FAQ’s (frequently asked questions)
Frequently Asked Questions
SACCO is an acronym for Savings and Credit Co-Operative, and I would define it
as an
association of like-minded individuals, registered under the Ministry of
Cooperatives
(in Kenya), and authorized to take deposits from and lend to its members. SACCOs
are
governed by the SACCO bylaws which state the objectives, membership, share
capital,
organization structure, management and lending regulations.
Any person who is a Pilot by profession and employed by any Airline operating at
any
Kenyan Airport. A person who is an employee of the society and is not a member
of
another Sacco, pays the entrance fee (Ksh 3,000) and share capital (Ksh 10,000)
as
prescribed in the society’s by-laws. However, no member shall hold more than
one-fifth
of the total shares of the society.
Write a letter of resignation to your current SACCO instructing them to remit
your
dues
to RUBANI SACCO, then start saving with RUBANI SACCO forthwith. You are treated
as
an
ongoing member with full benefits e.g. no waiting period to borrow etc.
Yes, with the approval of the Management Committee at any time. If transfer of
shares
to another person is allowed, the person must be a member of Rubani Sacco. This
is
done
in writing and at a nominal value. All transfers shall be registered with the
society
and no transfer shall be valid unless so registered. A fee of Ksh 3,000 shall be
payable
by the transferee for each such transfer.
You only need to save consistently for six months to start borrowing.
After boosting your deposits, a member is required to wait at least six months
before
applying for a loan.
The amount of money to be guaranteed is the difference between your savings and
the
amount requested. The number of guarantors will therefore depend on the amount
they
have
to offer towards this. Note that guarantors’ deposits plus your own deposit must
sum
up
to the amount of loan applied for.
Yes, guaranteeing someone does not stop you from taking a loan. In fact, you can
co-guarantee each other. You can also guarantee more than one person provided
you
have
enough free deposits to guarantee the next person.
