We provide information about Ndege Chai Sacco:Accounts,loans,branches,contacts and paybill number:
Ndege Chai Sacco Paybill Number
SMS Banking (M-PESA Service)
Apart from sending and receiving cash through our M-PESA outlets, members can deposit cash to their F.O.S.A account, make loan repayments and savings using the PAYBILL option of M-Pesa and using the Ndege Chai business number 637637.
How to Deposit Money Using Ndege Chai Sacco M-Pesa Paybill
- Go to M-PESA , then Lipa na M-PESA
- Enter 637637 as the business number
- For payment into Deposit, Enter DE followed by your national ID number, e.g. DE 123456789
- For payment into FOSA Savings, enter SA followed by your national ID number e.g. SA 123456789
- For loan repayment enter the loan type e.g. Normal Loan(NL), Additional Loan(AL), Emergency Loan (EL), Jipange Loan(JL), Salary Advance(V) then your national ID number e.g. NL 1234567789
- Enter the amount you wish to deposit (between Ksh10 – Ksh70,000)
- Enter your M-PESA PIN
- Confirm details are correct and press OK!
Frequently Asked Questions and answers
- Who is eligible to access Ndege Chai Sacco loan facilities?
Members admitted in accordance with the membership policy.
- When does a member become eligible for a loan?
A member becomes eligible after a minimum membership period of six (6) months and on fulfilling all requirements of a specific loan product. Members who transfer their deposits from another Sacco are exempted from the waiting period.
- What do I need when applying for a Loan?
- A fully completed loan application form.
- Attach 3 most recent pay slips.
- A copy of an acceptable form of identification (National ID/Valid Passport).
- Guarantors should be active members and have contributed for at least three months. Guarantors and applicants shares MUST be equal to or more than the loan applied for.
- One must have been an active member for at least three consecutive months
- How is a loan application made?
A loan application must be done in writing on prescribed forms which must be fully filled. The applicant must attach all relevant documents. Alteration will not be allowed.
- What loan products are offered by Ndege Chai Sacco Society Ltd?
- Normal/Development Loan – Maximum 60 months – Interest 13% p.a-reducing balance
- Additional Loan – Maximum 60 months – Interest rate 13% p.a-reducing balance
- Emergency Loan – Maximum 12 months – Interest rate 13% p.a-reducing balance
- Salary Advance – One (1) month – Interest rate 6.5% p.a.
- Jipange Loan –
- Maximum 4 months – Interest rate 4% per month
- Maximum amount – Amount depends on net salary
- Minimum amount – Amount depends on net salary
- Is applied online
- Is a FOSA (salary-based) product
Please Note:
- All our loans are formulated on a reducing balance and every loanee meets 1.5% of the insurance cost of their loan.
- Normal and additional loans will be paid within 30 days
- Emergency Loan is processed from one day to a maximum of a week
- Jipange loan is processed within few minutes of online application.
- FOSA salary advance(online application) will be processed under 5 minutes.
- What is the difference between Shares, Deposits and Savings?
Shares:
- A share is the amount representing a member’s portion in the equity of the society as a co-owner.
- The nominal value of each share shall be Kshs.100/= and every member shall hold at least fifty (50) shares in the Society, but no member shall hold more than one-fifth of the total shares.
- No member other than the Cooperative Society shall hold more than one-fifth (1/5) of the total shares
- Shares are not used to determine the eligibility of a borrower or a guarantor; shares are not used as a loan multilplier
- Shares are not withdrawable but are transferable.
Deposits
- All withdrawable deposits shall attract interest at a rate prescribed in the terms and conditions of the deposit.
- They are not withdrawn in part or in full as long as a person is a member of the Sacco.
- These deposits may be used to determine the eligibility of a borrower or a guarantor.
- A member may be refunded the amount saved in his non-withdrawable deposit account within 60(sixty) days after giving a written notification.
- Non-withdrawable deposits shall attract interest at a rate to be determined by the Society.
Savings
In addition to shares and deposits a member may invest in a saving account. The Sacco provides the following FOSA (savings) products:
- Personal Accounts
- Children Accounts
- Fixed Deposit Accounts
- Chistmas / Holiday Accounts
- Joint Accounts
- Group Accounts
- Akiba Kuu Account
- Does interest charged by the Sacco fluctuate during the term of the loan?
