How can I join Safepak Sacco?
To join Safepak Sacco collect an application form from our office or from our church agents, once you have filled it submit it back to the office.
How much loan can I qualify for?
A member can qualify for a loan up to 3 times the members’ deposits, but the following condition will apply.
(i).The loan must be fully guaranteed i.e. the guarantors shares must be sufficient to cover the loan
What is the maximum amount can I guarantee loans?
At Safepak Sacco one can guarantee a maximum number of 3 people.
What is the maximum loans that someone should have?
Safepak Sacco member can borrow an amount equivalent up to three times of his/her savings. i.e. a development loan, emergency or school fees loan and an instant loan.
However a member borrowing for the first time is not allowed to borrow an amount exceeding Ksh 500,000.
However a member borrowing for the first time is not allowed to borrow an amount exceeding Ksh 500,000.
How many guarantors should I get for my loan?
Guarantors must cover the difference between loan applied and deposits in the loanees account. The number of guarantors that one need to qualify for a loan will depend on the guarantors’ deposits accounts balances. A minimum of 2 guarantors are requires. If the guarantors have low deposits balances, then many guarantors will be sufficient depending on the amount of loan applied.
Can I use part of my shares to offset my loans without withdrawing from the Sacco?
Yes you can. We shall consider whether your deposits have been used to guarantee another person’s loan. We shall however give proper advice on that before you make a decision. We however advice against offsetting ones loan using their shares as it goes against the creditworthiness of a member.
What is Top up Loan?
Loan bridging is a facility at Safepak Sacco that enables a member to apply for a loan to offset existing loan(s) and the balance paid to a member.
What do I need to do to top up a loan?
To top up a loan, a member needs to do the following;
(i).Ensure that the loan intended to be topped up has been regularly serviced and is not in arrears,
(ii).Apply for the top up loan using the normal loan application forms and indicate that the loan is a top up loan.
Can I bridge more than one loan?
No
Is there any charge on the top up loan facility?
Yes. We shall charge 5% of the existing loan.
What is the Criteria for calculating dividends?
Dividends are only paid after the audited accounts are approved at the AGM (Annual General Meeting).
The rate of dividends will change from year to year. It depends on the amount of profit made during a particular year.
The rate of dividends will change from year to year. It depends on the amount of profit made during a particular year.
