FREQUENTLY ASKED QUESTIONS

Q. Am I eligible to join the SACCO and what is the process?
A. Our current list of eligible members MUST come from the following organizations http://www.balozicoop.com/index.php?option=com_content&view=article&id=91&Itemid=660.

To apply for membership, please download the membership requirements and application forms from our website under the Sacco application forms.


Q. After application of membership, what next?
A. Once the application forms are processed, you will get an email notification from our office indicating your membership number and later on your online access credentials. You will also receive a call when your membership card is ready.

Q. What is an allotment form and how is it effected?
A. An allotment form is a written authority from the member instructing the employer to deduct funds through check-off and remit the same to the SACCO. Once the form is duly signed, it is then submitted to the employer for processing.

The minimum allotment is as follows:

(i) Deposit = Kshs. 2,000/- per pp or Kshs. 4,000/- per month subject to the deposit contribution banding http://www.balozicoop.com/images/stories/balozipdf/Deposits_banding.pdf  and,

(ii) Benevolent Fund = Kshs. 150/- per pp or Kshs. 300/- per month.

Q. How do I increase or reduce my contribution?
A. By filling in an allotment form and sending it to our office for processing.

Q. What is Share Capital?
A. These are funds invested by members of the SACCO as part ownership. The par value of a share is Kshs. 20/= for 500 shares. This amount is not withdrawable but can be transferred to another member upon cessation of membership. The minimum Share Capital is Kshs. 10,000/-. 

Q. How can I access the online statement? How often are the Estatements updated?
A. Online statements can be accessed through the Sacco’s website by clicking on the Members Portal. A request for a access credentials should be sent to This email address is being protected from spambots. You need JavaScript enabled to view it. (indicate name and membership number). The online statements are updated weekly.

Q. When am I eligible for a loan?
A. After being a member for at least 2 months and having contributed at least Kshs. 8,000/- towards deposit.

Q. How much loan do I qualify for?
A. With the introduction of Boresha Loan, a member can apply for a loan four times his/her deposits, subject to a maximum of Kshs. 30M (less any outstanding balances) so long as the two thirds rule is not violated (A member must take home at least a third of his/her pay after all deductions).

Q. What do I need when applying for a loan?
A.  * Fully completed loan application form (as appropriate for each type of loan)
     * A copy of an acceptable form of identification (National ID, Passport or Driving Licence)
     * A copy of a recent payslip (not more than 2 months old) 
     * Guarantors for the total loan amount applied and/or appropriate collateral (title deed or log book)
     * Allotment form 

Q. Can I apply for more than one loan?
A. Yes. A member is allowed to take all the loan products on offer so long as total loans do not exceed Kshs. 30M at any given time - terms and conditions for loan apply.

Q. Can I boost my deposits and take a loan immediately?
A. Yes, any boost through checkoff is applied immediately. However, contributions done outside payroll for boosting deposits require at least 1 (one) month maturity period to qualify for a loan.

Q. Can I pay extra amounts outside the payroll?
A. Yes. A member can pay any amount he/she desires in the Sacco’s Bank Accounts at his/her own convenience. Deposit slips MUST be submitted to our office for receipting (within the month of payment). Other modes of payment are through M-pesa, bank transfers, standing orders.

Q. Can I guarantee myself for a loan?
A. Yes, only when you are taking a loan less or equivalent to your deposits and you have not guaranteed any other person and do not wish to do so in future (until the loan is cleared).

Q. How often are long term loans granted?
A. Development loans are considered once a month at a Credit Committee meeting. The loans are considered on a first come, first served basis.

Q. Can my payment be done via cheque?
A. No, all payments are sent directly to the individual member’s bank account via EFT, IFT or RTGS.

Q. Can my other loan balance(s) be offset from the new loan I have applied for so that I get payment for the difference?
A. Yes, but only if the member is applying for a Boresha, Super and/or Super Plus loan. The member will be required to highlight the loans to be amalgamated.

Q. Can I bridge/refinance all loans so that I only remain with one?
A. No, each type of loan is refinanced/bridged individually once all refinancing conditions are fully met. However, members can combine all their loans into one through amalgamation.

Q. If I clear a loan before its completion date, will I be required to pay interest for future periods?
A. No interest or penalty is charged for clearing a loan earlier than the contracted period.

Q. If I clear my loans with cash, how soon can I qualify to apply for another loan?
A. Immediately for all loans.

Q. Can I continue my membership as an individual member after leaving the common bond?
A. Yes. You are however required to activate your account by making monthly contributions towards your Sacco account.

Q. Can I offset my deposits against my loan?
A. A member is allowed to offset his/her deposits against his/her loans if he/she is ceasing to be a member of the Sacco. This is done when a member has asked those he/she had guaranteed to seek alternative guarantors (the guarantor replacement form should be filled).

Q. When do I expect my final dues after giving a notice of withdrawal?
A. After 60 days waiting period on the condition that all outstanding liabilities with the Society have been cleared in full and that alternative guarantors have been filled (if any). However, a charge of 2% is applicable where a member does not want to wait for the 60 days.