No. Any amendments on interest will affect new applications only.
- Who decides on what interest to charge?
Interests on loans are reviewed from time to time by the BOD on recommendation of Management.
- Can a member capitalize interest rebates or dividends to boost one’s shares?
Yes, that is allowed. All that one needs to do is to instruct in writing.
- Can a member use dividends or interest rebates to clear loans?
Yes by communicating the same in writing.
- If a member clears a loan before its completion date will he/she be required to pay interest for future periods?
No interest or penalty is charged for clearing a loan earlier than the contracted period.
- What are the acceptable Securities for a loan?
- Guarantors
- Deposits in the SACCO
- Land title deeds
- Bank guarantees
- Corporate guarantee
- Vehicle Log book
- Must I have guarantors when applying for a Loan ?
Yes indeed. Loans granted by the society must be fully guaranteed by members of the society. Guarantors and applicants shares MUST be equal to or more than the loan applied for. In special cases when loan is less/equal to shares one could guarantee him/herself.
14.Can I offset my deposits against my Loan?
A member is only allowed to offset his/her deposits against his/her loans if he/she is ceasing to be a member. He/She must then pay off the balance immediately if any. Offsets are only done when a member has asked those he/she has guaranteed to seek for guarantor replacements.
- Can I apply for more than one Loan?
A member is allowed to take any loan products from different categories on offer as long as all lending conditions are met.
- Who is eligible to be a guarantor?
Any active member in good standing is allowed to be a guarantor provided that one has not over guaranteed. A guarantor must be willing and able to repay the loan guaranteed if the person who took the loan fails to pay.
- What is the role of a guarantor?
Guarantors are jointly (together) and severally (individually) liable for the repayment of a loan in the event of the borrower’s default.
- What are the rights of a guarantor?
- The right to obtain a copy of the letter of guarantee or contract of guarantee and any other documents in relation to the loan transaction.
- The right to the information on the outstanding balance of the account of the borrower with the Society subject to the borrower’s consent.
- The right to call upon the borrower to pay off the loan to release him from all his liabilities under the guarantee. This right can be exercised at anytime and even before the Society has called upon the borrower to pay the debt.
- The right to be indemnified by the borrower for any payment made to the Society. This means that he can sue the borrower for the amount that he has paid to the Sacco.
- What does a borrower need to know about the loan she/he is guaranteeing?
- Loan amount
- Repayment period
- Applicant’s source of income
- Applicant’s term of employment
- Applicant’s retirement date
- Any other details relating to the applicant’s character
- What disbursement channels do you offer?
- EFT (Electronic Funds Transfer)
- RTGS (Real Time Gross Settlement)
- Cash withdrawal from the teller
- M-PESA
- ATM
- M-Banking(M-Ndege Service)
- Can one clear a loan in full before repayment is over?
Yes, that is allowed and does not attract early clearance charge.
- Who is a nominee?
- A nominee is the person designated by a member to receive the proceeds of any payable funds upon the death of the member
- All members are required to provide details of nominee(s) upon registering as members.
- One can change and/or update his/her nominee information as when and need arises.
- What are the other services offered by the Sacco?
- ATM Service-we are connected to Co-operative Bank’s Sacco Link Network. Members can access their cash at any Co-operative Bank ATM countrywide and any Visa Branded merchant outlets anytime 24/7.
- M-Pesa-We receive and send cash through our M-Pesa outlets. Members can also deposit their FOSA accounts, make loan repayments and savings using the pay bill option of the M-Pesa using Ndege Chai business number 637 637.
- Safe Custody of valuables;
- Banker’s Cheques;
- M-Banking;
- Cheque clearance;
- Financial advice;
- Salary Processing;
- Dividends’ Re-investment;
- Offsetting Loans;
- SMS Banking;
- Asset Finance(Car Loan).
- What do I need to do when leaving / resigning from the society?
- A member needs to inform the society in writing of his intention to withdraw. This is done by filling a withdrawal form which are readily available at our offices.
