FAQs

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)

Who qualify to join Ushuru Sacco Society Ltd?

What do I need to join Ushuru Sacco Ltd?

After acquiring all the necessary documents, what are the steps I need to take to join Ushuru Sacco ?

What products and services do the Sacco offer to its members?

1.Savings

Monthly share deposits - The minimum monthly contribution is Ksh.3,000. It will be used as collateral against borrowings BOSA loans. Account earns you interest at the end of the financial year.

Investment saving account
Kwenzi Junior Savings -Designed for members’ children below 18 years of age. Minimum Operating Balance Kshs. 1,500

Likizo Savings - Minimum operating balance of Kshs. 1000. Minimum monthly contribution Kshs. 1000
Biashara Bora Savings - It is a business transactional account for corporates and SMEs

Jaza-Jaza Savings - Minimum monthly contribution Kshs. 500. Interest of 5% twice a year

Pamoja Savings - 50% of group members must join as members of the SACCO

Fixed Savings.

2. Loans

Development Loans/Normal loan:-payable within 72 months at an interest of 1% per month on reducing balance. The 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. The effective annual interest rate for this loan is 6.7%.

School Fees Loan-repayment within 2 years (24 months)at a rate of 1% per month on reducing balance. The effective annual interest rate for this loan is 6.5%.

Emergency Loan-repayment within a year (12 months)at a rate of 1% per month on reducing balance. The 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, a maximum loan account is Ksh.100,000. The effective annual interest rate for this loan is 8.3%.
Jongea Loan facility for new members, payable within a year(12months), maximum of Kshs.200,000 at 1.16% interest. The 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 1.2% per month on reducing balance.

Tiba Loan- payable within 48 months, at a 1.16% per month on reducing balance. The effective annual interest rate for this loan is 7.7%.

MPOA - This is an instant loan facility available to M-Sacco registered members through a mobile phone platform.

RIZIKI loan - The product will allow interested borrowers to access up to an equivalent of 50%of their previous year’s interest on deposits earnings up to a maximum of Kshs. 200,000.

Salary in-Advance loan - This is a special instant mobile loan facility based on salary. It's available to all members who channel their pay via FOSA for at least 3 months.

FOSA Pride loan - This is a special hybrid loan that allows big borrowing. The applicant must have a FOSA salary Account. Salary should be channeled through FOSA for at least 3 months. The loan is repayable within a maximum of 2 years

Biashara Bora loan - Business Loan Facility for Working Capital, LPO Financing, Asset Financing etc. 14% p.a. on reducing balance. Maximum. of 36 Months

Imara loan - This is a special loan facility. Available to all members who have channeled their pay via FOSA for at least three (3) months. Repayable in 12 months

Pamoja loan - This is a group loan facility. It's available to all members who channel their pay via FOSA for at least 3 months. The applicable interest of 3% p.m. of the amount is recovered upfront.

Can I offset my deposits against my loan?

Can I continue with my membership after ceasing working?

FAQs Cont'd

Can I apply for more than one loan ?

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

How do I qualify for a loan?

What do I need when applying for a loan ?

How long is the loan processing period ?

What is the maximum repayment period for the loans?

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

Must I have quarantors when applying for a loan ?

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

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

Mon - Fri: 8:00 - 17:00

+254 020 7608700

Ushuru Sacco Centre, Wood Avenue, Kilimani

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FAQs Cont'd

FOSA SAVING PRODUCTS

FOSA LOAN PRODUCTS

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