Confidential



CONFIDENTIAL

KARI SACCO KARI CO-OPERATIVE SAVINGS AND CREDIT SOCIETY LTD.

Planned Posterity PO BOX 57811-00200, NAIROBI

(DEVELOPMENT / EMERGENCY / SCHOOL FEES LOAN)

LOAN APPLICATION AND LOAN AGREEMENT FORM LOAN NO________

(This form should be completed after reading the notes on the last page)

PERSONAL INFORMATION

Members Name_____________________________________________________________

Members Home Address______________________________________________________

Personal Number __________________________Membership Number_________________

Work Station and Address_____________________________________________________

Employers Mailing Address____________________________________________________

Net Income per Month (Kshs) _____________Monthly Expenditure____________________

Position in Employment_______________________________________________________

Terms of Service: Permanent/Temporary/Contract/Pension___________________________

Position in Society: Committee/Member/Officer/Employee___________________________

Age______________ (Attach copy of ID card and Original current payslip)

11. Account Number______________________________Branch________________________

12. Cell Phone Number _________________________________________________________

LOAN APPLICATION AND REPAYMENT

I______________________________________ hereby apply for a loan of KES_____________ (amount in words) __________________________________for a period of______months to be paid in instalments of KShs._______________ per months commencing on_____________

C. PURPOSE FOR WHICH LOAN IS APPLIED

1. ________________________________________________KES______________________

2. ________________________________________________KES______________________

3. ________________________________________________KES______________________

D SECURITY OFFERED FOR THE LOAN

1. _____________________________________________________________________

2. ______________________________________________________________________

3. _____________________________________________________________________

E I hereby declare that the foregoing particulars are true to the best of my knowledge and belief and agree to abide by the by-laws of the Society, the loan policy and any variations by the Credit Committee in respect of Section B above. I hereby authorise the necessary deductions, including one percent interest monthly to be made from my salary as repayment for this loan. I declare that I am not indebted to any other Credit Society, Bank or Loan Agency (except as listed herein) either as a borrower or endorser

SIGNATURE___________________________________ DATE___________________

WITNESS SIGNATURE___________________________________________________

NAME_________________________________________ PAYROLL NO____________

ADDRESS______________________________________________________________

F REPAYMENT GUARANTEE (to be completed by guarantors)

We, the undersigned, hereby accept jointly and severally liabilities for the repayment of the loan in the event of the borrower’s default. We understand that the amount in default may be recovered by an offset against our shares in the Society or by the attachment of our property or salary and that we shall not be eligible for loans unless the amount in default has been cleared in full.

GUARANTORS

|Personal | |Shares KShs. |Loans KShs. |Existing guarantees |Signature |Address |

|Number |Name | | | | | |

| | | | |KShs |Number | | |

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| | | | | | | | |

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|TOTALS | | | | | | |

Shares___________________x2.5/3/4 = _______________Minus Loans___________________

Minus Guarantees____________________________Minus Loan Applied_____________

Result must be more than____________________________________________________

G. COMMENTS BY THE EMPLOYER (OPTIONAL)

The applicant is employed by______________________________________________________

_______________________in_____________________town____________________________

Subject to the rules and loans policy of the society, I support the application and will inform the Society should the employee be transferred or discharged from the company.

NAME________________________________________________________________________

ADDRESS____________________________________________________________________

EMPLOYERS SIGNATURE______________________________________________________

H. FOR OFFICIAL USE ONLY

Total shares_____________________ Total loan outstanding KES________________________

Frequency of loans during the year________________Amount currently requested___________

New total loans will be KES _____________________________________________________

Eligibility calculations: Shares KES_____________________x3 = KES__________________

Members net monthly income KES___________________ x 0.66 = KES ________________

Total monthly payments to Society including payments on loans requested are:

KES _______________________________________________ (must not exceed amount above)

The guarantors cover the loan amount: Yes/No

I certify that the application is/is not within the rules of the Society.

If not, say why_________________________________________________________________

_____________________________________________________________________________

Loans Officer’s Signature: ___________________________Date:_________________________

This application should be accepted/rejected for the amount of

KES________________________________________ repayable in _______________ months

General Manager’s Signature: ________________________Date:_________________________

I. CREDIT COMMITTEE.

Loan approved, KES__________________recoverable in______instalments, at an interest rate of one percent per month on a reducing balance

Indicate the reasons for deferral/rejection by ticking the appropriate number:

Reasons for Deferred Loan

1. Incomplete information, lack of supporting documents

2. Timeliness

3. Re-negotiable loan terms or purpose

4. Inadequate funds to meet loan demand

Reasons for Rejected Loan

1. Inability to pay or bad repayment history

2. Loan not in proportion to shares

3. Clear outstanding loan

4. Excessive loan frequency

5. Lack of proper guarantors or security

6. Membership period

7. Ineligible purpose

Credit Committee minute number______________________________Date:________________

Chairman’s Signature________________________________________

Member’s Signature_________________________________________

Member’s Signature_________________________________________

DESPATCH OF THE CHEQUE

(To be completed by Manager)

1. Cheque Number_____________________ KES ______________Date:_______________

2. Cheque posted on__________________________________________________________

3. Cheque hand delivered by________________________________Date:_______________

4. Cheque/Cash received by_____________________________ID Card No:_____________

5. Signature-------------------------------------------Date-----------------------------------------------

NB: If the agreed amount for loan repayment reduces and in turn extends the period for repayment for whatever reason. The difference in KES will be recovered from your guarantors immediately.

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