- A member needs to inform all loanees he/she has guaranteed so that they seek alternative guarantor(s). Refunds will only be paid to the member after all loanees have replaced the withdrawing member as guarantor. If the member has guaranteed any other outstanding loan, he/she will fill a substitute guarantors form available at our offices. The same form is signed by all the other two parties (outgoing and incoming guarantor(s)
- How do I open a FOSA account?
All our members automatically get a FOSA account upon joining our membership.
- How can I acquire a Ndege Chai Sacco ATM/ Visa Card?
Our ATM Cards can be obtained by all members after making an application at any of our satellite offices/ branches.
- Who can qualify for an ATM card?
Any member operating a FOSA Account qualifies for an AT M card.
Ndege Chai Sacco Accounts and Saving products
Akiba Kuu Account
This is a savings facility that takes care of your investment plans with a conveniently short term to medium term investment arrangement.
Features
- Based on your (net) salary and ability to repay,
- Savings period of up to 36 months, thereafter a member can notify the Sacco of their intention to withdraw the savings.
- A regular deposit of any amount is allowed.
- Interest rate is 11% per annum.
Children’s Account
Members are encouraged to open this account for their children. It helps instill a saving culture for kids when they are still young.
- Minimum opening balance Ksh 1,000,
- Minimum interest earning balance Ksh 5,000
- Interest earned is 5% p.a.
- Accounts operation by parents/guardians.
Christmas / Holiday Account
The Sacco encourages members to take time off work to relax and savor life. To this end, a member can start a Holiday Savings Plan with the Sacco. Christmas Savings Account also gives members an opportunity to treat their selves well after year end.
- The plan must have a minimum balance of Kshs. 5,000
- Interest is paid into the account once a year.
- To withdraw from this account a member must give a 30 days withdrawal notice
Fixed Deposit Account
Members with liquid cash which they do not intend to use in the near future or have money for a long term project are encouraged to fix it in this account to earn an attractive interest instead of keeping it idle.
- Minimum interest earning deposit Ksh 20,000 for 6 months
- Negotiable and attractive interest rates,
- No ledger fees,
- May be used as security against FOSA loans,
- Free internal standing order on maturity.
Group Savings Account
This account aims to enable development, welfare, and investment groups to organize regular monthly contributions through deposits and to earn an interest on funds maintained. This is an account opened by members of a registered self-help or development group.
Requirements and Benefits
- Minimum balance of Ksh 500
- A minimum balance of Ksh 10,000 starts attracting an interest
- If in fixed deposit account-negotiable interest depending on amount and period is possible
- Group members who must be account holders have access to credit facilities
- Two passport sized colored photographs of officials/signatories or the passport-sized photos of signatories taken at FOSA during account opening
- Copies of signatories’ national identity cards
- Registration Certificate from the Social Services department ,and constitution of the group
- Minutes of the meeting held by the group approving the opening of the account.
- No monthly charges
- Free standing orders to the Account for Sacco members
Personal Account
This account operates like the conventional savings account in financial institutions.
- Minimum account operating balance is Kshs. 500,
- Makes it very convenient to process member payment and loans,
- Personal cheques can be deposited in this account,
- Salary can be paid through this account,
- Enables a member to access a wide range of credit facilities,
- ATM cards will be issued for transacting in this account,
- Cash can be accessed at all Visa and Point Of Sales outlets or over the counter,
- Attracts competitive interest rates
Joint Account
This is a savings scheme for spouses or partners who have mutually agreed to make deposits in a joint account. The partners should apply the account indicating their names, copies of their national identity cards and a passport-sized photograph for each of the applicants.
Ndege Chai Sacco Loans
Normal Loan
This is a development loan product and the loan facility is meant to assist a member initiate and finance development projects.
Features
- Repayment period is 60 months,
- Interest rate is 13% Per Annum on reducing balance,
- It is based on 3 times deposits,
- The loan must be fully guaranteed by 6 members of the Sacco,
- Loan is processed within a month.
Jipange Loan
- This is a FOSA salary-based product.
- It is applied via M-Ndege service *882#
- Maximum loan amount- Depends on one’s pay slip.
- Minimum loan amount- Depends on one’s pay slip..
- Repayment period- 4 Months.
- Interest rate- 4% per month
- No guarantors required
- Recovered from mid-month advances/net salary.
- Processed within 5 minutes of applying
- Terms and conditions apply.
