Dear Valued Member,
We’re thrilled to announce some positive changes to our loan offerings at Dhamini Sacco! We’re constantly striving to improve our services and provide you with even more flexibility and accessibility when it comes to meeting your financial goals.
In line with keeping up with our member needs we have updates to our loan offering, designed to better serve you. We’ve included details on revised terms, or streamlined application processes.
We encourage you to take some time to explore these enhancements and discover how they can benefit you. Whether you’re planning an asset purchase, financing your child’s education, or simply need some extra support, Dhamini Sacco is here to empower your financial journey.
We’re confident these changes will provide you with a more convenient and rewarding loan experience at Dhamini Sacco.
- Monthly Deposits contribution
Monthly deposits: These are the non-withdrawable deposits. The minimum amount is based on the amount of the loan granted subject to a minimum of KES 1,000 as follows:
| Loan granted | Minimum Deposit |
| Below KES 100,000 | KES 1,000 |
| KES 100,001 – KES 300,000 | KES 2,000 |
| KES 300,001 – KES 500,000 | KES 3,000 |
| KES 500,001 – KES 1,000,000 | KES 4,000 |
| KES 1,000,000 & above | KES 5,000 |
2. Deposit Boost charge
Deposits boost charge 10% – Lump sum deposit contribution for the purpose of securing a loan can be considered only if such money remains in the Society for at least three months, OR subject to 10% commission on lump sum for members in good standing.
3. Loan refinancing
Loan refinancing charge – 10% of the outstanding loan principal to be refinanced.
4. Insurance Loans
Insurance loan – With the increasing disbursement of Asset loan (both motor vehicle and land / plots); we have agreements with insurance companies where our members will pay the insurance premium on collateral used to secure the loan through Dhamini sacco.
5. Automation of loan products
Automation of all loan products below KES 50,000- members will be able to apply for loans up to KES 50,000 via the Dhamini Sacco app. Guarantors can also guarantee using the mobile app. This will ease the challenges of having to physically get in touch with the guarantors.
6. Loan Processing charge of 1% on new loans.
The processing charge will cater for increased administration costs.
Review of loan amount, repayment period and interest rate
| Loan product | Loan amount | Repayment period | Interest rate |
| School fees loan | Increase to KES 200,000 up from KES 100,000 | Increase repayment period to 2 years up from 1 year | To remain constant – 12% |
| Product loan | Increase to KES 200,000 up from KES 100,000 | Increase repayment period to 2 years up from 1 year | Increase interest rate to 12% up from 10% |
| Asset Finance loan | Increase to KES 15M up from 10M | Repayment period for loan secured with title deeds is a maximum of 6yrs and for Loans secured M/vehicle log book it is 4yrs | Increase interest rate to 13% up from 12% |
| Jenga loan | Increase to KES 15M up from 10M | Reduce repayment period to 10yrs down from 15yrs | Increase interest rate to 13% up from 12% |
| Restructured loans | Amount to be restructured should be the outstanding loan balance | Repayment period will be for a maximum of 6 years. | Interest rate remains at 14% |
| Anniversary Instant Loan | KES 30,000 will be automated to cater for members who want to extend mobile loan repayment period | Repayment period is 3 months. | 5%p.m on straight line basis |
| Medical Insurance with CIC COOP | Premiums from 26,700 to 36,000 for inpatient & Outpatient for Members plus 6 dependents. Benefits from 100k- 300k Inpatient and 30k-50k outpatient | Repayment period 12 months | 12% |
If you have any questions after reviewing this document, please don’t hesitate to reach out to our friendly loan specialists at 0714 373 862 or customercare@dhaminisacco.com. We’re happy to discuss your specific needs and guide you through the application process.