Shelloyees Sacco Products

Normal Loan

Normal loans are available to members who need finances for development purposes to be repaid over a maximum period of sixty (60) months and charged Interest at 1.05% p.m.

Requirements

1. Must have been a member for a minimum period of six months and contributed not less than KSh.20, 000.00 in deposits.
2. The maximum amount of loan granted shall not exceed Kshs 15 million.
3. Repayment from Salary shall not, in addition to the other deductions, exceed 2/3rd of a member’s basic salary.
4. Repayment from other sources of income shall be supported by Six (6) months certified bank statement.
5. Loan must be fully guaranteed by own deposits, other members’ deposits, or acceptable security.
6. For Guarantors hip against deposits, the guarantors must be at least four.
7. A member may refinance the initial loan at a 1% refinancing fee in six months. A member may access subsequent refinancing at any time at a 2% refinancing fee of the outstanding loan.

Super Normal Loan

Super Normal loans are available to members who need finances for development purposes to be repaid over a maximum period of Eighty-four (84) months and charged an interest rate of 1.17% p.m. subject to section 3.2.10 on the interest rate.

Requirements

1. Must have been a member for a minimum period of six months and contributed not less than KSh.100, 000.00 in deposits.
2. The maximum amount of loan granted shall be restricted to Kshs 18 million. Repayment from Salary shall not, in addition to the other deductions, exceed 2/3rd of a member’s basic salary.
3. Repayment from other sources of income shall be supported by six (6) months certified bank statements.
4. Loan must be fully guaranteed by own deposits, other members’ deposits, or acceptable Security.
5. For Guarantors hip against deposits, the guarantors must be at least four.
6. All loan refinancing or top up shall be charged a refinancing fee of 1.5% on the outstanding loan balance which shall be recovered at the source.

Makao Loan

This is a long-term financing to enable members for home ownership or house construction.

Requirements

1. is offered for home ownership by purchase.
2. Deposit multiplier shall be up to 6 times of member deposit subject to a maximum of Kshs 15,000,000.00.
3. 70% of the market value of the house shall be used as the security for the loan the difference will be secured by guarantors or member’s free deposits
4. The minimum amount of loan shall be Kshs 2,000.000.00.
5. The interest rate shall be 12.5% p.a. on reducing balance basis.
6. The repayment period is up to a maximum period of 120 months / 10 years
7. Legal, valuation, Stamp duty and fire insurance Fees to be paid by the member.

Emergency Loan

This loans are available for emergencies including hospitalization, funeral expenses, court fines, and/or any other unforeseen circumstances beyond the members’ control. Payable for twelve (12) months at an interest rate of 1.05% p.m.

Requirements

1. Emergencies include sudden hospitalization, funeral expenses, court fines, and/or any other unforeseen circumstances beyond the members’ control.  However, this shall not include house rent arrears or other loans covered under this policy.
2. Emergency loans shall be granted to a member in addition to other outstanding loans.
3. Emergency Loans shall be repaid within a maximum period of twelve (12) months at an interest rate of 1.05% pm.
4. The maximum amount of Emergency Loan granted shall not exceed 1 million.
5. Application must be supported by relevant documents e.g., hospital bills, death notification, court fines, etc.
6. A member shall have one emergency loan at a time.
7. For Guarantors hip against deposits, the guarantors must be at least two.

School Fees Loans

School Fees Loan applications must meet all the requirements for Normal Loans with the following modifications:

Requirements

1. School fees loans may be granted to a member even if he/she has another outstanding loan.
2. Members to attach the fee structure.
3. School Fees loans shall be financed up to 100% of the school fees.
4. School fees Cheques shall be issued in the name of the institution.
5. School fees loans shall be repaid within a period of twelve (12) months at an interest rate of 1.05% PM
6. The loan shall not be issued to members with similar loans outstanding.
7. Loan must be guaranteed by a minimum of two (2) guarantors.

Insurance Loans- (Medical, Fire, House, Life, Car)

Insurance Loan applications to help members meet their insurance needs.

Requirements

1. Must have been a member of the Sacco for at least 6months
2. Interest will be charged at 12% p.a. on a reducing balance basis.
3. Must be supported by relevant documents.
4. Insurance Premiums loans shall be repaid within a period of twelve (12) months.
5. The maximum loan granted will be equivalent to the cost of insurance premiums.
6. Require a minimum of two guarantors where applicable.

Interest Advance

This product shall be available between 1st December and AGM Day. It is a loan against interest receivable by a member on the deposits held at the end of 31st December of the preceding year.

Requirements

1. A member shall access up to 50% of interest entitlement based on the preceding November financial results for the current fiscal year.
2. An interest rate of 5% will be applicable on the amount advanced.
3. The principal loan and interest will be recovered in full during interest rebate payment after the AGM approval.
4. The loan shall be guaranteed by the expected interest rebates.
5. No additional guarantors will be required.

Asset Financing Loan.

This product is tailored to assist members in the acquisition of income-generating assets other than for personal use.  This includes IPO financing, machine/Equipment acquisition for business start-ups or expansion, farm machinery, dairy equipment, Motorbikes for business etc.

Requirements

1. A maximum period of sixty (60) months and charged interest at 1.17% PM on a reducing balance basis.
2. Must have been a member of Shelloyees Sacco for a minimum period of Six (6) months and fully paid-up share capital of Kshs 35,000.00 and saved at least a minimum of Kshs 50,000.00.
3. The maximum amount of loan granted shall not exceed 100% of the cost of the Asset.  The Asset will secure up to 70% of the market value of the asset whereas 30% shall be secured by either own free deposit, other acceptable collateral or by at least 2 guarantors.
4. Repayment from salary shall not, in addition to the other deductions, exceed 2/3rd of a member’s basic salary.
5. Repayment from other sources of income shall be supported by six (6)a months certified bank statement.
6. Member to attach business proposal and income projections where applicable.
7. All incidental costs arising out of this loan processing shall be borne by the borrowers.
8. Comprehensive insurance cover and tracking system in case of public transport vehicles
9. The conditions for minimum monthly deposit contributions shall apply

Car Loan.

