Utafiti Savings and Credit Co-operative Society Ltd

[Pages:5]Utafiti Savings and Credit Co-operative Society Ltd

Mission: Empowering members build wealth. P.O. BOX 30709 00100 GPO NAIROBI? TEL 4223228? Email: utafiti@ Our core values: Customer Focus, Teamwork, Integrity, Professionalism and Equity Vision: To be the leading and preferred SACCO, providing sound financial services to our members

CONFIDENTIAL

Loan Application and Agreement Form

Name of Applicant

PERSONAL CHECKLIST I have attached copies of the following documents:

ID/Passport PIN certificate Certified Payslips for the last three months/Letter of contract

Membership No

A: PERSONAL INFORMATION (all fields must be completed)

1 Applicants' ID Number 2 E-mail Address & Cell phone no. 3 Applicants' Private Address/Code 4 Applicants' Payroll Number & PIN no 5 Current Physical Address 6 Employer and Mailing Address 7 Position in Employment 8 Contract Expiry date 9 Position in Society-Committee

B: Loan application type

No. Type

Tick No. Type

Tick No. Type

Tick

1.

Development

6.

Special

11. Car Insurance

2.

Mavuno

7.

Emergency

12. Salary Advance

3.

Normal

8.

School fees

13. Children's Sch..Fees Loan

4.

Premium

9.

Household

5.

Super Saver

10. Dhamana

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C: LOAN APPLICATION & REPAYMENT I hereby apply for loan of K.Sh ..............................Amount in words .................. ............ ........................................................................................................ ....... ... .. Repayable, within a period of ............ months paid in instalments of.............. .. .. .. ...each month (excluding interest) commencing on ..............................................................................

D: PURPOSE FOR WHICH LOAN IS APPLIED (in case of several uses of the loan state the exact amount) 1)............................................................. 2)....................................................

E: SECURITY FOR WHICH I OFFER FOR THE LOAN IS: 1) ................................................. 3) ..................................................

2) ................................................. 4) ..................................................

I hereby authorize any or all of the above securities to pay-off my outstanding loans in case of default.

F: REPAYMENT GUARANTEE (Caution- Guarantor Details) Guarantors are strongly advised to read all the information supplied in this form by the applicant and terms and conditions contained herein, so as to understand the full implication of signing this part.

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

GUARANTORS

Name

Payroll Deposits Loans Guaranteed No. (Kshs) (Kshs) Amt (Kshs) ID. No. Phone No. Signature

TOTALS

G: 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, and any variations by the Credit Committee in respect of Section B above. I hereby authorize the necessary deductions, including monthly interest payable, to be made from my salary as repayment of this loan. I declare that I am not indebted to any other Credit Society, bank or loan agency (except as listed herein) either as borrower or endorser.

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H: CONDITIONS

In the event that this loan is not repaid for 3 consecutive months, it shall be deemed to be defaulted and the following shall apply;

1. The entire balance of this loan will immediately become due and payable at the discretion of the Management. 2. All deposits owed and any due will be offset against the balance owed. 3. Any remaining balance will be deducted from my salary and / or terminal benefits. 4. I authorize the Management to get in touch with my new employer who should recover the amount defaulted from my salary. 5. I will be liable for any debt collectors costs incurred in collection of the loan balance and accumulated interest. 6. My personal information and details regarding the loan default shall be disclosed to a Credit Reference Bureau after one month's notice.

Applicants' signature: .............................................. Date.................................. Witnessed by: Name: ............................................... Signature........................... ADDRESS: ...........................................................................................................

I: MEMBER ACCOUNT DETAILS

Account Name........................................................Account No..................................

Bank......................................................Branch....................................................

J. FOR OFFICIAL USE ONLY

Applicant's total deposits K.Sh .......................Total loan (s) outstanding; K.Sh..................

Amount currently requested; K.Sh....................New Total Loans will be: K.Sh ......................

Eligibility calculations:

Total deposits: KSh................X 3. = K.Sh. .............................................................

Applicant's present Net monthly income K.Sh.................. x 2/3 = K.Sh.. ........................

Total monthly deductions including payments on Loan requested = K.Sh........................ (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 (Name) ................................. Signature......................Date..................

Approval by the Office Manager

Official name.............................................Signature........................Date:................ 3

K: FOR ACTION BY THE CREDIT COMMITTEE ONLY We have examined the above application in conjunction with the loan appraisal and decided as follows:Loan approved, K.Sh..................recoverable in .......instalments at an interest rate of.......per cent per month on a reducing balance. Reasons for Rejected Loan

Inability to pay or bad repayment history Loan not in proportion to shares Clear outstanding loan Excessive loan frequency Lack of proper guarantors or security Membership period Ineligible purpose Others ? specify

In addition, the treasurer/accountant is hereby requested and authorized to do a cheque/funds transfer for the above amount.

Ref No ....................................................... Date........................................

Chairman: ................................................... Date.......................................

Member: ...................................................... Date.......................................

Member: ...................................................... Date.......................................

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Appendix: Summary of Loan Products and Conditions: This table is for your reference only and should not be submitted with the loan application.

Type

Product

Super Saver

Premium Type 1 Mavuno

Development Dhamana Normal Special School Fees Emergency

Type 2 House Hold

Car Insurance Salary Advance

Children's School Fees

Interest rate per month

1.25%

1.25% 1.2% 1% 1% 1% 1% 1% 1%

1% 1% 5%

0.5%

Max Repayment period (Months)

72

60 48 48 48 36 30 24 18

12 12 1

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Special conditions

Member should have been in the Sacco for 3 years, Ksh.20,000 share capital, minimum monthly contribution Ksh.10,000, Member should not have any other type 1 loan, Minimum amount is Ksh.2M,Loan can only be refinance to itself, one must have paid at least 20% of the super saver loan to qualify for a top-up

Member should not have any other type 1 loan, minimum amount is Kes. 1M.

Member should not have any other type 1 loan, a refinancing fee charged for all loan products converted to Mavuno, qualifies for one Mavuno loan at any given time.

Member should not have any other type 1 loan, Loan can be refinanced to Mavuno, Premium and Super saver loans. A member must have a clean payslip to qualify for Development loan. Collateral based, 20% of the loan being applied as deposits, max 75% of the value of property up to Ksh. 3M Member should not have any other type 1 loan, Loan can be refinanced to normal, Mavuno, premium or Super Saver loans. Can qualify for any other type 2 loan and only one type 1 loan, Member qualifies for one special loan at any given time, loan can be refinanced to any type 2 loans apart from development and dhamana. Can qualify for any other type 2 loan and only one type 1 loan, Member qualifies for one school fees loan at a given time Can qualify for any other type 2 loan and only one type 1 loan, Member qualifies for one emergency loan at any given time. Can qualify for any other type 2 loan and only one type 1 loan, Product is for direct purchase of household items, Cheques will be drawn in favor of the vendor/merchant and not the member, A commission of KSh.500 is charged on every Cheque drawn in favor of the vendor, Member qualifies for one household goods loan at any given time. Can qualify for any other type 2 loan and only one type 1 loan Member has to be on payroll Only for members who have a Children's school fees accounts, Maximum loan that can be applied for is 3 times the Children's Savings amount, Cheque (SACCO or bankers) shall strictly be written in the name of the child's school, member qualifies for only one such loan at any given time, Loan cannot be refinanced.

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