GENERAL SCHEME
this scheme has various types of schemes products such as advanced rebates where members apply for early dividends digital device loans where members get phones laptops etc through Safaricom ltd holiday scheme
ASSET FINANCE
GIVE YOUR HOME THAT EXTRA COMFORT YOU DESERVE
Get top range electronic home appliances at bargain prices from Hotpoint appliances.
Also in partnership with the Kentainers Kenya get a wider range of water & sanitation solutions items at discounted rates.
Take a SACCO advance at an interest rate of 1.25% pm repayable within 12 months
| FEATURES | PACKAGE DETAILS | ||
| Upfront Deposit/Savings | Nil | ||
| Monthly Contributions | Main Savings contributions | ||
| Loan Eligibility | After 6 months of continuous contributions | ||
| Repayment | 1 - 12 months | ||
| Interest Rate | 1.25% p.m reducing | ||
| Loan Entitlement | Pegged on the cost of the item (Net of the Upfront Deposit) | ||
| Security | At least three(3) Guarantees | ||
DIGITAL DEVICE LOAN
WHAT GADGET DO YOU NEED? I-PHONE, I-PAD, TABLET, LAPTOP ETC Get original smart devices at bargain prices from Elite digital & Safaricom. Get a Sacco advance at 1.25% p.m repayable within 12months.
| FEATURES | PACKAGE DETAILS | ||
| Registration | Must be a member of Main Scheme | ||
| Monthly Contributions | Main Savings contributions | ||
| Loan Eligibility | After 6 months of continuous contributions | ||
| Repayment | 1 - 12 months | ||
| Interest Rate | 1.25% p.m reducing | ||
| Loan Entitlement | Pegged on the cost of the item (Net of the Upfront Deposit) | ||
| Security | At least three(3) Guarantees | ||
BRIDGING LOAN FACILITY
BRIDGING SALARY LOAN
DO YOU NEED YOUR SALARY ADVANCE REPAID?
The facility is granted to those who are in premium package scheme who may wish to temporarily bridge their salary advance. A member is entitled to a maximum facility of up to Kes 500,000 repayable within 14 days at a commission of 5% of the amount lent. The loan will be based on the main scheme shares subject to availability of funds and the loan will be payable to the ultimate beneficiary institution.
BRIDGING DEVELOPMENT LOAN
LET US HELP YOU REPAY YOUR DEVELOPMENT LOAN
The facility is granted to those who in premium package scheme who may wish to temporarily bridge their development loan. A member is entitled to a maximum facility of up to Kes 500,000 repayable within 3 months at a commission of 5% of the amount lent. The loan will be based on the main scheme shares subject to availability of funds and the loan will be payable to the ultimate beneficiary institution.
| FEATURES | PACKAGE DETAILS | ||
| Registration | Must be a member of Main Scheme | ||
| Monthly Contributions | Normal Shares contributions | ||
| Loan Eligibility | After 6 months of continuous contributions | ||
| Repayment | 2 Weeks for Salary Advance | ||
| 3 Month for Development Loan | |||
| Interest Rate | 5% of the amount borrowed | ||
| Loan Entitlement | Employer's Loan Balance | ||
| Top-up /Restructuring fee | 2 months’ charge at 2.5% per annum | ||
MAZAO ADVANCE FACILITY (ADVANCED REBATES)
GET YOUR DIVIDENDS BEFORE THEY ARE DECLARED BY THE AGM This is an option is where you can apply for early dividends before they are declared by the AGM.
The submission and processing of requests this year 2021 will be open between 01/11/2021 to 31/12/2021.
*Members with Arrears are not Eligible!
OPEN from 1st November 2021
| FEATURES | PACKAGE DETAILS | ||
| Registration | Must be a member of Main Scheme | ||
| Monthly Contributions | Normal Shares contributions | ||
| Loan Eligibility | Members with No Arrears | ||
| Repayment | Effected on payment of Final Repayment | ||
| Interest Rate | 10% of Amount advanced | ||
| Loan Entitlement | 60% of the Years Payout | ||
| Restructuring & Top-ups | No | ||
| Top-up /Restructuring fee | 2 months’ charge at 20% per annum | ||