It represents member’s ownership of the SACCO, It is non withdrawable, but transferrable to another member of the Sacco.
The minimum share capital per member is Ksh.20, 000. (1000 shares of ksh.20 each). This means the first Kshs.20, 000 contributed by the member is transferred automatically to the shares.
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.
BOSA Special Savings is a product that targets long term plans such as holiday, construction, school fees, weddings and special projects. Its minimum monthly contribution is Ksh.500. Currently it earns 10% interest payable semiannually i.e. July and January.
BOSA Special withdrawal can be done once every quarter in a financial year.
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
NB: A members who exits the Sacco ceases to be a benevolent member.
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) .
BOMA LOAN
This is a mortgage product tailored for members willing to buy or build their residential homes.