it and send it  to us through mail to

-Attach a copy of ID/Passport to the application.

Who can be registered on mobile banking

Be an active member for at least 6 months and

Have raised the required amount of share capital

-Visit our head office to fill the application form


-Go to our website, download the M-Banking form, fill, scan it and forward to us via mail to

-Attach a copy of ID/Passport and your latest payslip

Request a Call Back

Contact us today for more information.

Call 020 3980 100

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