This loan is to assist members to acquire cars for personal use only.

Requirements

1. Car Loans are available to members who need finances for car purchases to be repaid over a maximum period of Sixty (60) months and charged Interest at 12.5% p.a. or at a premium above the cost of funds whichever is higher.
2. Must have been a member of Shelloyees Sacco for a minimum period of six (6) months and contributed not less than KSh.50,000 in deposits.  The maximum amount of loan granted shall not exceed 100% of the cost of the property.
3. Car shall secure up to 60% of the car market value and 40 % shall be secured by own free deposits or at least qualifying 2 guarantors
4. Repayment from Salary shall not, in addition to the other deductions, exceed 2/3rd of a member’s basic salary.
5. Repayment from other sources of income shall be supported by six (6) months of certified bank statements and member will be required to fill direct debits for repayment.
6. All incidental costs arising out of this loan processing shall be borne by the borrowers; Valuation fees for the car, transfer fees, etc
7. The car must always have a Comprehensive Insurance Cover and 24hrs tracking system.
8. The car shall be co-owned by the Sacco and member until the loan is fully repaid.
9. In case of default, the car will be repossessed immediately and auctioned. If the auction proceeds are not sufficient to cover the loan, the recovery procedure as stipulated in this Credit Policy shall apply.

Plot Loan

Designed to help members to purchase land for commercial and residential purposes.  The Sacco shall endeavor to identify and offer land investment opportunities through collaborations with established land selling property to offer this product to members.

Requirements

1. Maximum loan shall be up to 100% the price of plot.
2. The plot shall secure up to 70% of the market value whereas 30% shall be secured by member’s fee deposits or, guarantors or other acceptable collateral.
3. Maximum repayment period shall be 60 monthly installments
4. Interest rate chargeable on this product shall be 1.17% PM on reducing balance method.
5. Member must have saved in the Sacco for a minimum period of 6 months and fully paid up the minimum share capital.
6. Member must have saved at least a minimum of Kshs 50,000.00 to qualify for this product.

Short Term Loans

This is a tailor-made product to assist the members in their most urgent financial needs.

Applications for this type of loan shall meet all the requirements of a normal loan with the following modifications:

Requirements

1. Repayable in a maximum period of twelve (24) months.
2. Interest will be charged at 15% p.a
3. The maximum amount of loan granted shall not exceed Kshs 2 million.
4. A member shall not qualify for a short-term loan if they have defaulted on any other Sacco loan within the year.
5. Loan must be guaranteed by a minimum of two guarantors.

Product Loan

Product loan offers members the opportunity to purchase various items through value-add partnerships with various companies. Value add partnership companies shall be cautiously evaluated through the due diligence process before being admitted. Applications for this type of loan shall meet all the requirements of a normal loan with the following modifications:

Requirements

1. Repayable in a maximum period of twenty-four (24) months.
2. Interest will be charged at 1.04% PM
3. The maximum amount of loan granted shall not exceed the cost of the product being purchased.
4. A member shall not qualify for a product loan if they have defaulted on any other Sacco loan within the year.
5. Loan must be guaranteed by a minimum of two guarantors or own free deposits

Kadogo/Instant Loan

Shelloyees members can now access the Kadogo Loan facility by borrowing up to a maximum Kshs. 250,000, repayable in three installment or within (180) days at an interest rate of 3.5% per month.

Requirements

1. To be repaid once within a maximum period of six (6) months at an interest rate of 3.5% PM
2. The Maximum amount of the loan shall be Kshs.250, 000.00
3. Post-dated cheques for the repayment shall be provided to be deposited on respective due dates.
4. Other payment methods payment should be supported by proof of ability to pay.
5. Default on the Kadogo loan will attract a penalty of 3% of the loan amount.
6. A member must have saved in the Sacco for at least 6 months and fully paid-up the share capital.

Christmas YOLO Loan:

Targeting to help members meet their Christmas expenses. The product shall be available between 1st December and 31st December of every financial year.

Requirements       

1. Must  be a  member  of the Sacco  for at least  3 months
2. Maximum loan  is  Kshs  250000 at  1.15% PM
3. Flexible  repayment  period  of up to 12 months
4. One  month grace  period  shall apply.
5. If your deposits are below  Kshs  250,000,  one must provide at least one guarantor required.

Mobile Loan

This is an online loan granted to members through their mobile wallets.  The product is help members access quick credit at their convenience to resolves emergencies that require quick financing.

Requirements

1. Member  must register  for  mobile  banking  services
2. Must  have been  a  member  of  the  Sacco  for  at least  3 months
3. Maximum  loan shall  be up to 15% of  member  deposits  subject  to a maximum  of  Kshs  100,000.00
4. Loan  shall  be  payable  within  30days  at  an  interest  rate  of  7% at  source.
5. Defaulted  loan  for  more  than  three months  shall  be  recovered  from member deposits   and  the member shall not access any loan until  the  recovered  deposits  are  restored.
6. Any member who defaults on this product shall be disqualified from accessing the product in future.

Deposit Booster

Deposit booster is available if your total loan exceeds deposits multiplier factor. You can apply to boost upto 50% of current deposits you are holding to enable you acquire the maximum loan you qualify for.