Below are important details to know about Nacico Sacco. Their dividend is 13% to 16% per year for your shares.
Nacico Sacco Customer Care Contacts
Contact us on : 0709 390 100
Email us on : info@nacicosacco.coop
Office Location: Nacico Plaza, Landhies Road
Nacico Sacco Loans
Divident Advance
For one to apply for any loan product, the following shall be mandatory requirements:-
- Two latest original payslips
- A copy of your national Identity Card or passport
- A copy of your KRA Personal Identification Number
- Appropriate supporting documents
- Bank statements where applicable
About this product
- This loan shall be granted in the month of January and February.
- Shall be granted once in any given year
- The rate for computation of the dividend advance shall be determined from time to time by the management
- incurring an interest rate of 8.5% which is one off.
Pepea advance
For one to apply for any loan product, the following shall be mandatory requirements:-
- Two latest original payslips
- A copy of your national Identity Card or passport
- A copy of your KRA Personal Identification Number
- Appropriate supporting documents
- Bank statements where applicable
About this product
- This is a loan granted on the Sacco mobile platform,
- This loan type is repayable within 30days,
- Interest rate – 7.5% interest deducted upfront with a roll over fee of 7.5% in the subsequent period of 30 days.
- Shall not exceed 80% of ones’ deposits.
- Maximum of Kshs. 30,000/= depending on the qualification,
- Shall be granted automatically basing on the credit history of the member, and FOSA transactions activity.
- Default of this loan shall lead to automatic disqualification of any other subsequent facility for at least 6months.
Mkombozi advance
For one to apply for any loan product, the following shall be mandatory requirements: –
- Two latest original payslips
- A copy of your national Identity Card or passport
- A copy of your KRA Personal Identification Number
- Appropriate supporting documents
- Bank statements where applicable
About this product
- To qualify for this loan, a member has to clear tukope, salary and Okoa advance.
- Security: check off
- Duration: minimum 13 months and maximum of 24 months’ subject to approval,
- Interest rate: 3% per month.
Super Okoa advance
For one to apply for any loan product, the following shall be mandatory requirements:-
- Two latest original payslips
- A copy of your national Identity Card or passport
- A copy of your KRA Personal Identification Number
- Appropriate supporting documents
- Bank statements where applicable
About this product
- To qualify for this loan, a member has to clear tukope, salary advance and Okoa Advance.
- Security: check off
- Duration: Minimum 9 months and maximum of 12 months’
- Interest rate: 4.5% per month.
Okoa advance
For one to apply for any loan product, the following shall be mandatory requirements:-
- Two latest original payslips
- A copy of your national Identity Card or passport
- A copy of your KRA Personal Identification Number
- Appropriate supporting documents
- Bank statements where applicable
About this product
- To qualify for this loan, a member has to clear tukope and salary advance.
- Security: check -off
- Duration: Minimum 6 months and maximum of 8 months
- Interest rate: 4.5% per month.
Loan Advance
For one to apply for any loan product, the following shall be mandatory requirements:-
- Two latest original payslips
- A copy of your national Identity Card or passport
- A copy of your KRA Personal Identification Number
- Appropriate supporting documents
- Bank statements where applicable
About this product
Loan Advance:
- This loan is granted to those applicants who are awaiting disbursements of their loans
- It shall be granted as a FOSA loan with an interest rate of 8% one off.
- The loan shall be recommended by the Loans office and approved by FOSA.
Self Guarantee Loan
For one to apply for any loan product, the following shall be mandatory requirements:-
- Two latest original payslips
- A copy of your national Identity Card or passport
- A copy of your KRA Personal Identification Number
- Appropriate supporting documents
- Bank statements where applicable
About this product
The loan is tailored to those members with adequate savings and are not desirous of looking for guarantors for the loans applied.
- Repayment period: 12 months
- Up to 80% of the shares
- Interest rate 6% per annum
- Shares must not be attached to any liability
This loan shall be granted under the following conditions:
- If a member is out of payroll
- For a business and or non-salaried people
- Any other member that the management may deem fit,
- If a loan is not serviced for at least three consecutive months, the loan plus interest accrued shall be recovered from the deposits. All other terms of withdrawal shall apply for such a member.
- Maximum repayment period is 12months.
Normal Loan NIC
For one to apply for any loan product, the following shall be mandatory requirements:-
- Two latest original payslips
- A copy of your national Identity Card or passport
- A copy of your KRA Personal Identification Number
- Appropriate supporting documents
- Bank statements where applicable
About this product
Normal Loan NIC:
This loan shall be used to finance purchase of land from NACICO Investment Cooperative Society Ltd.
- The NIC plot shall be used as security for the loan.
- 5x the member share deposits.
- Price: 12% per month.
- Repayment period 72 months
Sacco Personal Loan
For one to apply for any loan product, the following shall be mandatory requirements:-
- Two latest original payslips
- A copy of your national Identity Card or passport
- A copy of your KRA Personal Identification Number
- Appropriate supporting documents
- Bank statements where applicable
About this product
The Sacco has partnered with cooperative bank to offer Coop personal loans to the Sacco members at favorable terms. This is applicable for those members wishing to access long term credit, yet they do not qualify for the development loan.
