Queensway is one of the leading Saccos in Kenya. Below is how to join the Sacco, loans offered and contacts for the Sacco
Queensway Sacco Loans
Ojijo Plaza | Ojijo Road | Plums Lane
info@queenswaysacco.co.ke
+254 718 859 748
Opening Hours
Mon – Fri: 8:00 – 17:00
Sat: Closed
Sun: Closed
Queensway Sacco Loans
Emergency Loan
This loan is extended to a member to assist him/her when faced with unexpected and immediate financial crunch. The maximum amount under emergency loan is KShs 100,000 and it is repayable within twelve months, at a rate of 1% per month on a reducing balance. The purposes which qualify under these criteria include; School fees, Medical bills, bereavement, etc. A member qualifies for a second emergency loan so long as three months have elapsed since the previous loan was affected and the two loans are recovered simultaneously.
Development / Normal Loan
This is a loan for development purposes. A member is eligible for this loan six months after joining the Society. One qualifies for a loan equal to three times his/her share capital up to a maximum of KShs 1,500,000. The loan is payable within four years (48 months) at a rate of 1% per month on reducing balance method.
If you want to build a house,this is the loan to take. Ksh 1.5 million will build a 2-bedroom house. If you want to buy a car,you can also take this loan.
Supersaver Development Loan
This is a development loan and is targeted for high savers to borrow over KShs 1,500,000 to a maximum of KShs 2,000,000 as long as such a member’s savings/deposit is over KShs 1,000,000. This loan is payable within three years (36 months) at a rate of 1% per month on reducing balance method.
Insurance Loan
This loan is given to assist members cater for their pressing insurance needs and is repayable in six months. It is given a maximum of KShs 80,000 repayable with an interest rate of 1.25% per month on reducing balance basis.
Property Investment Loan
This is a guarantor free loan advanced to members to assist them in acquiring property investments(land/houses) opportunities available in the Housing Co-operative. This is a joint arrangement between the two Societies that is aimed at enhancing member’s investment needs. All members are legible so long as they fulfill the SACCO borrowing terms.
Queensway Quick Cash
This is a revolutionary salary advance product given to members within 48 hours of application. At a maximum of Kshs. 30,000, all you need is to complete an application form accompanied by your most recent payslip. Once done the advance is wired straight to your bank account.
Auto Loans
This is the facility that enables members to acquire personal cars through very friendly and flexible terms;
- No guarantor,
- 1.25% interest rate per month,
- Repayable for up-to 48 months,
If you need to buy a car for taxi,take this loan. Uber or Bolt car will cost Ksh400,000 to Ksh800,000. You will use the profits to repay the loan.
Jinasue Loan
It is a mobile loan accessible via USSD or Mobile Application. Maximum amount is ksh 10,000, with a tenure of one month after which full amount should be settled, at an interest rate of 5%, payable upfront.
Commercial Auto Loan
This facility is for commercial vehicles only at 1.25% interest rate per month, repayable within a maximum of 48 months and secured on the car log book at 70% Financing.
Queensway Sacco Membership Requirements
To join the Sacco, you just fill a membership form(available on this portal), attach copies of your ID and KRA PIN certificate, plus one colored passport size photo then send it to the office for processing.
You will be required to pay Kes.1,000 joining fee on application and Kes.10,000 for your share capital. Thereafter, you will contribute a minimum of Kes.3,000 per month towards your savings.
To get a loan,you are required to meet these qualifications: one must have been a member for at least six (6) months, and consistently made contributions of at least Kes.3,000 in each of those months.
Securities needed for the loan: The first security will be your own savings, then shares of other members, willing to act as your guarantors. Other securities accepted are car log books at 50% of the valuation amount and title deed(s) of land(s) acquired through Queensway Housing Co-operative Society at 75% of the market value.
Maximum loan amount: A member can get up to four (4) times his/her savings provided he/she has enough security for the loan. The net income, as indicated on the pay slip/bank statement will also be factored in, whereby, the member will not be allowed to suffer more than two-thirds (2/3) of his/her net earnings towards savings and loan repayment.
