Share Capital
These are shares that a member has and are non-withdrawable But Transferable to another Member. This share capital earns a Dividend at a rate higher than interest on the members’ deposits.
Deposits
Contributed monthly by the 10th of the succeeding month. Members contribute at least 10% of their monthly package(i.e basic pay for salaried workers & total monthly retirement pay for retirees) and those in the informal sector contribute a minimum of Kshs. 1000 per month. Additional contributions (by members besides the monthly check-offs are allowed by the SACCO) for purposes of enhancing their investments and or savings. Member Deposits can also be used as a loan guarantee for self and others.
Normal Loan
This is a long term loan. It attracts an interest rate of 1.1% per month on reducing balance. Repayment period is 36 - 48 months for loan amounts less than 1 million or up to 60 months for the loan amounts more than ksh 1 million. A member qualifies for only one normal loan at any given time. This can be refinanced with top up loan repayable as explained above. A member can qualify for short term loans while servicing this loan.
Top-up Loan
This is an additional amount of loan advanced to a member with an existing normal loan. It attracts an interest rate of 1.1% per month and is repayable in 36 -48 months for amounts less than a million and up to 60 months for amounts more than a million. A processing fee is charged upfront upon application of this loan.
School Fees Loan
This type of loan is intended to finance schooling needs and expenses. Its interest is 1.25% per month on reducing balance. Repayment period is 12 - 24 months. Cheques can be paid to schools, on request by the member. A member qualifies for only one school fees loan at a time.
Emergency Loan
This is a short term loan intended for unforeseen circumstances. Its interest rate is 1.25% per month. Repayment period is up to 12 months. A member qualifies for only one emergency loan at a time. Loan is disbursed within 3 working days. Loan cannot be refinanced.
Okoa Jahazi Loan
This is a short term loan meant to meet member’s needs that are below Kshs.50, 000. It attracts a one off 10% interest of the loaned amount. The loan is repayable in 6 months.
Karibu Member Loan
This is a loan reserved for new salaried and members on pension upon joining the sacco, having regularly contributed for a period not less than 4 Months. The interest rate is 1.25% on reducing balance. The loan is repayable in 36 months. Maximum amount eligible depends on the salary or pension range. A third of the amount eligible is retained as deposits.
Benevolence Fund
This is a welfare fund available to all NASS Sacco members in times of bereavement. A Member contributes a non-refundable amount of Kshs.300 per month towards this fund. The welfare fund covers all the nuclear members and Extends to the immediate parents and parent’s in- law of the SACCO Member. A member shall receive a welfare fund/consideration of ksh 50,000 upon submission of duly filled Nass Sacco Benevolence form accompanied with a copy of any of the following three documents; death notification, death certificate or burial permit.
Risk Insurance
Risk insurance is a cover against the loans issued by the sacco to the members. In case of death of a member while servicing his/her loan, the loan balance owed by the member is paid off by the insurance company to the Sacco and the deposits contributed by the member as at the time of death are refundable to the next of kin. A member contributes ksh 250 towards the cover.