Frequently Asked Questions - All FAQs
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A person who possesses the following qualification shall be eligible for membership :- Is within the field of membership consisting of the following common bond
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
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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;
The maximum loan repayment period is 36 months A loan can be rejected on the following grounds;
No, you cannot reduce loan installment unless you had previously overpaid your installments as this will result in your loan going in arrears.
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Queries related to MKU Sacco loan Guarantors and loan security queries 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. |