General
TIPS TO EXCEL IN FANANCIAL JOURNEY
1.Be a go-getter. -For a member to have a saving decision, he/she need to be hardworking and smart in planning. 2.Descipline. -To excel in financial journey, your behavior around money determine your fate. 3.Be well versant with the 2/3 rule. -Make ...
Fosa loans
1. Salo loan Available to Boresha Biashara and Jiinue customers. Loan limit is per customers' account transaction history. Repaid in 3 months Interest rate of 2% p.m on reducing balance. 2. Biz Bora Loan Available to Boresha Biashara and Jiinue ...
Difference between main savings scheme and share capital for SACCOs
Main savings scheme is a member's deposit account where they make monthly contributions with The Sacco. Savings contributions can be used as either security to member's loans or guarantee to other members. Interest rebate is earned on the main scheme ...
FIXED DEPOSIT ACCOUNTS
Fixed deposits are low risk investments that give higher returns compared to savings. For our Fixed deposit accounts, tenure ranges from 3,6 and 12 months but a member can go for the call option where you request to fix some amount and get it ...
WHAT TO COSIDER WHILE APPLYING FOR A FACILITY IN A SACCO
1.Security. -Before you opt for a loan of your choice beware that the Sacco will need security for the loan your applying for. -This may include; Tittle, guarantors, Nairobi open market share. 2.Repayment capability. -When it comes to repayment make ...
FACTOR TO CONSIDER BEFORE BEING A MEMBER OF A SACCO
1.Types of services the Sacco offers to its members. -Try understand if your needs can be matched with the services a Sacco provides eg offering a loan of *3 of your shares. 2.Personal financial goal term. -As individual create a long-term plan ...
CHAMA LOAN REQUIREMENTS
For those with registered groups, they can join the sacco as chama and can take loans as well. The conditions for the chama loans are; 1. The chama account must have been with us for the last 6 months by way of contributions 2. The chama must be ...
Elimu Bora Loan Review
The Elimu Bora loan, previously know as education loan can now be given up to *4 of your elimu bora savings at a rate of 1%p.m to repay within 48 months and not the previous 36 months. A member should be contributing at least 1,000/- towards the ...
Bulk Deposit for immediate loan processing
For any member wishing to do a bulk deposit, the waiting period after dumping funds is 3 months. Otherwise, if the member's wish is to do a bulk deposit and borrow against it immediately, then the member should first write a request to the credit ...
Express/ Emergency Loan Review
Our Express loan terms have been reviewed effective 01/06/2023. Maximum express loan a member can access is 300,000/- to repay within 18 months at a rate of 14.5% p.a All other loan terms and conditions remain the same. Applications should be ...
Junior Savings Account
This is an account a member can open to lay a foundation for their children, who are under 18 years as far as savings are concerned. Opening an account would require filling in forms as attached and providing your child's birth certificate. You can ...
Loan Principal Reduction
The Kenya Bankers allows for early bulk loan repayment however, this does not happen if you credit directly to the loan account. In the event a member requires this, it is advised that you credit funds to your FOSA account or any of our bank accounts ...
M-loan Repayment
The Kenya Bankers provides a mobile loan facility at a rate of 7% p.a depending on eligibility. This loan is usually due after exactly 30 days and should be repaid using M-PESA paybill 400444 . The m-loan repayment account numbers are auto generated ...
ADDITIONAL INCOME LOAN
The following information is required for anyone who wants to provide additional income to support the loan repayment : For business income the following is required: Proof of business ownership that is; business registration and business permit. ...
JINAWIRI SAVINGS ACCOUNT
Below are the Jinawiri savings account features: - Interest on balances at 4% p.a. - Account opening fee of Kes.500 - Minimum interest earning balance of Kes.20,000 - Free inter-account standing orders - Access to e-statements - Limited to one ...
Guarantor loan Policy
By appending your signature on the loan application, you confirm that you have read and understood the terms and conditions, and your consent to guarantee loan application. the undersigned, acting as guarantors for the loan requested on Loan ...
ADVANCE ON REBATES ON MAIN SAVINGS
We have availed an advance on interest we anticipate to pay on the main savings account after the end of the 2022 financial year. This can be accessed via USSD *293# under option 6. It is given at a cost of 10% and eligible members have been notified ...
The Kenya Bankers Forms
The attached are the newly amended forms for use.
Process Flow and Requirements - Roto Tank.
Step 1. (i) Loan application ( Attach with the price list indicating the actual product ) (ii) Discount rate 26.75% Step 2. Loan processing ( 2-5 days) Step 3. Communicating to Roto tank on loan approval giving a guarantee and go ahead ...
REVISED NEW LOAN APPLICATION FORM
We have revised the Sacco loan application form and we have updated the same with the current terms and conditions with reference to the Credit policy.
