Below is a list of Savings products for Postbank Sacco, Loans and Contacts:
Postbank Sacco contacts
Our Location:Postbank House, 13th floor, Banda Street , Nairobi, Kenya.
24/7 Hotline:+254 (0)716163034 or +254 (0)707201309 or +254(020) 225 0271 or Ext 373
Email:sacco@postbanksacco.co.ke
Postbank Sacco Savings Products
Main Savings Product
Every member of the society must contribute to this scheme and should make a minimum monthly contribution of Kshs. 2,500 and Kshs. 1,000 (Pensioners only). All members must remit minimum savings for a period of not less than 3 months to qualify for a loan. The savings contributed towards this scheme shall allow the member to acquire Main, Emergency, Special and Jiokoe Loans. The main savings product cannot be used to offset a loan unless a member is withdrawing from the society but they can be transferred upon guarantor replacement to another member in any scheme. Any member who wishes to withdraw his/her deposits must give a written 60 days notice.
School Fees Product
FEATURES
- Minimum monthly contribution is Kshs. 500=
- Member qualifies for the loan after 3 months.
- Maximum loan is times 2.5 of the total School fees deposits.
- Repayment period is 12 months (One year).
- Interest rate is 1% on reducing balance.
- Maximum amount is Kshs. 500,000=
- Minimum guarantors is three (3).
- A member may rejoin the scheme but must contribute for 3 months before qualifying for any loan.
REFINANCING RATES
- 10% of the balance is charged as fees if application for top-up is done within 6 months
- 5% of the balance is charged as fees if application for top-up is done after 6 months
Special Savings
- The minimum amount to invest is Kshs. 50,000.00 .
- The minimum investment period is three months, and maximum of one year renewable.
- Annual interest rate is 10% per annum but reviewed occasionally.
- Members can invest as individuals or Regulated groups.
- Upon withdrawal before maturity, the interest is prorated to the notice date.
- Interest earned is subject to applicable tax.
- Any member interested in investing in the scheme has to fill a Contractual form. (As shown below)
- Special savings DO NOT qualify for Rebates.
- A member has an option to re-invest the funds once mature.
Junior Savings Product
What Is It For?
Members who wish to save money through check-off or cash deposits for children can apply for this product. Savings attract payable interest of 7% per annum calculated on a monthly basis for a minimum period of 1 year.
Asset savings product
Features
- To join asset scheme, one has to be a member of the main scheme, therefore no membership fee is required.
- A member must contribute a minimum monthly contribution as prescribed for a period of 3 months to qualify for a loan.
- All the asset deposits contributed may be transferred to other schemes of the society (main and school fees) at a transfer fee rate of 2% of the deposits being transferred.
Redeemable Savings Product
The product is suitable for members who want to save money through check-off or cash deposits for a planned purpose without necessarily borrowing loans. At minimum level members should save for 3 months and any premature withdrawal before this period will be charged Kshs 200 premature fee. This product attracts an interest rate of 7% per annum monthly (calculated monthly).
Jivinjari Savings Product
Postbank List of Loans
Main Loan
Members can apply for a main loan with the following features.
Main loan – 48 months (4 years)
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- Deposits – Main deposits
- Share multiplier – main deposits x3
- Interest rate – 1% amortized
- Minimum monthly contribution – Kshs 1,000
- Minimum guarantors – 8
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Refinancing Rates
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- Year 1 – 10% of the loan balance
- Year 2 – 7.5% of the loan balance
- Year 3 – 5% of the loan balance
- Year 4 – 1% of the loan balance
Main loan – 60 months (5 years)
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- Deposits – Main deposits
- Share multiplier – main deposits x 3
- Interest rate – 1.125% amortized
- Minimum monthly contribution – Kshs 3,500
- Minimum guarantors – 8
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Refinancing Rates
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- Year 1 – 10% of the loan balance
- Year 2 – 7.5% of the loan balance
- Year 3 – 5% of the loan balance
- Year 4 – 2.5% of the loan balance
- Year 5 – 1% of the loan balance
All main loan application forms received in the SACCO office will be assessed to confirm whether they meet the necessary loaning conditions after which they will be paid immediately.
