Ukulima Sacco is a National Sacco in Kenya with its Headquaters in Nairobi and FOSA Branch Network in Kisumu, Mombasa, Eldoret Embu ,Nakuru and Kisii . Requirements for Ukulima Sacco Loans. From a humble beginning in 1972 Ukulima Sacco was registered as a Co-operative Savings and Credit Society and started operation under Certificate of registration number CS2026. The Saco membership is open to salaried employees, Business community, Chamas, corporate Bodies and Kenyans living in the Diaspora. Over the years, the Sacco has undertaken continuous transformation process geared to enhance its growth, efficiency and customer experience. The Society is ISO 9001: 2015 Certified , a clear indication of its commitment to provide quality service to its valued members.
1) What do I need when applying for a Loan?
A fully completed loan application form.
Attach two most recent months’ pay slips (original), TSC employees are requested to release their payslips through the TSC portal.
A copy of an acceptable form of identification – National ID or Valid Passport.
At-least three guarantors who should be active members. Guarantors’ and applicants’ deposits must be equal to or more than the loan applied for.
Refer to micro credit section or brochure for additional requirements for business loans.
2) Must I have guarantors when applying for a Loan?
Yes indeed unless it is our collateral based micro credit loan. Loans granted by the SACCO must be fully guaranteed by members of the SACCO. Guarantors and applicants deposits MUST be equal to or more than the loan applied for. In special cases when total of ones loans is less than deposits one could guarantee him/herself.
3) What other security other than my deposits and guarantors can I use to acquire a loan?
You can access micro credit loans where we accept tangible securities like title deeds, motor vehicle log books etc.
4) If I clear a loan before its completion date will I be required to pay interest for future periods?
No interest or penalty is charged for clearing a loan earlier than the contracted period. There is a clearance commission where refinancing or a new loan is involved.
5) Can I have more than one Loan?
A member can have more than one loan in the SACCO from various categories on offer as long as all lending conditions are met.
6) How long does it take to process a Loan?
Loan processing takes a maximum of ten working days which is dependent on availability of all necessary documentations as lodged by a member. Emergency / Medical / School fees loans take up to a maximum of two days.
7) When am I eligible for a loan from the SACCO after joining?
Most loan products require six months’ of active membership. Exceptions are available through Chipukizi Loan and micro credit loans.
8) Does the SACCO buy off loans from other banks / SACCO / institutions?
Yes. All you need is to attach a certified latest statement indicating the loan balance when applying a SACCO loan.
9) Can I Self Guarantee?
A member can Self guarantee if the loan amount taken is less or equal to the amount of deposits held and must not have any other guarantor liability.
10) What is the allowed deposits to loan borrowing ratio?
The ratio for our BOSA, FOSA and Micro Credit loans are is 1:3 , 1:6 and 1:5 respectively. Micro credit loan should however be secured by tangible collateral to access the 5 times multiplier.
11) What maximum amount can I Borrow?
This largely depends on demonstrable ability to service the requested loan subject to other lending requirements. The SACCO offers different loan types depending on your need. BOSA loans have no maximum limit. FOSA loans and Micro Credit loans have a maximum ceiling of Kshs 3,000,000/- and Kshs 5,000,000/- respectively. Refer to loan products section on this website for more details.
12) If I guarantee someone am I eligible to borrow a loan?
Yes you can borrow.
13) Can I know how many loans I have guaranteed which are still outstanding?
Yes, you can access the information yourself through the Ukulima Kash App. You can also know the guarantors to your own outstanding loan(s).
14) Can my loan be restructured if I am facing financial challenges?
This is possible but very restricted. A loan granted based on appraisal of employment income may be restructured only if there is documentary proof that employment income has been adversely affected. Business loans may too be restructured on case by case basis.
15) What is the procedure for requesting for Loan Restructuring?
Download the Loan Restructuring Form from this website, complete parts 1 and 2 and submit to the SACCO for appraisal and response. Submit alongside a dully completed Business Declaration Form if your loan is business related.
HEAD OFFICE Contacts
Ukulima Co-operative House, Haile Selassie AvenueOff Parliament Road, Red Cross Lane
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