Your Questions Answered
Below are some of the more commonly asked questions that we receive on a daily basis. However, if you have a more specific enquiry please let us know.
WHAT DO I NEED TO JOIN SHIRIKA SACCO?
To join Shirika SACCO, you need the following documents:
- A filled out application form(Download Form)
- A copy of your Identity Card
- A Copy of your current payslip
- A passport size photograph
WHO ARE MEMBERS OF SHIRIKA SACCO?
Members may include:
- Staff of various ministries
- Staff of other reputable organisation
- Teachers
- Self employed individuals
- Self help groups
- Co-corporate bodies
- Retirees
WHAT DO I NEED TO DO WHEN WITHDRAWING FROM THE SOCIETY?
- A member needs to inform the society in writing of his intention to withdraw. A notice of sixty days (60) is required in case of any refunds due to the member.
- A member needs to inform all Loanies he has guaranteed to seek an alternative guarantor. Refunds will only be paid to the member after all Loanies have replaced member as guarantor.
- A member intending to withdraw must have more deposits than his/her outstanding loan,this will enable the society to offset loanbalance against deposits and refund the difference.
DO I NEED GUARANTORS WHEN APPLYING FOR A LOAN?
All loans granted by the society must be guaranteed by at least three members of the society. Guarantors’ and applicants shares MUST be equal to or more than the loan applied for. In special cases when loan is less/equal to shares/have not guaranteed any member, one could self-guarantee.
IF I CLEAR A LOAN BEFORE ITS COMPLETION DATE WILL I BE REQUIRED TO PAY INTEREST FOR FUTURE PERIODS?
There is a 5% interest charged on loan balance for clearing a loan earlier than the contracted period.
HOW LONG DOES IT TAKE FOR A LOAN TO BE PROCESSED?
All emergency and any loan below one million are approved daily.
WHEN DOES A NEW MEMBER QUALIFY FOR A LOAN?
After saving with us for six months.