Sharia SACCO in Kenya,How to Join ,loans,and Benefits

Sharia SACCO is the only stable SACCO for Muslims in Kenya. The financial institution offer attractive loans with little or no interest rates.

The good thing about Sharia SACCO is that you can join even if you are not into Islamic religion. It’s therefore a better option for non-Muslims because it offers the least interest rates.

How to join

Applicants who are 18yrs and above and have an income are required to have the following;

• A filled membership application form
• A copy of National ID /Passport.
• A filled Nominee card
• Two (2) passport size photos
• 1, 700/= entrance fees;
• Sacco Registration- Kshs.1,000
• FOSA Account opening- Kshs. 500
• Burial Benevolent Fund registration- Kshs.200

Once you join, you will start saving in shares and making deposits. Eventually, you will be eligible for loans. Some of the most popular loans include:

1. SALARY ADVANCE LOAN

Features

• • Maximum repayment period is 3 months.
  • Maximum amount is 80% of Net Salary.
  • Salary must have been processed through Fosa at least once
  • Interest is 2.5% p.m. on outstanding balance.

Terms and Conditions:

• Salary MUST pass through FOSA and processed at least once.

2. EMERGENCY LOAN

Features

• • Maximum amount granted is KES 12,000,000
  • Interest of 1 % p.m. on reducing balance
  • The maximum repayment period is 12 months.
  • Easy top-up facility

Terms and Conditions:

• Mode of Recovery: Check off and standing order
• Fully guaranteed by deposits

3. SHAMBA LOAN

This loan facility is available to members of the SACCO who are also members of Sheria Housing Co-operative who would like to acquire plots at the Housing Co-operative.

Features

Its features includes:-

• • Maximum amount is KES 2,000,000
  • Interest of 1% p.m. on reducing balance
  • The maximum repayment period is 48 months
  • Loan not based on three (3) times deposits but the ability to repay
  • The land to be co-owned until the loan is fully repaid
  • The loan will be paid directly to the Sheria Housing Co-operative
  • The loan commitment form will be signed by three parties i.e the borrower, the Housing Co-operative and the Sheria Sacco Society.

Terms and Conditions:

• Mode of Recovery: Check off
• Fully guaranteed by deposits
• Land co – owned until fully repaid

4. EDUCATION LOAN

Features

• Maximum amount granted is KES 500,000
• Interest of 1 % p.m. on reducing balance
• The maximum repayment period is 12 months.
• Easy top-up facility

5. BUSINESS LOAN

Features

• • Maximum amount is KES 5,000,000
  • Interest of 1.15% p.m. on reducing balance
  • Repayment period is 48 months
  • Applicant must have Fosa business account active for at least 6 months
  • Must have class A or B shares or must have Savings account and class A shares
  • The loan is guaranteed by loanee’s deposits and or collateral or guarantors deposits.
  • Must have the ability to service the loan either through salary/standing order.
  • Processing and Insurance fee of 2% of loan value will be charged.
  • Collateral accepted are Motor Vehicle Log Book and land title deed.

Terms and Conditions:

• Mode of Recovery: Check off or standing order.
• Fully guaranteed by deposits.

6. JIPANGE LOAN

Features

• • Maximum amount granted is KES 200,000
  • Interest of 1.15% p.m. on reducing balance
  • The maximum repayment period is 12 months
  • Easy top-up facility

Terms and Conditions:

• Mode of Recovery: Check off and
• Fully guaranteed by deposits