FAQs

Q. What is Dhamini Sacco?
A. Dhamini sacco is a savings and credit cooperative society. It was incorporated in 1985 with the aim of providing savings and credit facilities to Anglican Church workers. Currently the membership is open to any organization with interested members. The current membership is 2,000 and still growing steadily.

Q. How do I become a member of Dhamini Sacco?
A. Fill in the application for membership form and return it to our office with a registration fee of Kshs 1500/=. Attach a copy of your National Identity card and one Passport photo

Q. How do I gain as a member?
A. – Opportunity for Individual non withdrawable savings
– Atmosphere for withdrawable savings
– Qualification for different kinds of loans
– Annual Dividends and interest on savings
– Insurance on loans and Burial Benevolent in case of death

Q. How long does it take for a loan to be processed?
A. – Development loan: Within 30 days
– Emergency loan/ School fees loans: Within one week
– Advance loans: Within two days

Q. How many loans does one qualify to take home?
A. Maximum loan is granted at 3 times the member’s shares subject to salary eligibility.

Q. What security do I need to give?
A. Guarantor’s shares, own shares, Salary and other approved tangible security.

Q. How long does it take for one to qualify for a loan?
A. After saving continuously for at least six months.

Q. What is the interest rate on Loans
A. 1% per month on reducing balance method.

Q. What is the loan repayment period?
A. – Emergency loans ………….. 12 Months
– School fees loan ………….. 12 Months
– Development loan …………. 36 Months
– Flex loan …………. 48 Months