Cereal Growers Association

  • P.O Box 27542- 00506
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Savings Services

MEMBER DEPOSIT ACCOUNT

This is a non-withdrawable account where a member’s deposits are accumulated through monthly savings. This account can be opened by both individual and corporate members.

The deposits may be used as collateral/security for various loan products offered by the Sacco. Deposits/Savings are refundable when a member terminates his/her membership anytime. At the end of the financial year the deposits earns interest/dividends.

Member Savings

This is a savings account where deposit can be placed for a defined period between 6-12 months but can be refunded to the depositor within 14 days of notice with an agreed interest. The funds in this account can be used to guarantee a loan.

Loan/Credit Services

A member is eligible for a loan after 3 months and after a minimum total deposit of kshs 600 and with a share capital of kshs 5000. All loans are given at an interest rate of 1% per month on reducing balance method and also attracts an insurance charge at 2%.

1. Development Loan

The product is meant for development purposes. It is repayable within a maximum of 36 months. Security provided for the loan maybe guarantors, collaterals like logbook or title deed or any other form of security approved by the management.

 

Requirements:
A. GROUP LOAN
The applicant must be an active member of the Sacco:

  •  Have accumulated member deposits up to 30% of the loan application.
  • Be a member of a group for guarantee purposes and be ready to attend group meetings.
  • Demonstrate ability to repay.
  • Provide previous business records for one (1) year.
  • Provide projected income/expenditure budget.
  • Clearly demonstrate existence of other sources of income.

B. INDIVIDUAL LOAN

  • The applicant must be an active member of the SACCO.
  • Have accumulated member deposits up to 30% of the loan application.
  •  Provide Projected income/expenditure budget.
  • Demonstrate ability to repay the loan.
  • Provide adequate guarantor ship/security acceptable within the loaning policy.
  • Clearly demonstrate existence of other sources of income.

C. LOAN AMOUNTS

  • Minimum Ksh. 30,000.
  • Maximum Kshs. 1,500,000.

D. Repayment Period

  • Maximum of 3 Years.
2. Top-up Loan
The top-up Loan is taken when a member with an outstanding development loan cannot qualify for another loan. In that case, the Sacco will facilitate the member to clear the balance so that to qualify for a new loan.
 
The maximum loan is kshs 1,500,000 repashte in 36 months. The top-up loan will attract a charge of total loan.
balances. All other requirements are as given above.
3. Personal/Emergency Loan

Emergency loans normally cater for unforeseen situations like school fees, hospital bills and other unforeseen situations.

CHARACTERISTICS:

  • Maximum amount Kshs 200,000.
  • Repayment period 12 months.
  • Interest rate 1% per month on reducing balance.
  • Loan processed within two days.

Requirements:

  • The applicant must be an active member of SACCO.
  • Have accumulated member deposits up to 30% of the loan application.
  • Demonstrate ability to repay.
  • Provide documentary evidence such as fees structure, hospital bills etc.
  • Security for the loan will be guarantors, motor vehicle logbook or any item approved by the management.
  • Special emergency loan