Process flow and Requirements of Mabati Rolling Mills (MRM)
1. Identify MRM product of choice ( visit center, call, website, email, Kenya Banker's team). 2. MRM sends Pro Forma Invoice (PFI) with member number to customer and the Kenya Banker's contact. 3. a) Customers credit appraisal, send approval and ...
Guarantor Guaranteed Loan
This is a facility issued to those members who wish pay for the guaranteed portion monthly rather than have the same recovered as a bulk amount from their savings. when the loan is in arrears. Members should apply for the loan and submit the loan ...
COLLATERAL ON LOANS
Other than guarantors, the following can be used as security for our loans: - Self guarantee (90% of your savings). - A title deed for land within a county/Cities. (75% Forced sale Value ) - Nairobi stock securities (40% Current Market Value) - Bank ...
Loan repayment periods and Interest Rates
Loan Type Maximum Repayment period Interest Rate. Afya Imara 12 Months 1 % PM Express Loan 12 Months ...
Loan Application and Agreement- Terms and conditions.
Elite and Premier Loan are subject to four times the value of deposit (the main savings account) held. Aspire and Elimu Bora loan are subject to three times the value of deposit held in the main savings and Education Scheme Savings accounts ...
SHARE CAPITAL LOAN
Share capital loan is a facility we provide for members to enable them boost their share capital with the SACCO. OPTION 1: MAXIMUM LIMIT OF 100,000 Conditions 1. Interest rate 5% p.a 2. Tenure 12 months 3. Security -Guarantors or other form of ...
Chama Savings Account - The Kenya Bankers
The Chama Savings Account. The Chama Savings account is a withdrawable deposit account that targets members with group savings commonly known as "Chama". The terms and conditions of the account are: - Certificate of registration Group Minutes and ...
Boresha Biashara Savings Account
This account helps members who are in business to save and also to access funds to boost their businesses. No fee is required for you to open an account. The minimum operating balance is Kes. 2,000.00 Account must be actively operational for 3 ...
Jiinue Savings Account
With Jiinue Savings Account you are able to save,apply for loan facility and withdraw the funds at your convenience. No fee is required for you to open an account. The minimum operating balance is Kes. 500 Requirements Copy of ID/ passport One ...
Can I join The Kenya Bankers Sacco online?
Can I join The Kenya Bankers Sacco online? You can now join The Kenya Bankers Online though our Mobile app – KB Connect
ASSET FINANCING
Asset acquisition is one way of building a member's wealth and currently, the Kenya Bankers offers financing for houses and land. In this case, we give a multiplier of your savings but you shall not require guarantors for it. The property being ...
FIXED DEPOSIT ACCOUNTS
Fixed deposits are low risk investments that give higher returns compared to savings. For our Fixed deposit accounts, tenure ranges from 3,6 and 12 months but a member can go for the call option where you request to fix some amount and get it ...
GUARANTORSHIP AS A FORM OF LOAN SECURITY
WHO IS A GUARANTOR? A guarantor is a person who promises to pay the debt of the borrower in case of the default of the borrower on his or her financial obligation. In essence, a guarantor secures someone's loan by committing to pay the loan if the ...
Jibambe Lifestyle Hub loan
Jibambe Lifestyle Loan The jibambe lifestlye loan is in partnership with The Lifestyle Hub which is a shop providing quality and affordable products in the following categories: i. Home Appliances e.g. washers & dryers, fridges & freezers, cooking ...
MEMBERSHIP WITHDRAWAL
For membership withdrawal, kindly write a 60 days notice letter as stipulated in the Co-operative act and By laws. Please note that your savings will be refunded less our applicable membership closing charges and excise duty on each savings account ...
FOSA LOANS
SALO LOAN Unsecured loan product targeting salaried customers. ➢ Accessible to individual customers ➢ Access to loan of up to Kes.200,000 repaid at an interest rate of 2% p.m. on a reducing balance ➢ Maximum repayment period of 3 months BUSINESS ...
LOAN PRODUCT NAMES
The Kenya Bankers has rebranded recently and therefore tweaked names of some of our product names as follows: Super loan is now Elite loan Development loan is now called Aspire loan Micro loan is Biashara loan Smart life loan is called Jibambe loan ...
KB CONNECT MOBILE APP
KB CONNECT We do have a mobile APP now through which you can easily transact, check your account balances and loan eligibility. Not to forget accessing the mobile loans. Download the mobile app from the google/ Apple play store to enjoy efficiency ...
DIVIDENDS IN ADVANCE
After every financial year, the SACCO gives rebates and dividends but this, with the approval of management and the BOARD of directors, can be given earlier before the rate is declared at a cost. This is usually a percentage of what will be actual ...
THE DIFFERENCE BETWEEN PREMIER & ASPIRE LOAN
Premier Loan Maximum loan entitlement is 3 X of Main Scheme savings. Interest 1% p.m on Reducing balance. Maximum repayment period 48 months (4 Years) Processing fees 0.25% with a minimum of Ksh. 5,000 and maximum Ksh. 20,000 Minimum shares ...
Next page