What do I need when applying for a loan at Gusii Mwalimu Sacco?
- One must be an active member of the Society for at least six months and channel his/her salaries through Gusii Mwalimu FOSA (for FOSA Products). In addition to this, fulfill the following:
- The loan(s) must be guaranteed by 2-4 Guarantors, depending on the type of loan applied. The guarantors must be active members of the Sacco and with combined share deposits that fully cover the whole amount of the loan applied.
- Fill and submit duly completed loan application forms accompanied with
- A valid copy of National ID/ Passport
- Two most current certified pay slips
NB: Outstanding loan(s) by the applicant MUST be cleared before a loan of the same kind is approved.
How much loan can I qualify for?
The maximum loan amount a member can qualify at any one time is four times the member’s share deposits.
NB: All members must take home at least a third of his/her basic pay after deductions.
Must I have guarantors when applying for a loan?
All loans granted by the society must be guaranteed by at least two to four guarantors who must be members of the society.
Guarantors’ and applicants share deposits MUST be equal to or more than the loan applied for.
Can I apply for more than one loan?
All members are allowed to enjoy all the available loan products on offer as long as eligibility holds and total loans repayments do not exceed two thirds of the member’s salary
Can I apply for a top up of an existing loan?
A member with an existing loan is allowed to apply for a new loan from which the society will recover the balance of the existing loan and give the member the difference.
What is the interest Charged on Loans at Gusii Mwalimu Sacco?
Can I offset my deposits against my loan?
How often are development loans granted at Gusii Mwalimu Sacco?
If I clear a loan before its completion date will I be required to pay interest for future periods?
Can I transfer my capital / deposits to another member within Gusii Mwalimu Sacco?
What do I need to do when withdrawing from the SACCO?
A member needs to inform the society in writing and by filling in a withdrawal form giving the society 60 days’ notice.
When Am I eligible for a loan at Gusii Mwalimu Sacco?
After being a member for at least six months of regular contribution and have contributed a minimum share capital of 20,000.
NB: Any deposits above the minimum share deposit of 20,000 is what is used to determine loan eligibility subject to a maximum 4 times the deposits.
Can I continue with my membership as an individual member after leaving the organization I work for?
Can I boost my deposits and take a loan immediately?
A member can boost his/her share deposits by cash or request the Sacco to for a Share-booster product (Max 500,000) and thereafter apply for a loan immediately.