Postbank Housing Cooperative. The Sacco is run by a board of 12 directors, 9 in the Central Management Committee and 3 in the Supervisory Committee. Currently the Sacco has 8 staff headed by the Manager, Mrs. Josephine Maingi.
- Members will fill Housing Cooperative shares contribution Form PHCS-3A and next of kin forms PHCS – 3B.
- Registration fees is Kshs 1000.00 (One Thousand Only) non-refundable.
- Administration fee paid upfront is Kshs 3500.00 non refundable
- Share capital is Kshs 30,000.00 paid while joining
- Minimum monthly contributions is Kshs 1000.00 (One Thousand Only).
- Administration fee of Kshs 200.00 is contributed every month
- Mode of contribution is through Check-off / Cash.
- Members Personal Accounts are maintained for every member.
- Members who have contributed for six months continuously and who have met the initial 30% cost of the project are eligible.
- The eligible members should be able to meet the balance of the project as per the agreed terms.
Msacco is a mobile banking service that rides on M-Pesa platform. It enables members to pay their dues to the Sacco, be paid loans and refunds via Mpesa and access Jiokoe Loan instantly.
To register, one has to be a member of Postbank Sacco Society Ltd. Fill the Msacco Membership Form, attach a copy of your ID and forward it to the SACCO offices. Using the form, your details will be captured into the system and an SMS sent to you from ‘POSTBANKSAC’ giving you the start pin.
You will be required to dial *346#, enter the start pin and follow instructions to change the pin. *Ensure you have airtime of atleast Kshs 2/= to access this service.
JIOKOE LOAN FEATURES
- The USSD code *346# is used to access the loan via Msacco platform.
- Maximum loan amount granted is Ksh. 5,000.00
- The loan is pegged on main deposits and the member must have share capital of Kshs. 10,000=.
- The loan attracts processing fee of 5% for the amount approved.
- The member receives SMS alerts on the loan application status of the loan (successful or rejected)
- The repayment period is 30 days from the date the loan is granted.
- The members get/ receives SMS reminder on loan repayment due dates. An SMS alert is sent 7days and 2 days prior to loan due date.
- If the loan is not paid after 30days, then the principal plus processing fees shall be compounded and attracts a penalty of 10%.
- The loan is allowed another 30 days period for the member to repay the same.
- After 60days the loan is termed as defaulted and automatically deducted once from the Members payslip via checkoff.
- Upon default the member will be blocked for 90days from accessing another Jiokoe Loan.
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Click here to download msacco registration form…
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Members can apply for a main loan to a maximum of his/her share multiplier (i.e. the 1st 200,000.00 x 3 and the difference x2) repayable over a maximum period of 48 months at an interest rate of 1% on the reducing balance. Payoff through other means is acceptable however, members who pay off the main loan through other means are not eligible for application of the same loan until after elapse of 90 days from the date of the last pay-off.
The Sacco is in the process of introducing a new loan product;
- The name for the product to be Prime Loan.
- The prime loan to be pegged on Main scheme deposits.
- Minimum monthly subscription is Ksh 3,500= to qualify for the Prime Loan. NB: Subscription is non-reversible
- Share multiplier to be: 1st 300,000 * 3 and the balance * 2.5
- The repayment period to be 60 months (5yrs).
- The interest rate to be 1.125% per month on reducing balance.
- Prime Loan to be refinanced after a period of 6 months
- Guarantors should be a minimum of 8.
- Repayment ability is based on members pay slip.
- Securities of the loan will be guarantors, deposit and salary.
- The Prime loan to consolidate and refinance all other loans across all schemes e.g. Main Loan, Asset Loan, Plot Loan etc. at a cost of 7.5%.
- In case of a payoff of the loan either through cash or cheque member to qualify for another one after 60days.
The loan is specifically designed to cater for emergencies that may befall the member. A member can access up to Kshs 72,000.00 depending on the monthly contribution as below and is repayable in twelve months at an interest rate of 1% on the reducing loan balance.
Monthly contribution Maximum Amount
- Kshs 2500.00 – 2999.00 Kshs 50,000.00
- Kshs 3000-3499 Kshs 60,000.00
- Kshs 3500 Kshs 72,000.00
This is a special product that is subject to a maximum of ½ the member’s net pay on the current pay slip at an interest rate of 5% on monthly outstanding balance. The loan is repayable in 3 months and failure to pay at least the interest during any given month shall be treated as a default and the recoveries will be made through check-off for a period not exceeding 3 months.
Members of school saving product are eligible to this loan at an interest rate of 1% per month on the reducing balance. Members can get the total school fees shares x 2.5 and repay the loan within a maximum period of 12 months.
- Interest calculating method:-amortised at 18%.
- Access is six months after joining school fees scheme.
- Members can access up to x2.5 of school fees shares less the outstanding loans in the scheme.
- Maximum amount is Kshs 500,000.00.
- Floating interest and principal repayments.
- Constant monthly repayments.
- Loan can be refinanced at 10% subject to a minimum of Kshs 10,000.00.
- In case of early repayment, member will be required to pay only the loan balance and interest due.
- The maximum repayment period is 24 months.
- This is a loan product for members in the school fees scheme only.
- For a member to qualify for the super loan ,the Minimum shares contributions will be Ksh.1000
- Maximum loan amount is Kshs. 100,000.00
- Maximum Repayment period is 15 months.
- Interest rate is 1.5% on reducing balance.
- Members can use this loan to clear other loans on the pay slip.
- This loan can also be refinanced. Members will refinance this loan at a cost of 10% of the super loan balance to minimum of Kshs. 1000 whichever is higher.
- If a Member clears the outstanding loan balance through cash/cheque he/she must wait for 90 days before getting another one.
This product is applicable only to members who contribute towards the plot purchase scheme. A Member should have contributed for more than six months and should have raised minimum shares worth Kshs. 25,000.00 to qualify for the loan. Maximum loan amount is Kshs. 1,500,000.00 subject to shares x 2.5. Maximum repayment period is 72 months with interest rate as follows;
1. Repayment period between 1-48 months – 1%
2. Repayment period between 49-72 months – 1.25%
This product is applicable only to members who contribute towards the Jivinjari scheme. A Member should have contributed for more than 10 months to qualify for the loan. Maximum loan amount is x2.5 of shares . Maximum repayment period is 10 months with 1% interest rate.
The SACCO refinances some of its loans such as main loan, asset loan, plot loan, Super loan and Emergency loan. To get this service, the applicant should have a similar running loan balance but all other features remain the same. Refinancing fees applicable are as follows;
a. Main Loan – Refinancing fee of 10% on the loan balance subject to a minimum of Kshs 10,000.00
b. Plot Loan – Refinancing fee of 10% on the loan balance subject to a minimum of Kshs 10,000.00
c. Super Loan – Refinancing fee of 10% on the loan balance subject to a minimum of Kshs 1,000.00
d. Asset Loan – Refinancing fee of 10% on the loan balance subject to a minimum of Kshs 10,000.00
e. Emergency Loan – Refinancing fee of 10% on the loan balance subject to a minimum of Kshs 1,000.00
Banda Street , Nairobi, Kenya.
(020) 222 9551 Ext 373
(020) 225 0271 Ext 373
Mon – Sat: 8:00 – 17:00
Sat: 8:30 – 12:30
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