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  • Why should I join Ushuru Sacco Society Ltd?

    Ushuru Sacco continues to lead the way in providing innovative financial solutions while consistently demonstrating financial strength and stability. Our members can be confident their money is secure while experiencing an unparalleled commitment to service. (Huduma Maradufu)

  • what do i need to join ushuru sacco ltd?

    1. A filled out application form

    2. A copy of your Identity Card

    3. A passport size photograph.

  • after acquiring all the necessary documents, what are the steps i need to take to join ushuru sacco ?

    After downloading and filling out the form, attach the documents mentioned above and drop / send them to any of our branch offices.

  • what products and services does the sacco offer to its members?

     

    1.Savings

    • Monthly share deposits
    • Investment saving account

    2. Loans

    • Development Loans/Normal loan:-payable within 72 months at an interest of 1% per month on reducing balance. Effective annual interest rate for this loan is 6.7%.
    • Refinancing loan-A top up loan repayable within 72 months at an interest rate of 1% per month on reducing balance. Effective annual interest rate for this loan is 6.7%.
    • School Fees Loan-repayment within 2 years (24 months)at rate of 1% per month on reducing balance. Effective annual interest rate for this loan is 6.5%.
    • Emergency Loan-repayment within a year (12 months)at rate of 1% per month on reducing balance. Effective annual interest rate for this loan is 6.5%.
    • Almasi Loan-An instant over the counter loan, payable within 6 months at 1.16% interest per month, no guarantors required, maximum loan account is Ksh.100,000. Effective annual interest rate for this loan is 8.3%.
    • Jongea Loan-facility for new members,payable within a year(12months), maximum of ksh.200,000 at 1.16% interest. Effective annual interest rate for this loan is 7.6%.
    • Shujaa Loan- for high savers. Has a multiplier rate of 5 times your savings, payable within 84 months at 1.16% per month on reducing balance. Effective annual interest rate for this loan is 8.1%.
    • Tiba Loan- payable within 48 months, at a 1.16% per month on reducing balance. Effective annual interest rate for this loan is 7.7%.

  • how much can i borrow ?

    You can borrow three and half times (3.5) the total amount held in deposit.

  • how do i qualify for a loan?

    To qualify for a loan, you have to:

    • Be a registered Ushuru SACCO member
    • Contribute regularly for at least 6 months exclusive of JONGEA loan applicants
    • Have guarantors who are Ushuru SACCO members, who have been contributing regularly for at least 6 months and have shares that can meet the amounts you require them to guarantee. Unless it’s an ALMASI loan then you don’t not need guarantors

  • what do i need when applying for a loan ?

    • Fully completed loan application form.
    • Guarantors’   shares MUST be equal to or more than the loan applied for.
    • Member to attach certified pay slip or any other specified evidence of regular income
    • Outstanding loan by the applicant MUST be cleared before a loan of the same kind is approved unless one is refinancing.
    • Net pay after regular income less income the total deductions for a loan put together with other pay slip deductions should not fall below 1/3 of the basic salary,

  • can i apply for more than one loan ?

    YES as long as it’s not the same product and lending conditions are met.

  • how long is the loan processing period ?

    All our loans are processed and disbursed within 2 working days.

  • what is the maximum repayment period for the loans?

    • Development / Normal Loan: Maximum of 6 years (72 months)
    • Refinancing: Maximum of 6 years(72 months)
    • School Fees Loan: Payable within 2 years(24 months)
    • Emergency Loan: maximum of 12 months
    • Almasi Loan: Maximum of 6 months
    • Tiba Loan: Payable within 48 months.
    • Shujaa Loan: : maximum of 7 years (84 months)
    • Jongea Loan: Payable within 12 months
    • M-Poa Loan: Payable within 1 month.

  • if i clear a loan before its completion period, will i be required to pay interest for the future period ?

    No interest or penalty is charged for clearing a loan earlier than the contracted period unless the loan is being cleared by third party who was not part of initial loan under agreement.

  • must i have quarantors when applying for a loan ?

    With the exception of Almasi Loan and M-Poa Loan, ALL other loans granted by the society must be guaranteed. Guarantors’ shares MUST be equal to or more than the loan applied for.

  • what happens when the person i have quaranteed defaults in loan repayment ?

    When a member you have guaranteed fails to service his / her loan, The SACCO will vigorously endeavor to pursue for three months. If the period lapses with no success of recovering the amount you will receive a letter from the SACCO and on the fourth month commence deductions from Guarantors in the proportions in which they guaranteed.

  • can i offset my deposits against my loan?

    NO. A member is ONLY allowed to offset his deposits against his loans if he/she is CEASING to be a member of the SACCO. He / She must then pay off the balance immediately if any. Offsets are only done when a member has asked those he has guaranteed to seek for guarantor replacements.

  • can i continue with my membership after ceasing working?

    YES and If you have an existing loan as long as your guarantors are in agreement.

  • what do i need to do when withdrawing from the society?

    The following are the steps to follow:

    • A member needs to fill a withdrawal form.
    • A notice of sixty days (60) is required in case of any refunds due to the member.
    • A member needs to inform all members he has guaranteed to seek an alternative guarantor.
    • Refunds will only be paid to the member after all guarantors have been replaced.
 

UPCOMING EVENTS

Core Values

Team Work

Integrity

Professionalism

Quality

Efficiency

CONTACT US

Address : Nairobi Office(Headquarter), Forodha House, 2nd Floor, Wing B, 52072-00200 Nairobi.

Landline : 020-2719660