MHANDISI SACCO



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LOAN NO:……………………………..

LOAN APPLICATION FORM

I ……………………………………………………………………………………………………………..

(FULL NAME IN BLOCK LETTERS)

Hereby apply for a loan of Ksh …………………………. (Amount in figures)

To be paid in ……………. monthly installments plus interest of ………. % (as set by MHANDISI SACCO) per month on reducing balances.

A. PERSONAL PARTICULARS

|Membership No: | |

|ID No./ Passport No. | |

|Date of Birth | |

|Home address | |

|Office Tel No | |

|Mobile No. | |

|Pin No. | |

|Email | |

|Physical Address |Town: |Estate |Street & Hse. No |

| | | | |

| |How long have you lived there? |Rented/Owned? |

| | | |

|Marital status |Single |Married |Widowed |Others |

| | | | | |

|No. of dependents | |

EMPLOYMENT DETAILS

|Applicant’s Employer: |Physical Address: |

|Postal Address: |Tel: |

|Designation: |Staff No: |

|Employment terms: |Permanent: |Casual: |Contract: |Others: |

IF SELF EMPLOYED (Attach 6 months bank statement, 1 year cash flow forecast)

|Type of business: |Years of operation: |

|Business income: |Rental Income: |Other incomes (Specify): |

BANK DETAILS

|Account Name: |Account No.: |

|Bank: |Bank Code: |

|Branch: |Branch Code: |

LOAN PARTICULARS

|LOAN TYPE: |Normal loan: |Development loan: |Emergency/school fees loan: |

|Purpose of loan (attach supporting| |

|documents) | |

|Amount applied for: (in words) | |

|Amount applied for: (in figures) | |

LOANS IN OTHER BANKS/ FINANCIAL INSTITUTIONS ETC

|No. |Name of the Bank/Institutions |Amount advanced |Date granted |Repayment Period |Outstanding balance|

|1. | | | | | |

|2. | | | | | |

|3. | | | | | |

SECURITY DETAILS

I offer the following security

|Salary: |Deposits and savings: |Guarantors: |Land title |Car-log book |Others specify: |

| | | | | |(e.g. Life Policy |

| | | | | |documents, government |

| | | | | |treasury bills and |

| | | | | |bonds) |

| | | | | | |

REPAYMENT GUARANTEE

Guarantors are hereby advised to read all the information supplied on this form and the Mhandisi Sacco Lending Policy to fully understand the terms and conditions of guarantying a loan.

We, the undersigned, hereby understand and agree, acting as guarantors of …………………………………………………………………………… (Applicants Full Names) for the loan requested on this agreement:

a) That all shares, interest and deposits with Mhandisi Sacco, owned by us and hereby pledged as security for the said loan or such part of it as may be granted.

b) In the case of default in repayment by the loanee, the society is hereby authorized to deduct any balance, interest and costs appertaining to the aforementioned loan from the securities and salary hereby pledged.

c) We further understand that we shall not be eligible for loans at the time the repayments of the loans are in default.

d) We the members of Mhandisi Sacco, do hereby understand that we shall be severally and jointly liable to repay in event of default by the loanee. Our particulars are as follows:

CONDITIONS

Provide a minimum of two guarantors who have not guaranteed more than 2 loans at the same time. The applicant’s deposits plus those of the guarantors must be sufficient to secure the loan. Where collateral is used as security, fill the following portion. Collateral will be valued by Mhandisi Sacco before acceptance at the borrower’s cost.

Note Mhandisi SACCO cannot be a second charge:

Where property offered is not sufficient the borrower may be requested to provide more guarantors

LOANEE DETAILS

|Full Names |Membership No. |ID No. |TOTAL CONTRIBUTION |Office/ Work |Signature |Official Use |

| | | |(figures) |Station | | |

|1. | | | | | | |

GUARANTORS DETAILS

|NAME |MEMB NO. |ID NO |TOTAL CONTRIBUTION |AMOUNT GUARANTEED |PREVIOUS AMOUNT GUARANTEED |SIGN |

|1. | | | | | | |

|2. | | | | | | |

|3. | | | | | | |

|4. | | | | | | |

GENERAL TERMS

It is hereby mutually agreed and declared that the following terms and conditions shall be addition to the fore going to this agreement

