Sheria SACCO is a savings and credit cooperative society formally registered in 1972.
It has a growing membership of over 10,000, comprising individuals from the Judiciary, the Attorney General’s chambers, various government ministries, businesspersons, and anyone over 18 with a steady income.
To become a member, applicants must complete the membership application form, which can be downloaded by clicking “Apply Now” at the bottom of the website’s page.
Once submitted, the SACCO team will contact the applicant to complete the registration process.
Sheria Sacco Eligibility: Membership is open to:
- Past and present employees of the Judiciary, Office of the Attorney General, government ministries and departments, Sheria SACCO and its subsidiaries, Kenya School of Law, universities, the Law Society of Kenya, and NGOs or quasi-government institutions under the AG’s office or Judiciary.
- A member’s spouse or immediate family.
- Advocates of the High Court of Kenya, students of the Kenya School of Law, Certified Public Secretaries, approved business entrepreneurs, and employees of registered organizations in Kenya capable of making regular contributions and repaying loans.
Requirements: Applicants must be 18 years or older with a regular income. Required documents include:
- A duly filled membership application form
- A copy of the National ID or passport
- A completed nominee card
- One passport-sized photo
- An entrance fee of KShs. 1,700
Also Read: Wananchi Sacco Ltd: Membership Requirements, Loan Options, Savings, And Interest
Loan Options
Members can access the following loan options:
Premier Loan: Members can borrow up to Kshs. 30 million with a repayment period of up to 72 months (6 years). The loan amount can be up to four times your BOSA deposits.
Interest is charged at 1.2% per month on a reducing balance, with a processing fee of Ksh 1,000 and an insurance fee of 0.5% of the net take-home pay.
The minimum monthly contribution is 0.2% of the loan, and the loan must be fully secured by the member’s own deposits, guarantors’ deposits, or other acceptable collateral.
Diamond Loan: This loan allows members to borrow a maximum of KShs. 50 million with a repayment period of up to 84 months. Interest is 1.15% per month on a reducing balance, with an insurance fee of 0.5% of the net loan and a processing fee of KSh 1,000. The loan is granted at three times your deposits and includes an easy top-up facility.
Bima Loan: Designed to finance insurance premiums for members, this loan covers assets such as motor vehicles, motorbikes, household property, buildings, and business stocks.
It is guaranteed by members’ deposits and allows borrowing up to Kshs. 300,000. Interest is charged at 0.5% per month on a reducing balance, the maximum repayment period is 10 months, and the processing fee is Kshs. 1,000.
Education Loan: Members can access up to Kshs. 500,000 for educational purposes, with a repayment period of up to 12 months. The interest rate is 1% per month on a reducing balance, with an insurance fee of 0.5% of the net loan. The loan also offers an easy top-up facility and has a processing fee of Kshs. 1,000.
Jipange Loan: This loan provides up to Kshs. 300,000 with a repayment period of 12 months. Interest is 1.15% per month on a reducing balance, with an insurance fee of 1% on the approved amount. Members can also benefit from an easy top-up facility.
Also Read: Defence Sacco Society Ltd: Membership Requirement, Loan Options, Savings, And Interest
Savings Accounts
Members can take advantage of the following savings options:
Ordinary Deposit Accounts: Members are required to make a minimum monthly contribution of Kshs. 2,200, with a minimum share capital of Kshs. 20,000. The account earns an annual return through interest on deposits and dividends on share capital. Withdrawals can be made with a 60-day notice.
Shewisha Account: This account requires a minimum monthly contribution of Kshs. 500. Interest is credited at the end of each financial year at prevailing market rates, and no withdrawal notice is required.
Childa Account: Members can contribute a minimum of Kshs. 300 per month. Interest is credited at the end of each financial year at prevailing market rates.
Burial Benevolent Fund: All members are required to make a compulsory monthly contribution of Kshs. 200. The fund covers the member, their spouse, and up to four children under the age of 25. In the event of death, the contributor or spouse receives Kshs. 60,000, while a child is paid Kshs. 50,000.
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