Frequently Asked Questions
How do I become a member of Family SACCO?
Complete our membership application and deposit KES 3,000 to open your share account (which includes a KES 1,000 membership fee).
Who is eligible to join Family SACCO?
Membership is available to Family Bank staff and employees or retirees of our partner organizations, including Daykio Plantations Ltd., Kenya Orient Insurance, Kenya Orient Life Insurance, and Alpha Africa Asset Managers.
What is the difference between shares capital and savings?
Shares Capital: Represents your ownership stake in the SACCO. It is non-withdrawable (but transferable) and earns dividends (historically around 17% p.a.). Savings: Regular contributions that earn 10% p.a. interest. These funds determine your eligibility for borrowing and are only partially withdrawable under specific conditions.
What is the role of a guarantor?
A guarantor is jointly and severally liable for the repayment of a loan. They must be an active member in good standing and their guarantee is subject to limits based on their savings.
Can I adjust my loan repayment period?
Yes, if the monthly deduction is lower than the required installment, you can request an adjustment.
What do I need to qualify for a loan?
You must be a member in good standing for at least six months, meet the required savings contributions, and provide the necessary documentation. Members transferring from another SACCO must present a savings statement and a forwarding letter.
What securities are acceptable for a loan?
Guarantors, savings in the SACCO, title deeds, log books, or other forms of collateral may be used as loan security.
How long does loan approval take?
Loan approvals can be as quick as the next day or within a week, depending on the application and guarantor confirmations.
How do I make my loan repayments?
Payments are usually made through monthly payroll deductions. For members outside the payroll system, we accept standing orders, account transfers, or m-Pesa (Paybill 222111).
Who is a nominee?
A nominee is the person designated to receive any payable funds in the event of your passing. All members must provide nominee details upon registration and may update them as needed.
