After how long can I borrow a loan?

You can take a loan after the required 6 months of regular contribution to your Main Saving Account (MSA) without late payments. This will depend on the type of loan, and you will be eligible to borrow up to four times (x4) the amount you have in your Sacco Main Savings Account. The more you…

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How much loan can I apply for?

As a member of a SACCO, you are allowed to borrow up to 4times their savings, provided they give a form of security. If you wish to take a loan after the required 6 months of regular contribution and depending on the type of loan, you will be eligible to borrow up to four times…

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What security(s) will I need for my loan application

A member shall give the following securities for loans The shares and deposits of a member The shares and deposits for guarantor(s), any other as the committee may consider necessary. Provident that: a guarantor has already taken a loan and has already guaranteed three loans: a guarantor is not a member of the committee or…

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What is a dividend and do shares earn dividends

A dividend is a member’s share of the surplus of the society which is divided amongst its members. After the overhead costs and other expenses are paid, reserves for loss and for expansion services are put aside, the remaining Net profit from loan is returned back to the members as dividend.

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What is a share capital?

Share capital is the permanent member contribution toward the Sacco capital and forms part of Sacco equity. Shares cannot be withdrawn even on exit from the Sacco but can be transferred to another willing member. As a member of a SACCO, you are allowed to borrow up to 4 times their savings, provided they give a form of security. If you wish to…

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How do I qualify to become a member

A member is anyone who signs the application for registration and is admitted in accordance with the K-NADs Bylaws. To be eligible for membership: Be a Kenyan over 18 years old, residing in the North America or previously resident in North America engaged in gainful employment and have returned to Kenya. Be of a good…

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What is K-NADS and how was it formed

K-NAD stands for Kenya North America Diaspora Savings and Credit Co-operative society. On July 2016, a group of women came together and formed a forum to discuss how to open an all women Diaspora Sacco. The Idea was birthed on Facebook forum and the main reason was to come up with a formal way of…

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Can I withdraw from the Sacco

A member may at any time withdraw from the Sacco by giving a written notice and a refund given within 60 days. The refunds are: Any dividends or interests due to him prior to the date the membership ceased Any other sums held by the society on his behalf after deductions of any sum owed…

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