Special Loan
Special Loan
This is a special product that is subject to a maximum of ½ the member’s net pay on the current pay slip at an interest rate of 5% on monthly outstanding balance. The loan is repayable in 3 months and failure to pay at least the interest during any given month shall be treated as a default and the recoveries will be made through check-off for a period not exceeding 3 months. This loan requires 3 minimum guarantors.
Repayment plan
- Month 1 – Interest plus 20% of the initial loan balance
- Month 2 – Interest plus 20% of the initial loan balance
- Month 3 – Interest plus the outstanding loan balance
Emergency Loan
Features
The loan is specifically designed to cater for emergencies that may befall the member. A member can access up to Kshs 300,000.00 depending on the monthly contribution as below and is repayable in twelve months at an interest rate of 1% on the reducing loan balance.
Monthly contribution Maximum Amount
- Kshs 1,000 -2500.00 Kshs 50,000.00
- Kshs 3000.00 Kshs 60,000.00
- Kshs 3500.00 Kshs 72,000.00
- Kshs 5,000.00 Kshs 100,000.00
- Kshs 7,500.00 Kshs 200,000.00
- Kshs 10,000.00 Kshs 300,000.00
Refinancing Rates
1-6 months – 10% of the loan balance
7-12 months – 5% of the loan balance
Pamba Home Loan
Features
- a) Deposits – Pamba home deposits
Scheme
b) Minimum Monthly Contribution – KES
500
c) Multiplier – Total Deposits x 3
d) Minimum Guarantors – Three (3)
e) Maximum Loan Amount – KES 500,000
f) Range repayment period interest rate Below 50003 months 5%
5,000 – 10,000 6 months5%
10,001 – 15,000 10 months5%
15,001 – 20,000 12 months1%
20,001 – 30,000 15 months1%
30,000 & above 24 months1%
g) Payment to be made to the vendor
School Fees Loan
Members of school saving product are eligible to this loan at an interest rate of 1% per month on the reducing balance. Members can get the total school fees shares x 2.5 and repay the loan within a maximum period of 12 months. Maximum loan amount is Kshs. 500,000. This loan requires a minimum of 3 guarantors.
Refinancing Rates
- 1-6 months – 10% of the loan balance
- 7-12 months – 5% of the loan balance
Asset Loan
Asset Loans Features
- Deposits – Asset scheme shares
- Minimum monthly contribution – Kshs 1,000
- Multiplier – Total deposits x 3
- Interest rate will depend on the repayment period as follows.
- Minimum guarantors – 8
- Maximum loan amount – Kshs. 4,000,000
Repayment Period Interest rate
- 48 months 1% on reducing balance
- 72 months 1.25% on reducing balance
Refinancing Rates
- 12 – 24 months – 10%
- 25 – 36 months – 7.5%
- 37 – 48 months – 5%
- 49 – 60 months – 2.5%
- 61- 72 months – 1%
Jiokoe Loan
This loan allows members who diligently service their loans to progressively increase eligibility to a maximum of Kshs. 20,000.
a)Member is required to have met the required minimum share capital and be in good standing in contributions and repayments to qualify the loan.
b)Members will gradually increase the Jiokoe loan limit by Kshs. 2,500 after successful- repayment within 30 days to a maximum of
c)Repayment period of the Jiokoe Loan shall be a maximum of 1 month i.e. principal plus interest
d)If the loan is not paid within 30 days the loan will attract a penalty of 10% .
e)If the Jiokoe loan is not paid within 60 days, the same will be termed as defaulted .
f)If Jiokoe Loan is defaulted, the member’s credit scoring will reduce to a minimum Jiokoe Loan of Kshs. 2,500.
g)Members on Outside common bond to qualify for a loan within their deposits to a maximum of 20,000.
h)Interest rate will be 5% per month on the loan balance
i)A member who defaults will not be barred from accessing the Jiokoe Loan, however they will be subjected to a penalty of 10% of the outstanding Jiokoe loan plus interest upon application.
Msacco Guide
Msacco is a comprehensive suite of mobile financial services that introduces a multi-channel customer service delivery strategy. The solution enables our members make payments, receive payments, apply for Jiokoe loan via their mobile phones among other services.
Special Loan on Dividend
a)This loan is pegged on member rebates
b)The loan will be granted for 3 months effective December every year.
c)Interest rate will be 5% of the amount applied.
d)Loan balances will be recovered from member rebates upon payment.
