Bandari Sacco was initially established to serve the employees of Kenya Ports Authority, Kenya Ferry Services and Kenya Maritime Authority. Today, membership is open to all sectors. Since its establishment, the Sacco has seen tremendous financial growth. Currently, it has an asset base of over 12.01 billion serving more than 16,000 members – making it one of the largest deposit-taking Saccos in Kenya.
List Of Bandari Sacco Products
a) Credit Products
Loan eligibility – General Requirements
- Saved and contributed deposits diligently and consistently for at least six months.
- Must be a fully paid-up member i.e. have minimum share capital as per the Bandari Sacco by-laws.
- Loans are based on the ability to pay as per the financial statement.
1. Biashara Personal Loan
This loan product aims at supporting members with small-to-medium scale registered legal businesses.
2. BOSA one-month loan
This is an advance against a long-term loan in progress. The loan is granted and repaid within a month at a fee.
3. Emergency Loan
The loan facility is available for members to meet urgent needs i.e hospitalization, death, natural disasters, fire and robbery or any other specified reasons.
4. Asset Finance
This product is intended to support members to acquire assets of various descriptions as provided for in the collateral management policy. Such assets may include Land, motor vehicles and machinery. All the assets must have a verifiable legal form of ownership.
5. FOSA One-Month Loan
This loan is recovered in one month from your monthly salary.
6. FOSA Advanced 12 Months Loan
This is a member loan recoverable in 12 months. Eligibility depends on FOSA withdrawable deposits, savings account activity and salary.
7. FOSA Advanced 6 Months Loan
This loan is recovered within six months from a member’s monthly salary.
8. FOSA Consumer Loan
This product is intended to finance the acquisition of a product or a service from a credible and/ or pre-qualified supplier.
9. FOSA Development Loan
This is a member loan recoverable in 24 months. Eligibility is pegged on FOSA withdrawable deposits, savings account activity and salary and is recoverable on monthly basis on or before the end month.
10. FOSA Hybrid Loan
This loan is recoverable within three months from the monthly salary.
11. FOSA Special Loan
This is loan is exclusive to FOSA members. The loan is recoverable in 48 months. Eligibility is pegged on FOSA withdrawable deposits, savings account activity and salary. It is recoverable on monthly basis.
12. Microfinance Loan
It is given to small and medium enterprises to support them grow their businesses.
13. Normal Loan
This loan is intended to assist the members to improve their standard of living through the purchase of land, the building of houses and any other development project.
14. Nyangumi Loan
This is a long-term development loan for employees on permanent and pensionable terms. The product is intended to assist them to undertake big projects; purchase of land, building houses etc. The loan is available for a period of 84 months and eligible members MUST have non-withdrawable deposits of Kshs 1 Million and above. Collateral includes land title deeds, vehicle log books and chattel mortgages.
15. School Fees Loan
This loan provides short-term finance for educating members and their dependents in schools, colleges and universities.
16. Welfare Group Loan
This product targets welfare and registered groups engaging or seeking to engage in income-generating projects.
b) Savings Products