Anyone from the following categories can join the society; Vivo energy ltd, Top serve ltd, 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.
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.
As a member of Shelloyees Sacco, you are entitled to a number of rights, including the right to:
Some of your responsibilities as a member are:
As a member of Shelloyees you have;
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.
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.
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 .
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%.
All development loans are processed on the last Tuesday of every month. Short term, emergency and instant loans are approved within three days.
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.
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.
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.
After being a member for at least six months and have contributed for a minimum of kshs.12, 000.00
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 MPESA or Bank deposits.
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.
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.
