Refinancing Loan

Majanees SACCO offers a variety of financial products and services, including savings accounts, several types of loans (development, emergency, school fees, agricultural, etc.), and special products for groups and new members.

Anyone over the age of 18, with good character and sound mind, can join Majanees SACCO. This includes individuals, Chamas, corporates, and smaller Saccos.

Members benefit from a variety of financial products and services, access to loans at competitive interest rates, the opportunity to earn interest on deposits, and the security of being part of a SASRA-regulated institution.

Majanees SACCO offers:

• Member Deposits: Monthly contributions that are non-withdrawable unless exiting the SACCO, and form the basis for loan qualifications.
• Savings Account: No minimum contributions required, withdrawals allowed once per year, earning 3% interest per annum.

Majanees SACCO offers several types of loans, including:

• Normal/Development Loan
• Refinancing Loan
• Bridging Loan
• Emergency Loan
• School Fees Loan
• Mobile Loan/Instant Loan
• Term Contract Loan
• College Loan
• Special College Loan
• Agricultural Loan
• Karibu Sana Loans (for new members)
• Group/Chama Loans
• Boosting Facility

Loan qualification is based on your deposits. Generally, members can borrow up to three times their deposits. Specific loans may have additional requirements such as minimum membership duration, guarantors, and supportive documents.

Interest rates vary by loan type, but they generally range from 1% to 3% per month on a reducing balance. Special conditions and surcharges may apply to certain loans.

The minimum monthly deposit requirement for individual members is Ksh 1500.

Member deposits are non-withdrawable unless you are exiting the SACCO. The savings account allows withdrawals once per annum.

Yes, Majanees SACCO has been regulated by the Sacco Societies Regulatory Authority (SASRA) since 2020, ensuring the safety and proper management of members' funds.