Frequently Asked Questions - All FAQs

A person who possesses the following qualification shall be eligible for membership :- Is within the field of membership consisting of the following common bond

1. EMPLOYEES OF MOUNT KENYA UNIVERSITY current and former.
2. Has attained the age of 18 years.
3. Is of good character and sound mind
4. Pays the entrance fee and share capital as prescribed in the by-laws

You need to fill in a membership application form and pay a membership fee of Kshs. 1,000. Then submit the fully completed form to Sacco office for registration.

One will enjoy the rights and priviledges of a member after paying the registration fee Ksh. 1,000 and the minimum share capital contribution of ksh.2,000 subject to the by-laws.

Yes, both the spouse and relatives of already registered member are eligible to join the Sacco even if they are not employees of Mt.Kenya University.

The minimum contribution is Ksh 1,000 per month

• Deposits are withdraw-able members’ savings while shares or share capital is the permanent member contribution toward the Sacco capital and forms part of Sacco equity. Shares cannot be withdrawn even on exit from the Sacco but can be transferred to another willing member.
• Each member must have a minimum of Ksh 2,000 in share capital unlike deposits which have no minimum amount.
• Deposits earn interest while share or share capital earn dividends
• Deposits can be used as loan security while share cannot be used as loan security.

You qualify to take a loan after six month of consistent contribution to the Sacco.

You are entitled to maximum loan equal to 3 times your total savings

Yes, you can have a maximum of two loans as long as you don’t exceed your maximum loan entitlement of 3 times your deposit and ability to repay for all of them.

A duly filled loan application form supported by;

• ID/ passport Copy
• Pay slip - 3 month most recent certified pay slips or 6 month certified bank statement
• Guarantors ID or passports copy

The maximum loan repayment period is 36 months

A loan can be rejected on the following grounds;

• Incomplete information
• Lack of supporting documents
• Renegotiate loan terms or purpose
• Inadequate funds to meet loan demand
• Inability to repay or bad repayment history
• Clear outstanding loan
• Excessive loan frequency
• Lack of proper quarantees or security
• Membership period less than six months
• Key documents like ID, certified pay slips, standing order instructions etc have not been attached
• The member deposits are insufficient to support an additional loan.

No, you cannot reduce loan installment unless you had previously overpaid your installments as this will result in your loan going in arrears.

• Normal loans, repurchase loan, School fees loan are processed within three weeks, so long all requirements are met.
• Emergency loan is processed within 24 hours if all requirements are met.
• short term loans are processed instantly if all requirements are met.

No, you don’t need a guarantor so long as the loan applied does not exceed your deposits.

The Sacco has no minimum or maximum guarantors. It all depends on you and the loan amount applied for. Ideally ones deposits and guarantor’s deposits must be equal to or more than loan amount subject to risk exposure.

A member can guarantee him/her self and three other loans or three other member loans.