This article focuses on Elimu Sacco membership eligibility and requirements. Elimu Sacco is one of Kenya’s leading Saccos. It was registered in 1972 by employees from the Ministry of Education.
Elimu Sacco Membership Eligibility
The Sacco’s membership is drawn from different fields namely;
- Ministry of Education and TSC employees.
- Employees of different government ministries and parastatals.
- Employees of educational institutions.
- NGOs employees.
- Self employees.
How to Join Elimu Sacco
- Download the membership application form from the Sacco’s website.
- Visit the Sacco’s nearest branch with a copy of your National ID and two coloured passport photos and a filled membership application form.
- Pay a one month membership fee of Kshs 400.
- Make a monthly deposit of a minimum of Kshs 1750.
Elimu Sacco Products
(a). BOSA Products
1. Instant development loan
- The Sacco offers instant development loan at an affordable rate.
- Maximum repayment period is 36 months.
- Granted to a maximum of 3 times ones deposits less outstanding loans.
2. College fees loans
- Maximum repayment period is 24 months.
- Disbursed within 24 months.
- Granted to a maximum of 3 times ones deposits less outstanding loans.
3. Emergency loan
- Repayable within 12 months.
- Disbursed within 24 hours of receipt.
- Granted to a maximum of 3 times ones deposits less outstanding loans.
4. Elimu new vision loan
- Granted to a maximum of 4 times ones deposits less outstanding loans.
- Recoverable in 72 months.
- Interest rate is 1.375% per month.
- Appraisal fee of 1% only.
5. Ji-Connect loan
- Enables members purchase mobile phones and gadgets in easy installment.
- Repayment within 12 months.
- Disbursed within 24 months of approval.
6. Super loan
- Targets members with enough deposits but in urgent need.
- Maximum amount granted is as per salary ability.
- Repayment period is 36 months.
- Interest is 1.25% per month on reducing balance.
- Up to 25% of the loan shall be deducted to the member’s deposit to top up required amount or the balance disbursed.
- Targets members without adequate deposits but have ability to pay.
7. G patie tank loan
- Loan repayment period is 12 months or less.
- Interest will be 13% per annum.
- Processing within one week of receipt.
- Payment will be made of members qualify for the whole amount.
8. Development loan
- Maximum repayment period of 48 months granted to a maximum of 3 times ones deposit less outstanding loans granted all year round.
9. Premier development loan
- Maximum repayment period of 30 months.
- Granted to a maximum of 3 times ones deposits less outstanding loans.
10. School fees
- Repayable within a school calendar year.
- Granted to a maximum of 3 times ones deposits less outstanding loans.
11. Elimu Benevolent Fund
- Contribution is mandatory for all members.
- Contribution is Kshs 75 per month for individual members, Kshs 75 per month for members’ spouse and Kshs 50 per month for children under 18 years.
12. Loan risk fund
- Contribution is Kshs 100 per month and is mandatory for all members.
(b). FOSA Products
1. Easter mobile loan
- Maximum loan amount is Kshs 12,000 for 2 months.
- Interest rate at 4% per month is deducted upfront.
- Available to all members.
- Members must have over Kshs 15,000 deposits.
2.Mobile friday loan
- Earning salary through FOSA.
- 3 months salary must have been processed at FOSA.
- No guarantors required.
- Repayment period of one month.
- Must not be listed with CRB.
- 5% facilitation fee.
- Maximum loan amount is 90% of the net salary.
3. Investment mobile loan
- Maximum loan amount is Kshs 14,000 for 3 months.
- Interest rate of 4% per month dedicated upfront.
- Available to all members.
- Members must have over Kshs 16,000 deposits.
- Repayment period is 5 months.
4. Mobile instant loan
- Eligibility is after 3 months.
- Must have a minimum of Kshs 10,000 as BOSA deposit.
- No guarantors required.
- Repayment period is one month.
- Must not be listed with CRB.
- 5% of facilitation fee.
- Maximum loan amount is Kshs 10,000.
5. Mobile salary in advance
- Earning salary through FOSA.
- 3 months salary must have been processed at FOSA.
- No guarantors required.
- Repayment period of one month.
- Must not be listed with CRB.
- 5% facilitation fee.
- Maximum loan amount is 90% of the net salary.
Elimu Sacco Contacts
Head Office: Elimu House, South B, Mubiru Road, Nairobi.
Contacts: 020 869 1300/ 0727 013 047/ 0739 599 354.
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