- One must have been channeling salary through FOSA account for the past 3 months.
Maziwa Loan
The Procedures and Features of the products
- Targeting existing dairy agri-business value chain.
- Interest rate would be 10% per annum;
- Loan duration: 36 months
- Loan purpose: improve dairy productivity and milk production;
- Repayment of at least 70% of loan would be considered before subsequent facility is taken;
- Livestock insurance would be considered;
- Lending would be based on current income/cash flow;
- Loan has to be guaranteed by member deposits and guarantors
- Build capacity to be done for eligible farmers;
- Site appraisal to be done before lending is ;
- Endorsement from the dairy cooperative/cooler to authenticate current income and history of loan applicant.
Avocado Loan
The Procedures and Features of the product
- Targeting existing avocado business people/investors
- For acquiring acquiring seedlings, farm expansion,farm leasing, harvesting of mature fruits and inputs purchase among others;
- Interest rate would be 10% per annum;
- Loan duration: 36 months;
- Loan purpose: improve avocado production and its value chain;
- Repayment of at least 70% of loan would be considered before subsequent facility is taken;
- Loan has to be guaranteed by member deposits and guarantors
- Lending would be based on current income/cash flow;
- Site appraisal to be done before lending is done;
- Endorsement from the avocado cooperative to authenticate current income and history of loan applicant
Green Energy Loan
The Procedures and Features of the product
- This is a loan for acquiring solar powered lights, water tanks, water reservoirs, tree planting, biogas construction, gas cylinders, land reclamation among others;
- Loan has to be guaranteed by member deposits and guarantors
- Interest rate would be 10% per annum;
- Loan duration: 36 months;
- Loan purpose: improve and enhance green energy usage;
- Repayment of at least 70% of loan would be considered before subsequent facility is taken;
- Targeting existing members/businesses and aimed at establishing ‘greening’ of the environment.
Boda Boda Loan
- Product to be insured
- Repayment period is 18 months
- Interest rate is 14% p.a.-reducing balance
- Has to be guaranteed by 4 guarantors
- Logbook to be retained by the financier until clearance of the loan
- Loan to be classified as asset finance
- Member to contribute Kshs 15,000 of the cost of the motorcycle.
- Motorbikes will be disbursed on first come first served basis.
Salary Advance
- Salary advance is applied online via M-Ndege service.
- It is processed and paid within 3 minutes and attract an interest rate of 6.5% per month.
- 50% rule is also taken into consideration.
- Applicable to salaried members only.
- Repayable within one month.
Special Advance
This is a product which facilitates the payment of salary advances when a member presents a postdated Cheque
Seasonal Advance
The Procedures and Features of the products:
- The applicant must attach a certified copy of the contract document as a proof of engagement indicating the remaining term.
- Expected income must be channeled through FOSA.
- The Loan amount is 2 times the deposits.
- The interest rate will be at 8% per month on a reducing balance
- Loan amount will be determined by appraisal subject to a maximum of Kshs 20,000.
- The repayment period will be 5 months or the remaining term of the contract.
- The loan to be guaranteed by at least 3 permanent employees.
Emergency Loan
The loan facility helps a member meet emergency situations that were un foreseen. Mostly called ‘school fees’ loan by our members.
Features
- Maximum repayment period is 12 months.
- The loan has to be guaranteed by 6 guarantors who should be members of the Sacco,
- The loan is processed within a day and maximum processing period is 1 week,
- Interest rate is 13% per annum on reducing balance.
Additional Loan
This is a refinancing loan product. This loan facility is like a top up that facilitates completion of an ongoing project/investment or can start a new project altogether.
Features
- The loan has to be guaranteed by 6 guarantors who should be members of the Sacco,
- Maximum repayment period is 60 months,
- Interest rate is at 13% per annum on reducing balance.
- It is based on 3 times deposits
- Loan is processed within a month.
Ndege Chai Sacco Branches and contact
Talk to us
Head Office
Ndege Chai Building
Opposite Hass Petrol Station
Next to Parkmart Supermarket
Phone Number
052-2030121, 052-2030592, 020-8031759
Email Address
info@ndegechaisacco.com
BRANCH OFFICES
- Kericho Town
- Naivasha town
- Silibwet
- Litein
