190 likes | 386 Views
CREDIT COMMITTEE PRESENTATION- 1st NAIROBI EDUCATION DAY 2010 . 26 th June 2010. Transforming lives through savings and credit. OUR PRODUCTS. 1. SAVINGS PRODUCTS:. Transforming lives through savings and credit. Member Deposits.
E N D
CREDIT COMMITTEE PRESENTATION- 1st NAIROBI EDUCATION DAY 2010. 26th June 2010 Transforming lives through savings and credit
OUR PRODUCTS 1. SAVINGS PRODUCTS: Transforming lives through savings and credit
Member Deposits • The minimum monthly contribution is Kshs.2,000. We encourage our members to save more and accumulate lump sums which will earn attractive rates of return. • Members use their deposits to give them access to loans and guarantee others with same deposits. Transforming lives through savings and credit
Holiday Savings • Members can now save for their holiday in advance and enjoy interest on their savings at 3% per annum. • With a minimum contribution of KShs1,000 per month, the savings can be withdrawn after six months with interest or renewed for a further minimum period of six months. Transforming lives through savings and credit
LOAN PRODUCTS: • Home Development Loan • Normal Development Loan • Mavuko Loan • Refinancing Loan • Emergency Loan • Education Loan • Top Up Emergency Loan • Motor Vehicle Insurance Loan • Bridging Loan Transforming lives through savings and credit
Loan Requirements: • Applicant must have contributed for a minimum of six months with minimum deposits of Kshs12,000. • Fully completed loan application form. • Minimum of three guarantors. • Guarantors’ and applicant’s deposits MUST be equal to, or more than the loan applied for. • The application form must bear the employer’s signature and rubber stamp. • Any outstanding loan MUST be cleared before a similar loan is approved. • A most current pay slip, certified by the employer and a copy of either an ID/Valid Passport/DL MUST be attached to the application form. Transforming lives through savings and credit
Security for Loans • The Credit Committee shall ask for such security for loans, as it may consider necessary, which includes deposits of both the borrower and his/her guarantors. • Under no circumstances will the committee grant unsecured loans. Transforming lives through savings and credit
Refusal of a Guarantor The Credit Committee may refuse to accept as a guarantor, a person who is in receipt of a loan, and they may also decline to grant a subsequent loan to a member, while he/she remains liable as a guarantor. Transforming lives through savings and credit
Restriction on Guaranteeing No executive officer or member of management shall act as an endorser or guarantor for borrowers from the society. Transforming lives through savings andcredit
Change of a Guarantor A borrower or guarantor may apply to the management committee for a change of guarantors, butnot when the loan is in default. Transforming lives through savings and credit
Repayment of Loans • A borrower may on any working day repay his/her loan in part or whole prior to its maturity, without any charge. • The office does NOT accept cash, instead remittances should be deposited in the Sacco‘s account and the deposit slip brought to the Office for receipting. Transforming lives through savings and credit
Please note: • Indicate your member number when depositing cash and cheques directly to Kimisitu account. • Ensure that you forward the bank deposit slip to the office for receipting. • When placing standing orders please indicate your member number in addition to your name. • Ensure that you forward the copy of standing order to the office immediately. • Indicate your bank details on the loan form if you prefer disbursement via EFT. Transforming lives through savings and credit
Recovery of Loans A Loan is in default when it is 3 consecutive months overdue. Any loan defaulted for more than three months, will be recovered instantly, first from the individual member’s shares, then the guarantors unless the guarantors request to repay the loan through check off. Transforming lives through savings and credit
MEMBERS’ VIEWS We need members’ feedback on Kimisitu services and products currently being offered, and an indication of what other products the members feel might be beneficial to them and the sacco. Transforming lives through savings and credit
PARTING SHOT • The SACCO encourages members to borrow and invest borrowed funds wisely. Utilize development loans for development, education and emergency loans for the intended uses. Transforming lives through savings and credit
Words of Wisdom : • "When wealth is lost, nothing is lost; when health is lost, something is lost; when character is lost, all is lost." - Billy Graham • The most important thing for a young man is to establish a credit.. a reputation, character.- John D Rockefeller Transforming lives through savings and credit
"Someone's sitting in the shade today because someone planted a tree a long time ago." - Warren Buffet Transforming lives through savings and credit
THANK YOU QUESTIONS AND ANSWERS Transforming lives through savings and credit