- Loan amount: shall be based on ability to pay
- A member shall have been active for at least 6months
- Security: at least 2 guarantors, and or collateral. Shares of the loanee and the guarantors shall be equal or more than the loan applied.
- Duration: Maximum of 96 months
- Purpose: long-term capital development.
- Interest rate: 14% per annum on reducing balance
- Appraisal fee: 3%.
Consumer Advance Loan
For one to apply for any loan product, the following shall be mandatory requirements:-
- Two latest original payslips
- A copy of your national Identity Card or passport
- A copy of your KRA Personal Identification Number
- Appropriate supporting documents
- Bank statements where applicable
About this product
Consumer Loan: The loan is used to access consumer products and services at subsidized rates and they are able to repay the credit over a longer period of time.
- Interest rate: of 2% per month
- Repayment period: 24months.
- Loan repayment shall be through check off and or standing order
- Invoice and or quotation shall be attached to the loan application form
- A member shall be able to qualify for more than one consumer loan at any given time
- The loan shall be granted within a members’ deposits multiplier of three times
Emergency Loan
For one to apply for any loan product, the following shall be mandatory requirements:-
- Two latest original payslips
- A copy of your national Identity Card or passport
- A copy of your KRA Personal Identification Number
- Appropriate supporting documents
- Bank statements where applicable
About this product
The purpose of this loan is to meet emergency needs such as hospital bills, funeral expenses etc.
- Security: back office deposits and be fully guaranteed.
- Maximum of 3x the un withdrawable deposits.
- Duration: maximum of 12months
- Maximum amount: 300,000/=
- Emergency loans of more than Kshs 300000/= shall require documentation
- Interest rate: 17.4% per annum.
Asset Finance
For one to apply for any loan product, the following shall be mandatory requirements:-
- Two latest original payslips
- A copy of your national Identity Card or passport
- A copy of your KRA Personal Identification Number
- Appropriate supporting documents
- Bank statements where applicable
About this product
To finance acquisition of assets and the asset shall be co-owned by the member and the NACICO Sacco until completion of the loan.
- Custody of the title of the asset shall be held by the society. The title shall be registered and the power of attorney attached.
- The SACCO shall carry out independent valuation of the property before entering into an agreement by the loanee.
- Movable assets shall be repayable in 36 months while non-movable property shall be repayable for a maximum period of 72months.
- Interest 14% per month. That the SACCO shall finance up to 70% of the total cost of the asset. 30% shall be deposited prior by the member to the SACCO.
- If it’s a vehicle it should be not more than 10years since date of manufacture,
- The car shall be comprehensively insured, and the SACCO shall note its insurable interest in the insurance cover,
- The SACCO shall not finance startup business.
Business Loans
For one to apply for any loan product, the following shall be mandatory requirements:-
- Two latest original payslips
- A copy of your national Identity Card or passport
- A copy of your KRA Personal Identification Number
- Appropriate supporting documents
- Bank statements where applicable
About this product
This loan shall be granted to business people with the following criteria:-
- must be in legal business,
- have a business permit,
- registration certificate,
- partnership deed,
- KRA PIN copy,
- borrowing resolution and an agreement.
Incase of group
- Group must be registered with the ministry with a minimum of 7 members with a maximum of 20. The group shall remit deposits as a group with minimum of Kshs 1,000/= per member per month.
Terms and conditions
- The interest rate 13.5%,
- Repayable period – 60 months
- For groups, the group member can self-guarantee and get individual accounts or can get loans as a group.
- The groups shall be required to bank with the SACCO and the FOSA account statement shall be used during appraisal.
- Each member shall be illegible for a loan is she/he has individual shares and the loan shall not exceed three times of the shares and can be guaranteed by the group members. Total loans for the individual group members should not exceed 2 times the cumulative group savings.
- A group shall be eligible to borrow up to three times with collateral as security.
- Both business and group loans shall be repaid fortnightly or as agreed by the loans manager
Salary Advance
For one to apply for any loan product, the following shall be mandatory requirements:-
- Two latest original payslips
- A copy of your national Identity Card or passport
- A copy of your KRA Personal Identification Number
- Appropriate supporting documents
- Bank statements where applicable
About this product
- Loan amount: determined by ability to repay.
- Granted to savings account holder in FOSA section who have operated the account satisfactorily for at least one month, and salary is received through the SACCO.
- Security: check off
- Duration: maximum of 5 months’ subject to approval
- Interest rate: 5.5% per month.
Tukope Salo
For one to apply for any loan product, the following shall be mandatory requirements:-
- Two latest original payslips
- A copy of your national Identity Card or passport
- A copy of your KRA Personal Identification Number
- Appropriate supporting documents
- Bank statements where applicable
About this product
- This is a short-term product to cater for the immediate needs of the members.
- Granted to savings accounts holder in FOSA section who have operated the account satisfactory for at least one month and receive their salary through the SACCO.
- Security: check off
- Duration: 1month
- 10% One off
- Loan amount: Maximum Ksh 10,000.
- The loan can also be accessed through the mobile platform.
