Frequently asked Qestions

1.    What do I need when applying for a loan?

Fully completed loan application form
Minimum 3 guarantors who must be active members and have contributed deposits for at least six months. Total Guarantors’ and applicants shares MUST be equal to or more than the loan applied for.
Employer MUST sign and rubber stamp the application form for salary loans.
Outstanding loan by the applicant, MUST be cleared before a loan of the same kind is approved.
Attach copy of an acceptable form of identification (National ID/Valid Passport)
Must have been an active member for at least six months.
2.    Must I have guarantors when applying for a loan?

All loans granted by the society must be fully secured by guarantors who must be members of the County Sacco or other collaterals which is either a land title deed or car log book. Guarantors’ and applicants shares MUST be equal to or more than the loan applied for. In special cases when the loan is less/equal to shares one could self-guarantee but have to fill the self Guaratorship form and will need to be approved by the committee.


3.     What is the interest Charged on Loans?


All loans except monthly advances Loan attract an interest of 1.5% per month.


4.    Can I offset my deposits against my loan?


A member is only allowed to offset his deposits against his loans if he is ceasing to be a member. 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.

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.

6.    Can I transfer my deposits to another member?

Yes, all a member needs to do is to instruct the society by filling in a transfer form and replace any outstanding guarantees offered to other members loans.

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

A member needs to inform the society by filling in a withdrawal form giving the society 60 days’ notice. The process can however, take two weeks at a commission 4% of the current deposits. It is key to note Membership shares cannot be withdrawn but can only be transferred.

8.    When Am I eligible for a loan?

After being a member for at least three months and have contributed for a minimum of Kshs.13,500 on membership shares and deposits one can qualify for a loan.


9.    Can I boost my deposits and take a loan immediately?

Yes, Active members can boost their deposits and apply for a loan immediately


10.     Who is eligible to become a County Sacco Member?

County Sacco membership is open to all people who have the age of 18 years and above either in business, agriculture or salaried. Children can also have accounts but as rider accounts from their parents/ guardians accounts.3