FAQs
What Are You Looking For?
Frequently Asked Questions
Emerald Sacco is a cooperative society for KB staff and the members of the public with the aim of creating an environment to encourage members to save and get affordable loan facilities
Joining Emerald Sacco gives you an opportunity to save, enjoy fast loan appraisal process, return on investments, access to the broad selection of loan facilities and education in financial management and good investment practices
It is a regulation given by the regulator that all Sacco’s must have a minimum amount of of share capital which acts as the Sacco’s core capital and therefore all Sacco members should have some shares to qualify them to be part of the owner of the Sacco
• Fully filled loan application form
• Provision of security which can be guarantors, title deeds or log books. (Borrowing within Savings you do not need security)
• Provision of the most recent Payslips and Identity card
• Must have been an active member for at least 3 months
• Provision of security which can be guarantors, title deeds or log books. (Borrowing within Savings you do not need security)
• Provision of the most recent Payslips and Identity card
• Must have been an active member for at least 3 months
No it is not a must to have guarantors BUT all loan facilities given to members must be secured either by own savings, guarantors, provision of title deed and logbooks
Members can borrow up to 5 times their savings but must not exceed 3.5 million Kenya shillings
There are two ways to withdraw from the Sacco
• Give a 60 day notice period by filling a withdrawal form
• 10% of member savings to being withdrawn will be charged for immediate withdrawal
• Give a 60 day notice period by filling a withdrawal form
• 10% of member savings to being withdrawn will be charged for immediate withdrawal
Having deposits is important to have because this is where the Sacco looks at when giving you a loan facility depending on the much you have therefore it important to ensure that on a monthly basis at the very least save 1,000Ksh to ensure that your account remains active. Additionally it earns you interest on deposits annually.