Biblia Sacco membership requirements, Loans, Savings Products, Paybill and Customer Care Contacts

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Table of Contents Hide
  1. Membership Requirements
  2. Individual Registration Requirement
  3. Group/Church/Chama Membership Registration
  4. Loan Requirements
  5. Biblia Sacco List of Loans
    1. Ufanisi Loan
    2. Insurance Premium Loan
    3. Asset Finance Loan / Product Loan
    4. Elimu Loan
    5. Makao Poa Loan
    6. Upesi Loan
    7. Refinancing Loan
    8. Daraja Loan
    9. M-Biblia Loan
  6. Savings Products
    1. School Fees Saving Plan
    2. Holiday Savings Plan
    3. Retirement Savings Plan
  7. Biblia Sacco Customer Care Contacts and working hours
  8. What are the acceptable Securities for a loan?
  9. When does a member become eligible for a loan?
  10. Biblia Sacco Paybill Number

Below are products for Biblia Sacco. They offer loans, savings products and dividends. We will also provide details on how to contact the Sacco:

Membership Requirements

The following information should be forwarded when applying for unit affiliation :

  • Application / Introduction Letter. Explain your interest to join, a brief history about the organization e.g. what it does, how it is governed etc.
  • Attach a copy of your latest audited accounts.
  • A copy of certificate of registration.
  • A copy of Mission/Faith statement.
  • A list of at least 4 permanently employed interested would be members showing their designation and signatures for commitment.

Individual Registration Requirement

The following information should be forwarded when applying for individual membership :

  • Filled Membership Form.
  • One Passport size Photo.
  • A copy of ID.
  • A copy of KRA Pin.

Group/Church/Chama Membership Registration

The following information should be forwarded when applying for Unit Affiliation :

  • Introduction letter stating interest to join Sacco.
  • 6 months bank statement / latest audited accounts.
  • At least four members interested in joining.
  • Faith / mission statement.
  • Certificate of Registration.
  • A copy of minutes stating that they have resolved to join the Sacco.
  • Registration fee 3,000.
  • Minimum contribution of 5,000 per month.

Loan Requirements

These terms apply across all the loans.

  • A member qualifies for a loan after saving for 6 months continuously.
  • A loan must be fully guaranteed.
  • A member who withdraws from the Society and rejoins later shall be treated as a new member for the purposes of the loan policy.
  • All required attachment on the loan form must be attached.

Biblia Sacco List of Loans

Ufanisi Loan

  1. Maximum three times a member’s deposits, subject to a ceiling of Kshs 7.5 million, or an amount set by the Board of Directors.
  2. Interest shall be charged at 1% monthly on reducing balance and may be varied from time to time by the BOD.
  3. The maximum repayment period shall be 60 months which may be varied by the Board of Directors from time to time as the cash flow dictates.

Insurance Premium Loan

  1. Members to apply for the loan under the normal terms.
  2. Member must be contributing deposits and repaying their loans consistently.
  3. Repayment period 12 months.
  4. Interest shall be charged at 13% per annum on reducing balance.
  5. Maximum subject to premium payable.
  6. Cheque is payable directly to the insurance company.

Asset Finance Loan / Product Loan

• For purchase of other products, household goods, vehicles or land.

  1. Interest rate shall be charged at 12% p.a or any other interest to be determined by the Board of Directors from time to time.
  2. Members to apply for in the normal terms.
  3. Repayment period is 60 months.
  4. Maximum amount is Kshs.10million.
  5. Applicable to members with deposits of at least 15% of the loan applied.

Elimu Loan

  1. Maximum amount shall be Kshs. 500,000.00 or an amount set by BOD.
  2. Interest shall be charged at 12% p.a on reducing balance and may be varied from time to time by the BOD.
  3. Maximum repayment period shall be 24 months.
  4. Application for school fees loan should be submitted together with a signed and stamped fee structure.

Makao Poa Loan

  • This product is designed to help members in their investment and development plans e.g.acquire a plot, renovate, finish or even construct commercial, rental and residential properties.
  1. Minimum loan shall be Kshs. 1million and Maximum loan amount shall be Kshs.10 million subject to ability to repay.
  2. Interest rate charged on the loan is 12% p.a. on reducing balance.
  3. Maximum repayment period of 72 months.
  4. The loan must be fully secured by guarantors and/or collateral.
  5. Member must have a good credit history and ability to repay.
  6. This loan shall not be used to refinance any other loan.
  7. Applicable to members with deposits of at least 15% of the loan applied

Upesi Loan

  1. Maximum amount shall be Kshs. 300,000.00, or an amount determined by the BOD from time to time.
  2. Interest shall be charged at 14% p.a on reducing balance and may be varied from time to time by the BOD.
  3. Maximum repayment period shall be 24 months.
  4. The applicant will be required to state reasons for emergency

Refinancing Loan

  1. Members to apply for the loan under the normal terms.
  2. Member to apply after at least 6 months of servicing the current loan.
  3. Interest shall be charged at 12% p.a on reducing balance and may be varied from time to time by the BOD.
  4. These loans are provided depending on the availability of funds in the Society and on a first come first served basis.
  5. The refinancing fee shall be 1% on the outstanding balance.
  6. Maximum amount should not exceed Kshs. 7.5 million or an amount set by BOD.
  7. Maximum repayment period shall be 60 months.

Daraja Loan

  1. Maximum amount shall be Kshs 400,000.00 or an amount set by the BOD.
  2. Interest shall be charged at 13% pa on reducing balance or a rate set by BOD.
  3. Maximum repayment period shall be 24 months.

M-Biblia Loan

• This is a mobile banking facility that allows members the opportunity to access loans via their phones.

  1. Maximum loan of 50,000 but to be graduated from Ksh. 5,000.00.
  2. Interest rate of 5% per month on reducing balance.
  3. Repayment period up to a maximum of 3 months.
  4. The monthly repayment is facilitated by the member.
  5. The member can access up to 80% of his free deposits.
  6. In case of default the loan balance is recovered from the members’ deposit.

Savings Products

School Fees Saving Plan

  • Members must be contributing shares and repaying other loans consistently.
  • To be accessed after saving for 12 months.
  • Any withdrawal before 12 months will not receive interest.

Holiday Savings Plan

  • Members contributing share and repaying other loans consistently.
  • To be accessed after saving for 12 months.
  • Any withdrawal before 12 months will not receive interest.

Retirement Savings Plan

  • At one time you must retire, Biblia gives you an opportunity to save towards retirement.
  • To be accessed after saving for 12 months.
  • Any withdrawal before 12 months will not receive interest.

Biblia Sacco Customer Care Contacts and working hours

WORKING HOURS

Monday – Friday : 8am – 5pm

Saturday : 9am – 12pm

Customer Care Contacts

  • Kamirembe Place,Ring Road.
  • 0721393609, 0111030700
  • info@bibliasacco.com
  • P.O box 7041-00300 Nairobi.

What are the acceptable Securities for a loan?

   i. Guarantors
   ii. Deposits in the SACCO
   iii. Land
   iv. Buildings
   vii. Share certificates
   viii. Vehicles

When does a member become eligible for a loan?

A member becomes eligible after a minimum membership period of six months and on fulfilling all requirements of a specific loan product.

Biblia Sacco Paybill Number

Paybill: 685622

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