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Other Products


a.) Premium Loan

  • To be advanced 4 times the deposit, once taken, normal loan is forgone
  • Repayment period 6 years
  • Interest rate charged is standard for all periods at 1.165% per month on reducing balance
  • Maximum amount Kshs 12 Million
  • Members should not have any other Loan at the time of applying
  • In future properties bought through housing can be used as a collateral
  • A member is entitled to another type of Loan only if the three times deposit rule could apply

 

b.) Housing Loan

This loan will help Kentours Sacco members to buy assets in the Kentours Housing Cooperative.

Terms are as follows:-

  • Maximum amount Kshs 1 Million
  • Repayment period 4 years
  • Interest rate of 1% per month on reducing balance
  • Three times deposit rule still applies

c.) Bank Loan Bailout

To ease the burden of high Bank loan Interest on members who may have borrowed from banks, Kentours Management Board introduced a new product called Bank Loan Bailout.

Requirements:

  • To fill in our Bank Loan Bailout Form
  • The application should NOT be more than three times the deposits, less other outstanding loan balance, subject to a maximum of 12 Million.
  • 5% processing fee will be charged on the amount applied.
  • Payment cheque will be drawn to the respective financial institution.

d.) Dividend Advance

At the end of the financial year when accounts have been reviewed, members will be allowed to take their dividends in advance as follows;

  • Maximum 50% of the expected dividend
  • Interest rate of 5%

Other Services

a.) Demand savings: -

This is a savings product which allows members to save towards specific projects such as festivities, anniversaries, wedding celebrations, holidays, birthdays etc. The account attracts an interest of 6% p.a. after actively running for at least six consecutive months. Interest would be paid on a minimum balance of Kshs. 10, 000/-. A transaction fee of Kshs. 100.00 will be charged for every withdrawal and Kshs 100.00 for any additional cheque paid on the same request.

b) Share capital: -

These are unwithdrawable savings whereby every member ought to purchase a minimum of 250 society shares at the value of Kshs 20/- each but not more than 2,500 shares or equivalent of Kshs 50,000/-(subject to review by management). Upon cessation of membership, a member may willingly transfer their shares to another member of the Society through a written notice to the office.
Benefits:
Share capital provides a strong capital base for the society and attracts an interest which is 2% over and above the declared annual dividend rate on member deposits.

c)  Insurance: -

This is an insurance policy scheme through which members contribute premiums that offer security to members’ savings against any financial loss which may be occasioned by the unforeseen event of death.

Benefits:

* The policy guarantees to pay 100% of the shares held by the member to the nominated next of kin.
* The policy further offers a funeral expense benefit of Kshs 40,000/- per member.