Deposits represents money that a member can be refunded back upon placing prior notice when they decide to leave the SACCO.

The minimum monthly contribution is Ksh.1000. Deposits act as multiplier when a member is applying for a loan and can be used to guarantee other members loans.

Deposits attract annual interest, and Tembo has consistently paid up to 11.5% prorated interest over the years.

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Benevolent Fund is an insurance policy for members that covers the member and immediate family members against death. One must be a member with the mandatory Share Capital ksh. 20,000/=

REQUIREMENTS

1. Fill in the benevolent application form
2.  Registration fee – Ksh.300 (One off)
3. Annual Premium – Ksh.2500.
4. The premium will be deducted from the member’s savings and the member should ensure that the same is replaced in the course of the year.
5. The cover will pay the following in case of death.
   •  Self - Ksh.70,000
   • Spouse - Ksh.50,000 ( one spouse)
   • Parent - Ksh.40,000 (Upto 4 parents, own parents and parents in law)
   • Children - Ksh.40,000 (Upto 4 Children) You can cover more at an extra cost of Ksh.120 per child.
6. The cover has a three months (90 days) waiting period from inception on natural deaths, and non for accidental deaths
7. Principal Member and Spouse minimum entry age is 18 years and Maximum age at entry is 75 years. Maximum coverage age is 80 Years.
8. Parents/Parents in Law maximum age entry is 75 Years and Maximum coverage is age 80.
9. Definition of a child: A child born to the members of the society who is unmarried and under the age of 25 Years. Insurable age is from 6 months to 25 years’ subject to the child being still unmarried and in the custody of the parents/members.

NB: A members who exits the Sacco ceases to be a benevolent member. 

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1. One can qualify up to 5 times their Sacco savings.
2. Repayment period up to 72 months.
3. Interest Rate 1.25% per month on a reducing balance.
4. Minimum of three guarantors who must fully cover the loan amount.
5. The loan is insured against death or total disability under loan guard policy.

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Tembo Special is a credit facility meant to facilitate members to construct (or buy) rental properties.

-To qualify for this loan, one must have been a member of Tembo Sacco (for a minimum of 1year) of good standing with a proven credit history in Tembo or elsewhere by providing statement of previous loans taken and promptly paid.

ATTRIBUTES OF TEMBO SPECIAL.

1.Minimum amount one can apply for is Ksh.15 Million

2. Interest rate 12% p.a or 1% per month on a reducing balance.

3. Repayment period is 180 Months (Fifteen Years)

4 Grace period, during which the member will be required to service the interest component. However, Grace period remains optional.

5.The amount approved will be processed and disbursed into Tujenge savings Account from where the funds will be released in bits as the construction progresses. The society will carry out site visits to inspect progress.

8.Facility arrangement fee of 0.25% of the loan approved (one off) is applicable.

 9. Progress Inspection fee of 0.25% of the loan approved (one off) is applicable. NB: This will only apply for projects within Nairobi and its environs. Higher fee will be charged for projects outside Nairobi.

10.The loan must be fully secured by a collateral security.

11.You will also be required to provide us with projected cash flows from expected rent.

12. Once completed, all the rent must be channeled through Tembo Sacco until the loan is fully paid. NB: The Sacco shall only utilize the amount necessary to service the loan and the balance will be available to the owner of the property.

13.The board reserves the right to reject a loan application without giving any reasons.

14.The loan is insured against death or permanent disability.

15.The member should have obtained all the necessary approvals by the necessary bodies, before the loan is approved.

16. The member should also provide BQs (Bill of Quantities) .

1. One can qualify for upto Ksh. 1,000,000
2. Repayment period – up to 48 months
3. Interest rate 3% Per month (reducing balance)
4. Minimum of 3 guarantors who should be members of the Sacco and must cover the whole loan.
5. Loan request are processed same day.

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