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    Save Regularly, Borrow Wisely & Repay Promptly with Concorde Sacco

What do I need to do when applying for a loan?

  • Complete the official loan application form.
  • Employer MUST endorse the loan application by signing and rubber stamping it.
  • Attach copies of the latest two months’ pay-slips certified by the applicant’s employer.
  • Attach copy of the National ID/Valid Passport
  • You must have been an active member for at least six months.

Must I have guarantors when applying for a loan?

  • All loans must be guaranteed by members of the society. Guarantors’ and applicants shares MUST be enough to cover the loan applied for.

How much loan can I qualify for?

  • The maximum loan amount a member can be given at any one time is four times of their deposits.

Can I apply for more than one loan?

  • Yes, you can have more than one loan subject to qualification as set out in the Credit policy.

Can I offset my deposits against my loan?

  • A member is only allowed to offset his/her deposits against loans upon resignation from the Sacco. He must then pay off the loan balance immediately if any. Offsets are only done when a member has asked those he has guaranteed to seek for guarantor replacements.

What is the interest rate charged on loans?

  • All loans except instant loan, Car loan facility &Concorde signature attract an interest of 1% per month on a reducing balance basis. Instant loan and Car loan attracts interest at 3% &1.75% per month respectively with Concorde signature attracting 1.5%.

If I clear a loan before its completion date, will I be required to pay interest for future periods?

  • No interest or penalty is charged for clearing a loan earlier than the contracted period.

Can I transfer my deposits to another member?

  • Yes, all a member needs to do is to instruct the society in writing and replace any outstanding guarantees offered to other members loans.

What do I need to do when withdrawing from the society?

  • A member needs to inform the society in writing giving 60 days’ notice.
  • The process can however take two weeks at a surcharge of 2.5% of the member’s deposits.

When Am I eligible for a loan?

 

  • After being a member for at least six months and having contributed the minimum monthly deposits of Kshs.2, 000.

Can I continue with my membership as an individual member after leaving the organization I work for?

  • Yes, what you need to do is place a standing order for both deposit and loan repayment.

Can I pay extra amounts outside payroll?

  • You can pay extra contributions/ Loan repayment using MPESA or Bank deposits.

Can I boost my deposits and take a loan immediately?

  • A member can boost his/her deposits but such deposits can only be used for purposes of borrowing after being held by the Sacco for six months.

Why should I join Concorde Sacco?

  • Not only do you get the best customer service, but your deposits earn rebates commonly known as ‘dividends’.

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3rd floor, Centenary Hse, Off Ring Road Westlands.
P.O Box 10690-00100 Nairobi-Kenya
0700 552 588 / 0725 800 328
0715 289 926
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