Development Loan
For one to apply for any loan product, the following shall be mandatory requirements:-
- Two latest original payslips
- A copy of your national Identity Card or passport
- A copy of your KRA Personal Identification Number
- Appropriate supporting documents
- Bank statements where applicable
About this product
Development Loan:
This is a long term loan product that is aimed at assisting our members access credit for use in their long term development plans. Such credit can be used to acquire assets and venture into mega projects that can assure additional sources of income to our members.
Features
- A member shall have been active for at least 6months
- Loan Amount: Maximum of 3 times the withdrawable deposits.
- Security: at least 2 guarantors and/or collateral
- Shares of the loanee and the guarantors shall be equal or more than the loan applied
- Duration: Maximum of 60 months
- Purpose: long term capital development e.g. construction, purchase of equipment, payment of overseas college fees (a calling letter and a valid visa shall be produced).
- Interest rate: 13.5% per annum on reducing balance.
- Appraisal and insurance fee: 1 %
- Deposits Security: Loanee’s deposits and those of the guarantors shall be equal or more than the loan applied.
Jisort Loan
For one to apply for any loan product, the following shall be mandatory requirements:-
- Two latest original payslips
- A copy of your national Identity Card or passport
- A copy of your KRA Personal Identification Number
- Appropriate supporting documents
- Bank statements where applicable
About this product
Loan meant to assist new members joining the Sacco to access credit. This loan targets new members from National and County government or government affiliated institutions, 33% of the loan granted shall be taken to his/her share deposit account.
- Repayment period: 24months.
- Interest rate: 17.4%
Bank Loan
For one to apply for any loan product, the following shall be mandatory requirements:-
- Two latest original payslips
- A copy of your national Identity Card or passport
- A copy of your KRA Personal Identification Number
- Appropriate supporting documents
- Bank statements where applicable
College Fees Loan
For one to apply for any loan product, the following shall be mandatory requirements:-
- Two latest original payslips
- A copy of your national Identity Card or passport
- A copy of your KRA Personal Identification Number
- Appropriate supporting documents
- Bank statements where applicable
About this product
Loan tailored to cater for payment of college and university fees
- Loan Amount: maximum of 3 times the withdrawable deposits
- Granted to back office account holders who has operated the account satisfactory for at least 6months
- Security: back office deposits and be fully guaranteed
- Duration: a maximum of 30 months.
- Interest rate: 17.4% per month.
School Fee Loan
For one to apply for any loan product, the following shall be mandatory requirements:-
- Two latest original payslips
- A copy of your national Identity Card or passport
- A copy of your KRA Personal Identification Number
- Appropriate supporting documents
- Bank statements where applicable
About this product
School fees loan:
Designed to cater for School fees for Sacco members
- Loan amount: maximum of 3 times the withdrawable deposits.
- Granted to back office account holder who has operated the account satisfactory for at least 6 months.
- Security: back office deposits and be fully guaranteed
- Duration: Maximum of 12 months.
Holiday Loan
For one to apply for any loan product, the following shall be mandatory requirements:-
- Two latest original payslips
- A copy of your national Identity Card or passport
- A copy of your KRA Personal Identification Number
- Appropriate supporting documents
- Bank statements where applicable
Nacico Sacco Savings products and accounts
Groups Shares Account
For one to apply for any loan product, the following shall be mandatory requirements:-
- Two latest original payslips
- A copy of your national Identity Card or passport
- A copy of your KRA Personal Identification Number
- Appropriate supporting documents
- Bank statements where applicable
Retirees account
For one to apply for any loan product, the following shall be mandatory requirements:-
- Two latest original payslips
- A copy of your national Identity Card or passport
- A copy of your KRA Personal Identification Number
- Appropriate supporting documents
- Bank statements where applicable
About this product
Description
Its a saving account operated by members who are already retired and receiving pension monthly through FOSA
Features
- Multiplier – Net pay *3
- Maximum period – 5 months
- Topup after repaying for 2 months
Requirements
- Copy of National ID
- Retirement notice/letter
Junior account
For one to apply for any loan product, the following shall be mandatory requirements:-
- Two latest original payslips
- A copy of your national Identity Card or passport
- A copy of your KRA Personal Identification Number
- Appropriate supporting documents
- Bank statements where applicable
Jipange Account
For one to apply for any loan product, the following shall be mandatory requirements:-
- Two latest original payslips
- A copy of your national Identity Card or passport
- A copy of your KRA Personal Identification Number
- Appropriate supporting documents
- Bank statements where applicable
Requirements to apply for a loan
- A fully completed loan application form.
- Guarantors should be active members and have contributed for at least three months.
- The guarantor’s and applicant’s shares MUST be equal to or more than the loan applied for.
- The member has to attach an original most recent (if possible certified) pay slip which is not more than two months old.
- Outstanding loan by the applicant MUST be cleared before a loan of the same kind is approved unless one is refinancing (bridging).
- A copy of an acceptable form of identification (National ID/Valid Passport) MUST be attached to the application.
- One must have been an active member for at least three consecutive months.
Nacico Sacco Paybill
Nacico Sacco Paybill number is 914050
Account Number is the Sacco account number