Below are the products offered by New Millimani Sacco:
Savings Products
Savings Account
- Minimum Savings of KSH 1000 per month or more depending on one’s target.
- Loans given 3x of Savings.
- Attracts good interest rates.
Fixed Deposit Account
- Minimum Savings of KSH 1000 per month or more depending on one’s target.
- Can be fixed for 3 months, 6 months or 9 months
- Earns fixed interest of 7% per annum if fixed for 12 months
Junior Account
- Beneficial to Those with Children and want to plan their future.
- Account operated by parent/guardian until legal age is attained.
- Minimum Savings of KSH 1000 per month but one can save more and can be withdrawn by guardian with a 60 day notice.
Shares Account
- Minimum Deposit of KSH 5000 is Share Capital.
- Deposits beyond KSH 5000 are special investment and can be used to guarantee a loan.
School Fees Account
- Minimum Savings of KSH 1000 per month but one can contribute as much as they wish.
- Can be withdrawn 4 times a year.
Loans
normal Loan
- Given 3x of member savings
- Interest charged is 13% P.A and can be repaid up to 36 months.
- Security include select plot certificates, title deed or guarantor who is a member of the sacco and has enough savings and a good credit history.
school fees loan
- Flexible repayment period.
- Can be given within savings or 3x of savings with the presence of a guarantor or collateral.
- Immediate processing.
- Negotiable repayment period.
emergency Loan
- To facilitate emergencies like hospitalization, funeral expenses or disasters like fire.
- We give 90% of the savings.
group Loan
- Given 3x of savings.
- Loan secured by asset or given within member’s savings.
- Repayment period up to 36 months.
Self Loan
- Given 90% of the savings at 10% interest per year.
- Given to create a good loan portfolio for a member.
- Given 3x of savings.
- Loan secured by asset or given within member’s savings.
- Repayment period up to 36 months.
Development Loan
- To facilitate purchase of lands plots.
- To purchase or build a house or finance a new business.
- Loan is fully secured by the asset or guarantor.
- We give 3x of the savings.
church loan
- Designed for churches who wish to secure property. private buses or instruments
- Given 3x of savings.
- Loan Fully secured by asset.
- Interest rate of 13% P.A with a repayment period of up to 36 months.
mkombozi Loan
- Loan given to facilitate short term emergencies.
- Immediate processing.
- We give 90% of the savings to be repaid in a month at 1% fee.
HOW TO GET A LOAN.
- Register to become a sacco member, save regularly and consistently for a period of 90 days (3 months).
- After 3 months you can apply for a loan 3x your savings.
New Milimani Sacco Paybill
Paybill:937700
New Milimani Sacco Contacts
Head Quarters
Junction Trade Center, 7th Floor, Accra Rd,
P.O. Box 21481-00100
Nairobi, Kenya.
when to find us
Monday – Friday: 8:30am – 4:30pm
Saturday: 8:30am – 12:30pm
Sunday & Public Holidays: Closed
+254 719 779 306
milimanisaccoseo@gmail.com
New Millimani Sacco Branches
embu
Rurima Building, Ground Floor.
+254 701 723 504
meru
Murerwa House, Ground Floor.
+254 768 498 826
Nakuru
Eroto Plaza, Fourth Floor.
+254 700 475 990
Nanyuki
Gefro Imani House, First Floor.
+254 796 530 063
Nyeri
Mbaki House, Fourth Floor.
+254 700 350 570
Thika
Nelleon Center, Second Floor.
+254 715 385 060
KITENGELA
Betty’s Business, Center.
+254 701 157 726
githurai
Winma House, Fourth Floor,
+254 776 869 965
o. rongai
Dolphin Plaza, Second Floor.
+254 700 350 300
NAROK
Midrok Building First Floor.
+254 797 628 459
F.A.Q.
How do I withdraw from the sacco?
A member needs to inform the Sacco in writing of his intention to withdraw. This is done by filling a withdrawal form. A notice of sixty days (60) is required in case of any refunds due to the member.
How do i qualify for a loan?
One has to have saved regularly for three months, have guarantors who are our members and have savings with us or use collateral as guarantor. If it is asset loan, no guarantor is required.
How long do i wait for the loan to be approved?
An emergency loan is processed immediately and released subject to meeting the relevant conditions. Normal loans require approval of the management. Asset loans may be approved in the management committee but disbursed subject to availability of funds in the laid down disbursement schedule. Some loans may take long before disbursement especially asset loans due to various reasons.
Can i apply for another loan if i am serving one?
For normal loans, you can apply on the condition that you have already paid 75% of the initial loan taken.
What is the interest charged on loans?
All loans except Mkombozi loan attract an interest of 10% at flat rate while mkombozi loan attract an interest of 1% paid in a span of one month.
What are my benefits an rights as a member?
Attend general meetings and annual delegates meetings, vote and be heard in those meetings.
Elect the committees, appoint nominees, approve, reject or defer the budget, participate in the amendment of the society’s by-laws.
Enjoy all the services provided by the Sacco.
Can i transfer my shares to savings and use the money to borrow loan?
Yes a member can transfer all special investment in form of shares back to the savings and borrow loans of upto 3X the savings.
