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Who is eligible to be a member of Shelloyees SACCO?

Anyone from the following categories can join the society; Vivo Energy Ltd, Salem Limited, Solvochem, Colas E.A ltd, Sheer Logic, Tropical Focus and  employees of Shelloyees Sacco.

Other persons eligible include spouse and any other company affiliated to the above existing companies.

What do I need to join Shelloyees SACCO Society Ltd?

The following documents are required: A fully filled application form, a copy of the National Identity Card (Both sides), recent color passport size photograph and a copy of KRA PIN

After acquiring all the necessary documents, what are the steps I need to take to join Shelloyees SACCO Society?

After downloading or acquiring and filling the membership form, attach the documents mentioned in the requirements section and drop / send the form at/to our offices at Vienna Court,State House Road.

What are some of my rights as a member of Shelloyees Sacco?or what rights do I enjoy as Shelloyees

As a member of Shelloyees Sacco, you are entitled to a number of rights, including the right to:

  • Attend general meetings and vote
  • Get a share of surplus income at the end of each year
  • Inspect the society’s books of accounts
  • Apply for society loans
  • Approve, reject or defer budget
  • Participate in amending the society’s by-laws
  • Fix borrowing powers of the society

What are my responsibilities as a member of Shelloyees Sacco?

Some of your responsibilities as a member are:

  • Attending members’ education days
  • Adhering to the society’s by-laws
  • Prompt payment of Sacco liabilities and consistent making of contributions
  • Encouraging potential members to join the society

What are the benefits of saving with Shelloyees Sacco?

As a member of Shelloyees you have;

  • A voice in the running of the SACCO since you own the society
  • Access to non-discriminatory and affordable financial services
  • Annual reward for your investment in form of dividends and interest on deposits

What do I need when applying for a loan?

  • A fully completed Application form
  • A member must have completed six (6) months membership and contributed a Minimum of KSh. 12,000.00 in deposits.
  • A dormant account must be regularized i.e. make monthly contributions for a period of six (6) months before applying for a loan
  • Minimum of  four  guarantors  who must be  members  and  have  contributed  for  at least  six(6) months. Guarantors’ deposits MUST be equal to or more than the loan applied for
  • Employer’s  certification of  the  ability  to repay the  loan or six  months   certified bank statement  or  Three  current  month payslips.

A copy of I /D and PIN.

Similar loan balance must be cleared in full before the loan is approved.


All loans  must be  fully guaranteed by at least  four  qualified  guarantors   for  development  or  long term loans  and  at least  2  qualified guarantors  for  short  term loans.

Guarantor’s deposits must be equal or more than loan applied for.

In cases where  the  loan applied  is  equal or  less than a  member’s deposits  a member  can self-guarantee only  if  he/she  has  not  guaranteed  another  loan.

How much loan can I qualify for?

The maximum loan amount a member can be given at any one time is three times or four times the member’s deposits subject to a maximum of Kshs 5 million or Kshs 9 million respectively less any outstanding loan balance. 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 or four  times the member’s deposit .

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

A member with an existing normal loan or supernormal loan is allowed to apply for top up loan from which the society will recover the balance of the existing loan and give the member difference at a refinancing fee of 1%.

How often are development loans granted?

All development loans are processed on the last Tuesday of every month.  Short term, emergency and instant loans are approved within three days.

What is the interest Charged on Loans?

Normal, emergency , school fees  loans  attracts  an interest of 1% per  month whereas  Supernormal, short  term and  insurance  loan attracts  interest of  1.25% p.m.

Housing project loan attracts 2% p.a above the normal loan annual rate.

Can I offset my loan against my deposits?

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.

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, 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.

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

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

When Am I eligible for a loan?

After being a member for at least six months and have contributed for a minimum of kshs.12, 000.00

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.

Can I pay extra amounts outside payroll?

You can pay extra contributions/ Loan repayment using MPESA or Bank deposits.

Can I boost my deposits and take a loan immediately?

No, your lump sum deposits has to remain in the Sacco for three months before applying for a loan.

If you require to take a loan immediately you can do so at an additional 5% fee charged on the lump sum deposits.

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

One can transfer his deposits from another Sacco to Shelloyees. 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.