Transcript CREDIT COMMITTEE PRESENTATION

CREDIT COMMITTEE
PRESENTATION- 1st
NAIROBI EDUCATION
DAY 2010.
26th June 2010
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OUR PRODUCTS
1. SAVINGS PRODUCTS:
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Member Deposits
 The minimum monthly contribution is
Kshs.2,000. We encourage our members to
save more and accumulate lump sums
which will earn attractive rates of return.
 Members use their deposits to give them
access to loans and guarantee others with
same deposits.
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Holiday Savings
 Members can now save for their holiday in
advance and enjoy interest on their savings
at 3% per annum.
 With a minimum contribution of KShs1,000
per month, the savings can be withdrawn
after six months with interest or renewed for
a further minimum period of six months.
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2. LOAN PRODUCTS:
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Home Development Loan
Normal Development Loan
Mavuko Loan
Refinancing Loan
Emergency Loan
Education Loan
Top Up Emergency Loan
Motor Vehicle Insurance Loan
Bridging Loan
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Loan Requirements:
 Applicant must have contributed for a minimum of six
months with minimum deposits of Kshs12,000.
 Fully completed loan application form.
 Minimum of three guarantors.
 Guarantors’ and applicant’s deposits MUST be equal to, or
more than the loan applied for.
 The application form must bear the employer’s signature
and rubber stamp.
 Any outstanding loan MUST be cleared before a similar
loan is approved.
 A most current pay slip, certified by the employer and a
copy of either an ID/Valid Passport/DL MUST be attached
to the application form.
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Security for Loans
 The Credit Committee shall ask for
such security for loans, as it may
consider necessary, which includes
deposits of both the borrower and
his/her guarantors.
 Under no circumstances will the
committee grant unsecured loans.
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Refusal of a Guarantor
The Credit Committee may refuse
to accept as a guarantor, a person
who is in receipt of a loan, and they
may also decline to grant a
subsequent loan to a member,
while he/she remains liable as a
guarantor.
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Restriction on Guaranteeing
No executive officer or member
of management shall act as an
endorser or guarantor for
borrowers from the society.
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Change of a Guarantor
A borrower or guarantor may
apply to the management
committee for a change of
guarantors, but not when the
loan is in default.
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Repayment of Loans
A borrower may on any working day
repay his/her loan in part or whole prior
to its maturity, without any charge.
 The office does NOT accept cash,
instead remittances should be
deposited in the Sacco‘s account and
the deposit slip brought to the Office for
receipting.
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Please note:
 Indicate your member number when depositing
cash and cheques directly to Kimisitu account.
 Ensure that you forward the bank deposit slip to
the office for receipting.
 When placing standing orders please indicate your
member number in addition to your name.
 Ensure that you forward the copy of standing
order to the office immediately.
 Indicate your bank details on the loan form if you
prefer disbursement via EFT.
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Recovery of Loans
A Loan is in default when it is 3 consecutive
months overdue.
Any loan defaulted for more than three
months, will be recovered instantly, first
from the individual member’s shares,
then the guarantors unless the
guarantors request to repay the loan
through check off.
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MEMBERS’ VIEWS
We need members’ feedback on
Kimisitu services and products
currently being offered, and an
indication of what other products
the members feel might be
beneficial to them and the sacco.
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PARTING SHOT
 The SACCO encourages
members to borrow and invest
borrowed funds wisely. Utilize
development loans for
development, education and
emergency loans for the
intended uses.
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Words of Wisdom :
 "When wealth is lost, nothing is lost; when health
is lost, something is lost; when character is lost,
all is lost."
- Billy Graham
 The most important thing for a young man is to
establish a credit.. a reputation, character.
- John D Rockefeller
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"Someone's sitting in the shade today
because someone planted a tree a long
time ago."
- Warren Buffet
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THANK YOU
QUESTIONS AND ANSWERS
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