FAQs
Grow healthy for safe future. You may not afford expenses but you definitely can afford savings.
Frequently Asked Questions;
WHO QUALIFIES TO JOIN JAVA SACCO?
- An ordinary resident in Kenya
- Should not be less than 18 years of age.
- Has not been convicted of a criminal offence involving fraud or dishonesty
- Is not a member of any similar savings and credit co-operatives Society during the tenure of his membership.
- Is within the field of membership of employees of Java House Group
- Is of good character.
WHY SHOULD I JOIN JAVA SACCO?
- Java Sacco continues to lead the way in providing innovative financial solutions while consistently demonstrating financial strength and stability. Our members can be confident their money is secure while experiencing an unparalleled commitment to service.
WHAT DO I NEED TO JOIN JAVA SACCO
- A filled out application form
- Copy of your Identity Card
- A passport size photograph
AFTER ACQUIRING ALL THE NECCESSARY DOCUMENTS, WHAT ARE THE STEPS I NEED TO TAKE TO JOIN JAVA SACCO?
- After downloading and filling out the form, attach the documents mentioned above and drop/send them to our office at ABC Place BLk C, 4th floor.
HOW DO I QUALIFY FOR A LOAN?
To qualify for a loan, you have to;
- Be a registered Java SACCO member
- Contribute regularly for at least 6 months
- Have guarantors who are Java SACCO members, who have been contributing regularly for at least 6 months and have shares that can meet the amounts you require them to guarantee.
WHAT DO I NEED WHEN APPLYING FOR A LOAN?
- Fully completed loan application form.
- Guarantors’ shares MUST be equal to or more than the loan applied for.
- Member to attach certified pay slip or any other specified evidence of regular income
- Outstanding loan by the applicant MUST be cleared before a loan of the same kind is approved unless one is refinancing.
- Net pay after regular income less income the total deductions for a loan put together with other pay slip deductions should not fall below 1/3 of the basic salary.
CAN I APPLY FOR MORE THAN ONE LOAN?
- YES as long as it’s not the same product and lending conditions are met.
HOW MUCH CAN I BORROW?
- You can borrow three times (3) the total amount held in deposit fro staff employed at Java group and one and half times (1.5) times for members not staff of Java Group.
HOW LONG IS THE LOAN PROCESSING PERIOD?
- All our loans are processed and disbursed within 10 working days. Except for emergency loans.
IF I CLEAR A LOAN BEFORE ITS COMPLETION PERIOD, WILL I BE REQUIRED TO PAY INTEREST FOR THE FUTURE PERIOD?
- No interest or penalty is charged for clearing a loan earlier than the contracted period unless the loan is being cleared by third party who was not part of initial loan under agreement.
WHAT HAPPENS WHEN THE PERSON I HAVE GUARANTEED DEFAULTS IN LOAN REPAYMENT?
- When a member you have guaranteed fails to service his / her loan, The SACCO will vigorously endeavor to pursue for three months. If the period lapses with no success of recovering the amount you will receive a letter from the SACCO and on the fourth month commence deductions from Guarantors in the proportions in which they guaranteed.
CAN I CONTINUE WITH MY MEMBERSHIP AFTER CEASING WORKING?
- YES and If you have an existing loan as long as your guarantors are in agreement.
WHAT DO I NEED TO DO WHEN WITHDRAWING FROM THE SACCO?
The following are the steps to follow;
- A member needs to fill a withdrawal form. (Download here)
- A notice of sixty days (60) is required in case of any refunds due to the member.
- A member needs to inform all members he has guaranteed to seek an alternative guarantor.
- Refunds will only be paid to the member after all guarantors have been replaced.
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