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    Save Regularly, Borrow Wisely & Repay Promptly with Concorde Sacco

THE LOAN PROCESS

1. QUALIFICATION FOR LOAN

  • Member must have completed at least six months membership
  • Member qualifies four (4) times his/her shares contributed, but subject to a maximum of 5% of the society’s total share capital and reserves.
  • Total deductions must not exceed two-thirds of a member’s regular salary.
  • A member can service more than one loan product simultaneously.

2. REQUIREMENTS WHEN APPLYING
The loan application and agreement form:

  1. Must be duly completed in duplicate and signed by the applicant
  2. Any alteration must be counter signed for
  3. Amount, repayment amount , period and commencement date must be indicated
  4. Must be signed by a witness, who is a member of the SACCO
  5. Must attach two (2) latest pay slips (originals)
  6. Guarantors must personally indicate the amount they are guaranteeing and confirm by signing the loan application form
  7. Employer must acknowledge that:
    1. The applicant is their employee
    2. The position/title held by the employee
    3. Work station location
    4. Name and address of employer
    5. Stamp and sign form
    6. Undertake to deduct & remit to the society all such that may be instructed by the society for the said loan.

3. APPROVAL AND PAYMENT DATE
Loans are approved on Tuesdays and payments are made on Thursdays through the EFT system. (Members should forward their application to the office by Monday 4.30pm)

4. LOAN PRODUCTS CURRENTLY OFFERED
A. LONG TERM LOANS

  • Normal, Bridging and Development Loan
  • Maximum repayment period – 48 Months
  • Interest Rate -1% compound interest, which translate to 6.5% simple interest.
  • Must be fully secured by shares and guarantors.

B. SHORT TERM LOANS

  • School fees and Emergency loan
  • Maximum repayment period – 12 Months
  • Interest rate- 1% compound interest, which translate to 6.5% interest
  • Must be fully secured by shares and guarantors.
  • SUPER SCHOOL fees is payable in 24 months and interest rate is 2%
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KEY POINTS ON GUARANTEEING

  1. Once you guarantee you tie those share until the loan is fully cleared
  2. It is important you have an understanding and be wise when guaranteeing. Dont be mean to your colleagues.
  3. It is possible to be released before the loan is fully cleared since the loanee accumulates free shares while repaying the loan.

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Contact Us

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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