36th Annual ADM Resolutions 2017
DIVIDENDS AND INTEREST ON DEPOSITS RATE FOR THE YEAR 2016
The dividends for the share capital (kshs 20000) shall be paid at 12.5% and interest on deposits at 7%.
MONTHLY DEPOSIT CONTRIBUTION
Monthly deposit contribution will be a minimum of kshs 2,000= or 5% of applicant’s basic salary, whichever is higher.Members were encouraged to raise their deposits contribution above stated minimum in order to increase their borrowing power and earn more dividends and interest on deposits.
BOSA Products Revised Rates and lending Requirements
TOP UP LOAN
- Repayment period is up to 36 months.(PREVIOUSLY 30 MONTHS)
- It attracts interest at the rate of 1.5 % per month on the reducing balance (9.75% per annum).
- Top up loan will be as per the borrower’s ability to pay.(PREVIOUSLY 25% OF THE DEVELOPMENT LOAN)
MANUFAA LOAN
- The multiplier will be four times the deposits.(PREVIOUSLY FIVE TIMES)
EMERGENCY LOAN
- Emergency loan may have document evidence (PREVIOUSLY MUST HAVE )
- Every member shall be entitled to only one emergency loan not exceeding Kshs.300,000= at a time.(PREVIOUSLY 200,000)
- Repayment period shall be within 18 months. It attracts interest at the rate of 1% per month on the reducing balance (6.5% per annum).
SCHOOL FEES LOAN TWO
- The maximum amount shall be kshs 250,000
COLLEGE AND UNIVERSITY FEE LOAN ONE
The maximum amount shall be kshs 1000,000.
COLLEGE AND UNIVERSITY FEE LOAN TWO
- It attracts interest at the rate of 1.5% per month on the reducing balance (9.75% per annum).
- The maximum amount shall be kshs 500,000.
KARIBU LOAN
- This will be accessed by newly employed officers who are less than 12 months old in employment (members) who require support to settle in their new employment.(PREVIOUSLY 6 MONTHS)
- Repayment period shall not exceed 24 months. (PREVIOUSLY 36 MONTHS)
- Interest rate will be 1% per month on reducing balance (6.5% per annum).
MASLAHI LOAN
- Maximum repayment is 12 months (PREVIOUSLY 15 MONTHS).
- Interest rate is 2% month on the reducing balance (13% per annum).(PREVIOUSLY 2.5% PER MONTH)
INSTANT LOAN
- Maximum amount shall be Kshs. 75,000 /=.(PREVIOUSLY KSHS 50,000)
- The rate of interest is 2% per month on reducing balance (13% PER ANNUM).(PREVIOUSLY 3% PER MONTH)
KUJIVINJARI LOAN
- Maximum amount shall be KShs. 50,000 /=.(PREVIOUSLY KSHS 30,000)
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Hi Mwito – Congratulations on holding the 36th Annual ADM meeting. I see great resolutions there as far as diversification of products to members is concerned. In addition, i take note of an improvement in the percentage rates of interest on deposits and dividends. I can only interpret all these to be signs of a growing Sacco. Next on the cards should be an aggressive marketing campaign both within and externally so as to popularize the excellent products that the Sacco has to offer compared to competition out there. Does anybody agree with me on this?
Just a question – I am interested in knowing what factors contributed to the multiplier factor for Maslahi Loan being revised downwards from 5 times to 4 times?
Am in Mwito to stay – hata Donald Trump hawezi nifukuza!!
Kind regards
Evans
How much of Maslahi Loan can one apply, maximum that is?? It is not stated here! Only the maximum repayment period and the applicable interest rates are stated in the information provided on the web.