Loans

Hazina Sacco offers a wide range of unique and tailor-made BOSA (Back Office Service Activity) products & services to the satisfaction of members as well as Back Office Service Activity (BOSA) products and services.

(i). Normal Loan
Normal/development loans are granted 4 times member's shares/deposits.
They are charged an Interest of 1% per month on reducing balance.
The maximum loan a member can get is Kshs. 30 million repayable in 72 months and subject to the 1/3 rule.

(ii). Top-Up Loan
This is a product in the form of a top-up loan that is available for those members with loan balances who wish to get normal loans. Members are allowed to request for this loan and a commission of 10% is charged on total outstanding loans. This loan is treated as a normal loan and therefore all applications should be received on or before 20th of every month.  Authority for deduction of 10% interest on early redemption should be made in writing. The 10% interest on early redemption and the balance of the loan is reduced from the new loan.

(iii). Normal Loan after Cash Payment
Members who wish to clear their outstanding normal loans by cash and get new normal loan without having to wait for the stipulated period of three months, will be required to pay a 5% commission on outstanding normal loan balance in cash or be deducted from the loan approved.

(iv). Emergency Loans
These include in-patient treatment, court fines, civil cases and other unforeseen emergencies. Maximum loan to be granted is dictated by ability to repay and subject to the 1/3 rule and 3.5 times shares/deposits limit. The loan is Repayable within 12 months. No documentary evidence is required for emergency loans.

(v). Emergency loan Top up
This is a product in the form of a top-up loan that is available for those members with Emergency loan balances who wish to get another Emergency loans.Members are allowed to request for this loan and interest on early redemption of 5% is charged on total outstanding loans.

(vi). School Fees and College Fees

  • College and university fees loan is for a maximum of Kshs. 500,000/- per member per year, repayable within 12 months.
  • Nursery to secondary school fees loan maximum is Kshs. 200,000/- per member per year repayable within a period of 12 months.

NB: NO Documentary evidence is required for school/college fees loans.

(vii). Special Loan

The special loan product was transferred to FOSA w.e.f 1st July 2012. The product is known as Special Advance .See FOSA Products

(viii). Welfare Fund

  • Members welfare fund contribution to remain Kshs. 100/- per month. Payments to beneficiaries are as follows:
  • Member Kshs 100,000 
  • Spouse (only one) from Kshs 75,000.
  • Child (Maximum 2) from Kshs 50,000.

NOTE:
(i) Each member to be considered independently in cases where member and spouse are members.
(ii) Child is from the date of birth notification to the age of 25 years old.
(iii) Names and supporting documents of the beneficiaries should be forwarded to the office for record purpose and updated if/when necessary.
(iv) Death certificate should follow within one month after death notification, failure to which the same will be deducted from the member's deposits or salary.
NB: If a member is found to have defrauded the Sacco on any welfare claim, the amount paid will be deducted from the member's deposits or any other payment due. The member will in addition be required to pay a penalty of Ksh. 10,000.
(v) 50% of amount contributed to welfare fund will be refunded to a member who has never claimed welfare benefit. Refund will be made at the time of withdrawal from the Sacco.

(ix). Holidays Saving Scheme
The Holiday fund was transferred to FOSA w.e.f 1st July 2012 and it's known as Jipange Savings Account, earning an interest at a rate determined by the B.O.D.See FOSA Products

(x). Dividend advance

Payable between October and February. Amount payable should not exceed half of dividends on share/interest on deposits earned as at 31st Decemeber of last financial year at a charge of 10% Upfront.