Below are important details about Ostram Sacco:
Membership Requirements
A non-refundable fee of 300 shillings is charged for membership, one is required to provide two (2) passport sized photographs and a photocopy of the National Identity Card.
- Fill the registration form
- Avail 2 passport photographs
- Photocopy of your National ID
- Pay a Kshs.300/= registration fee
- Receive a member saving book
- Start saving
Savings Products
Savings Account
This account gives a member access to loans, contribution should be made on a regular basis. If lump sum amount is deposited, a member qualifies to get a loan for six months after the date of deposit. The monthly minimum savings contribution is one hundred shillings(Kshs.100).
Money deposited in the savings account cannot be withdrawn unless one is denouncing membership from the Sacco. If thats the case, one is required to give a two (2) month written notice. A fee of Kshs, 500/= and other charges will be incurred.
If one must withdraw from this account, a fee of Kshs.100/= will be charged and no dividends will be awarded for that financial year.
Deposits Account
This account gives you access to unlimited withdrawals, withdrawals can be made at any time without prior notice. No interest is offered for the deposits account.
The sacco charges a fee of Kshs.50/= for all withdrawals partaining to this account.
Loans
Self Guaranteed Loans
- Given up to 90% of a members savings
- Guaranteed by your savings
- Maximum repayment period of 1 year
- Processed within 7 working days
- There will be a grace period of 1 month
Development Loans
- Eligible after saving consistently for 6 months
- Amount given is 3 times your savings
- Your savings guaranteed ⅓ of loans
- Maximum repayment period of 1 year
- Maximum processing period of 21 days
- ⅔ of the loan must be guaranteed for
- There will be a grace period of 1 month
Savings Promotion Loans
- This loan must be used to promote savings
- Given 3 times of your savings
- No guarantors needed
- Given to members with no pending loans
- Processed within 7 working days
- Repayment period of 1 year
Contact
ostramsacco01@gmail.com
0740 790 988
P.O Box 87 – 01100
Kajiado,Kenya