Shelloyees Sacco Products

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 1.08%   p.m. subject to clause 3.2.10 on interest rates.

Requirements

1. Must have been a member for a minimum period of six months and contributed not less than KSh.18,000.00 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 Guarantorship against deposits, the guarantor’s liability shall not exceed Kshs one million (Kshs 1,000,000) as indicated in section 3.3.4(ii).
7. A member may refinance the initial loan at a 1 % refinancing fee after  repaying the  loan for at least one year

Super Normal loans are available to members who need finances for development purposes. Interest applicable is 1.25% for a period of 72months.  Below are the terms  and conditions  applicable  to Super loan product:.

Requirements

1. Must have been a member for a minimum period of six months and contributed not less than KSh.18,000.00 in deposits.
2. The maximum amount of loan granted shall be up to 4 times members deposits subject to a limit of  Kshs 18 million. Repayment from Salary shall not, in addition to the other deductions, exceed 2/3rd of a member’s 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 Guarantorship against deposits, the guarantor’s liability shall not exceed be Kshs one million (Kshs 1,000,000) as indicated in section 3.3.4(ii).
6. All loan refinancing or top-ups shall be charged a refinancing fee of 1 % on the outstanding loan balance which shall be recovered at the source.
7. Loan must have been repaid for at least 1-year (12) months before it can be refinanced.

This is 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, 30% will be secured by guarantors or member’s free deposits.
4. The minimum amount of the loan shall be Kshs 2,000,000.00.
5. The interest rate shall be 1.17% p.m. on a 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 shall  be borne by the member.
8. Loan must have been repaid for at least 1-year (12) months before it can be refinanced.
9. Applicable refinancing  fees will  be  1%  of  the  outstanding  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 1.08%   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. Shall provide at least two guarantors if own free deposits are  not  sufficient  to cover  the applied  loan

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 1.08%   p.m.
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 Loan applications to help members meet their insurance needs.

Requirements

1. Must have been a member of the Sacco for at least 6 months.
2. Interest will be charged at 1.08% p.m. 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. No Guarantors are required.

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

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

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 1.17%   p.m. or at a premium above the cost of funds whichever is higher.
2. Sacco will finance 100% of the price of the car.
3. 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 car.
4. 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.
5. Repayment from Salary shall not, in addition to the other deductions, exceed 2/3rd of a member’s basic salary.
6. Repayment from other sources of income shall be supported by six (6) months of certified bank statements and members will be required to fill direct debits for repayment.
7. All incidental costs arising out of this loan processing shall be borne by the borrowers; Valuation fees for the car, transfer fees, etc
8. The car must always have Comprehensive Insurance Cover and 24hrs tracking system.
9. The car shall be co-owned by the Sacco and the member until the loan is fully repaid.
10. 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.

Designed to help members to purchase land for commercial and residential purposes.  The Sacco shall endeavour 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% of the price of the plot.
2. The plot shall secure up to 70% of the market value whereas 30% shall be secured by member’s free deposits or, guarantors or any other acceptable collateral.
3. Maximum repayment period shall be 60 monthly instalments.
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 18,000.00 to qualify for this product.

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

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 1.25% p.m.
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 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 1.17% p.m.
3. No guarantors are required however loan shall be granted subject to evaluation of  credit exposure on every  account.
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

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% p.m.
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.
7. A member must have saved in the Sacco for at least 6 months and fully paid-up the share capital.

Targeting to help members meet their holiday expenses. The product shall be available for  holiday purposes only.

Requirements

1. One must be a member  of the Sacco  for at least  6months
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.

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 30 days  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.