1. The loan amount in this agreement shall be available to the borrower on completion to the satisfaction of MHANDISI SACCO of all formalities appertaining to the Security of the Loan

2. The borrower shall pay interest on the loan amount outstanding at the prevailing rates or at such other rate as the MHANDISI SACCO may in its sole discretion decide and shall pay such interest in arrears

3. MHANDISI SACCO reserves the right to change the rate of interest and/or the basis on which it is calculated

4. The loan repayment frequency shall be once a month

5. Fees and charges to cover administrative costs shall be paid by the borrower. Such fees and charges will be in accordance with the prevailing MHANDISI SACCO tariffs.

DECLARATION

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 provisions and any variations by the Credit Committee of the society in totality. In respect of section above, I further declare that I am not a member of any other cooperative savings and credit society, which have similar objectives. I also understand that the basic rules applicable to this application are as listed and understand the loan will be granted only according to these rules.

1. That I must be an active member.

2. That I must have been a contributor for a minimum period of six months as a new member.

3. That I apply for a loan not exceeding three times my deposits in MHANDISI SACCO.

4. That no member will be permitted to suffer total deductions (including savings, Loan repayment and interest) in excess of two thirds of his/her basic monthly salary/ monthly income.

5. That the maximum repayment period for the loan I have applied for does not exceed 36 months

6. That the guarantors must be members of the Society and have given both personal and membership numbers. Guarantors must ensure that the amount in word and figures applied for tally before they sign the form.

7. That I undertake to service my loan regularly without causing embarrassment to my guarantors

8. Lump sum contribution for the purpose of securing loan from the society can be considered only if such money remains in the Society for at least three months from the date of making such payment

9. Bulk clearance of loans is acceptable, but fresh loan will be granted after three months from the date of bulk clearance

10. All loans must be guaranteed with exception of emergency loans which are restricted to the amount of savings one has with Mhandisi Sacco and an upper capping of Ksh. 100,000.

11. That emergency loan will be granted with a maximum repayment period of 12 months and the amount is currently restricted to the amount of savings held with Mhandisi Sacco with an upper capping of Kshs. 100,000 subject to change. This application must be supported by documentary evidence such as medical bills, burial permits, court orders in civil cases, etc

12. That school fees loan will be granted on production of school fees structure and is repayable within the remaining months of the calendar year when the loan is advanced. This excludes college fees, which shall be repayable within 12 months.

13. That the defective or incomplete loan applications once returned to members and re-submitted to the society after corrections will be treated as fresh, loan applications.

14. That on a member being granted a loan, the member shall not revise their share contribution below the minimum specified or the latest six months average share contributions, whichever is less.

15. That Development loan application form should reach the society’s offices on or before 20th of the every month

16. Emergency/instant/education loans will however be processed as and when they are received.

17. That I have attached to my loan application a certified copy of my current pay slip and a clear copy of ID to support it.

I declare that I have READ, UNDERSTOOD AND COMPLIED with all the LENDING REQUIREMENTS as contained in the loan application form, and the particulars I have given are true to the best of my belief.

Signed: ……………………………………………… (Applicant’s Name)

Signature: ……..……………………

Date: …………………...…………..

Witnessed By: …………………………………………..…… Signature: ……..……………….…… (Name of Sacco member)

Date ……………………..………....

FOR OFFICIAL USE

CREDIT COMMIITTEE

__________________________________________________________________________________

We have examined the above application in conjunction with the loan appraisal and decided as follows:-(a) Loan approved Kshs …………………………… Recoverable in ……………………. Installments

(b) Deferred/rejected for the following reasons ………………………………………………... ……………………………………………………………………………………………..

In addition, the Treasurer/Accountant is hereby requested and authorized to do a cheque/ fund transfer for the above amount.

Credit committee Minutes No ………………………….

Date ………………………….

Signed: ………………………….. ………………………… …….…………………….. Chairperson Secretary Member

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ADDRESS:

MHANDISI SACCO,

P.O. BOX 9699-00300

NAIROBI, KENYA

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