Daystar multi-purpose Co-op Society ltd
"Are you a Daystar University staff or within Daystar Community? Would like to start saving part of your monthly Income?"
Sacco background
Is a Savings and credit co-operative society.It started in 1990s as a Housing Co-operative Society Ltd and in 1991 it was changed to a Multipurpose Co-operative Society Ltd dealing with Saving(shares /deposits) and credit (loans to members). The ultimate objective of the sacco is to improve the welfare of the members through pooling of the resources in the form of monthly deposits and advancing the same to the members as loans.
LOANING POLICIES
To qualify for a loan, a member
MUST
(A)Have made regular contributions for a period of not less than 6 months
(B) Submit loan form by
1stof every month
(C) Guarantee the loan which is in excess of his/her deposits
(D) Interest is
1%per month reducing balance method
MEMBERSHIP
Currently the society has over
200Members.A person shall be eligible for membership if he/she has
following qualifications ;
(A) is an employee of Daystar University or within Daystar Community,Ready
to pay a non-refundable fee of
Ksh(500/=)
PRODUCTS
Instant Loan
School fees loan
Normal/Development Loan
Refinance Loan
Emergency Loan
Special loan
Salary Advanced
Holiday savings
MISSION
“To mobilize savings and offer quality financial services through quality leadership for the benefit of our members and other stake holders”
VISSION
To be a Sacco of choice
Why You’ll Love Our Products
(a) Its given priority in processing:
(b) Maximu Loan is Ksh.50,000/=
(c) Instant charge of 10% of the loan applied
(d) Processed within 24 hrs.
(c) Maximum loan ksh 50,000
(d) Repayable within 6 months
(e) Interest rate 1% reducing balance method
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(a) It is give solely for the purpose of paying school fees.
(b) Applicant required to give documentary proof e.g. school fees structure
(c) Used to settle education fees
(d) Repayment period 12 months
(e) Fee structures required
Available to both members and non-members whose salaries are processed
through daystar payroll
(a) Interest rate 10% for members and 12.5% for non-members respectively.
(b) Repayment period is 3 months
(a) This is a withdrawal savings account designed to encourage members
to save for some particular activities e,g. holidays, Christmas
(b) One can save from 3, 6,9,12 months
(c) Period can changed upon maturity if one doesn’t want to withdraw at
that time
(d) Attracts 5% interest on savings per annum
(e) interest is lost if one withdraws before maturity
(a) No savings required
(b) No guaratorship
(c) Maximum loan ksh 200,000
(d) Postdated cheques required
(e) Interest 5% reducing balance
(f) Repayable within 6 months
(a) Granted to a member who wants to engage in a major development project
i.e. building, starting a business, buying property.
(b) Maximum loan ksh 1,000,000
(c) Repayment period 36 months
(d) Interest 12% p.a. reducing balance
a) This is a top up of a Normal/development loan.
(b) Must have paid the existing loan for a period of atleast 6 months.
(c) Loans are combined to one new loan. .
(a) Designed to cater for unforeseen circumstances. E.g. Hospitalization,
funeral, court fines etc.
(b) Some form of evidence necessary.
(c) Maximum loan ksh 60,000
(d) Repayment period 12 months
(e) Interest 1% p.m. reducing balance method
Our Amazing Team
PETER MASINDANO
ChairMan
JOSEPH MUNYAO
VICE-CHAIRMAN
PATRICK DALIZU
Secretary
JOSHUA OKEYO
Treasurer
