MZIMA SPRINGS SACCO PRODUCTS
The Society shall advance loans to its registered members who have been with the Sacco and have been making monthly contribution for a period not less than 6 months. The loan period with range from one (1) month to 72 months.
The minimum amount that a member can borrow is Kshs. 1,000 while the maximum amount shall not be more than three (4) times of a member’s share contribution to the Sacco or as may be determined by the board of directors from time to time.
The following loans are available but their names and attributes are subject to review by the Management Committee in accordance with the provisions of this policy.
1. Normal Loan
This loan is advanced against a Member’s share contribution.Issued for investment or personal purposes. Interest rate is 1% per month on declining balance.Maximum of Kshs 3,000,000 subject to 3 times of members deposits.Only one normal loan shall be granted at a time. Easy loan top up facility at 1.5% of the top up amount.Repayment period shall not be more than 60 months
The total of all outstanding loans, including emergency and school fees must not exceed three times a member’s share contribution
Granted for unforeseen circumstances.Interest rate is 1% per month on declining balance. Maximum of Kshs 250,000 subject to 3 times of member deposits. Processed within 7 working days.Only 1 emergency loan can be processed at a time.Easy loan top up facility at 1.5% of the top up amount.Repayment period shall not be more than 18 months.
The total of all outstanding loans, including school fees, emergency and Normal loan, must not exceed three times a member’s deposit
Granted for educational purposes.Interest rate is 1% per month on declining balance. Maximum of Kshs 150,000 subject to 3 times of of member deposits. Only 1 school fees loan can be granted at a time. Easy loan top up facility at 1.5% of the top up amount.Paid directly to school/university.A member shall furnish Sacco office with the school fees invoice to be advanced the loan.Repayment period shall not be more than 12 months.
The total of all outstanding loans, including emergency and Normal loan, must not exceed three times an applicant’s deposit.
For students.Interest rate is 1% per month on declining balance.Maximum is equivalent to student member deposits.The loan should be fully guaranteed. Fellow student members can guarantee.Only 1 student loan at a time.Easy loan top up facility at 1.5% of the top up amount.Repayment period shall not be more than 24 months.
This loan shall be advanced to members to pay insurance premiums for their household goods or their motor vehicles. Members shall be required to furnish the Sacco’s offices with an invoice from the Insurance Company.
- The loan amount shall be equivalent to the actual insurance requirement subject to ability to repay,
- Interest rate shall be 1.5% per month on declining balance
- Repayment period shall not exceed 12 months
- Loan amount paid directly to insurance company.
This shall be granted against a member’s salary. For one to qualify for the advance, they must have good loan repayment history and are active in share contribution on a monthly basis.
- The maximum amount to be advanced is Ksh 30,000,
- The Repayment period is one month,
- The advance will attract a commission of 5%(one off) or as may be determined from time to time.
- Only 1 salary advance per month.
- No guarantors needed.
7.A Refinance Loan (TOP UP)
This is a top up Loan to an already existing normal loan. This Loan is issued where a member is unable to finalize a project with the loan earlier taken, and needs a top up to finish his/her project.
The new/refinancing loan repayment period is determined by the previous loan repayment period.
- The new loan amount shall not exceed three times of the member’s share contribution minus any other loans.
- The interest Charged is 1% per month, on a reducing balance.
8.Motor Vehicle Insurance Finance Loan
Introducing easy way to pay your Motor Vehicle Insurance.
- Negotiated insurance premium at 3.5% of sum assured,
- Product to be channeled through the SACCO’s appointed broker; Bima Biz Insurance Agency,
- Cheque/Mpesa payable to the insurance company/broker,
4. Insurance financing at interest rate of 1.5% p.m reducing balance,
- No guarantors required for this product. ONLY proof of payment through payroll,
- Repayment period is 12 months,
Terms and conditions;
* Total loan issued without guarantors should not exceed total deposit.
|1.SAVINGS MZIMA JUNIOR|
|Children’ Saving Scheme|
Withdrawable Savings Fund (WSF) Account
- SPECIAL SAVINGS
Special savings scheme for members:-
- Any emergence (immediately)
- Christmas and holidays (to withdraw in December of every year)
- MZIMA STUDENT
Special savings scheme for students:-
- The student must be above 18 years studying in Strathmore University
- To save for future increased purchasing power.
- To save for paying fees in future
- To save for a business
- SMARTIKA SAVER PRODUCT
Smartika with our smart saver product and earn as much as 10.5% p.a
- Minimum amount of saving is Kshs. 20,000,
- Minimum saving period is 6 months,
- Fixed interest rate as follows:
(i) Silver (20,000 – 50,000) 8.5% per annum
(ii) Diamond (Ksh. 50,001- 100,000) 9.5 % per annum
(iii) Gold (Ksh. 100,001 and above) 10.5% per annum
- Interest earned is calculated on time weighted basis,
- Principle amount plus interest earned is payable upon maturity,
6. Flexibility to re-deposit the money after the maturity date,
- Flexible top up plan by members on a monthly basis
Terms and conditions
* The amount deposited in this account will not be used to borrow loans by members (Savings only),
* Payment is in lump sum as No. 3 above,
* If you withdraw before maturity, you will lose all interest accrued,
* No fee will be charged for withdrawing before maturity
- MZIMA SPRINGS SACCO PARTNERSHIP WITH TOYOTA (K) AND TOYOTSU SERVICE CENTRE
We are glad to inform you that we have signed a partnership with Toyota (K) and Toyotsu Mart and Service Centre. The following are the benefits under this partnership:
(i) 2.5% discount on new vehicles at Toyota Kenya Limited -TKEN
a.3 years or 100,000km warranty whichever comes first
b. 50,000km service plan
(ii) Best prices on purchase of used vehicles at Toyotsu Auto Mart Limited-TAMK (Popo road):
b.Extended warranty-60 days
c.Forward support(sourcing on behalf)
d.First free service
e.Service plan – 3 services (TOSEC)
iii. Preferential treatment at TOSEC
a.15% discount of the retail price for the purchase of genuine Toyota parts.
b.15% discount on labor of the going rates.
c.Free car wash
d.Free safety checks
e.Free diagnosis and quotations
f.Guaranteed genuine and authentic parts
g.While you wait servicing
h.Quick lane service within 60 minutes
i.Collection and delivery of vehicles(subject to availability and location)