Loans Application Form

SOJREL SACCO LIMITED P.O BOX 14732-20100, NAKURU

NORMAL LOAN PRODUCT APPLICATION FORM

SJS MEMBER No: _______________Official Loan No: __________________________________

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 Loans Application Form

PART I – INSTRUCTIONS

*As an applicant, you are advised to go through the form carefully and ensure that you
understand it fully before going ahead with the loan process

Please note that this application form contains the initial desire of the member to be bound contractually
with the Society by the way of a loan disbursement.

1. Application must be made in Sojrel Sacco loan application form

2. All members should have a bank account through which the loan disbursement will be completed
through. Also, fill this form including. Do not leave out the Bank Account details. If the form is
returned while missing some details, it will be returned to you without any consideration.

3. The following loan policies are considered as the main requirements that govern the basis for which
the loan can be granted:
a. As a member, you are eligible for only one loan a any given point in time.
b. The total loans granted shall not exceed 5% of the Society’s deposit, in so far as funds are
available. The Society reserves the right to defer a loan if funds are not adequate.
c. Guarantors who MUST be members of the Society are allowed to guarantee up to the
maximum amount of their savings. No one guarantor shall guarantee further loans if his/her
deposit values have already been exceeded by previous guarantees.
d. To qualify for a loan, a member must be at least 6 months old in the Society and shall have
saved minimum deposit per month over a period of 6 months. They must also be a bona fide
member of the SACCO by way of completing the minimum number of shares needed.
Exemption is made for new members who have a check-off system with the organisation
whose waiting period is 3 months., provided loans at a multiplier of two times their savings and
capped at KSH 30,000. Also, first time members taking a loan qualify up to 3.5 times as a
multiplier on their first-time loan applications provided, they have met the minimum shares
requirements for members.
e. Cash payments to boost deposits do not qualify for consideration in granting any loan
f. Members monthly minimum savings contributions, minimum loan repayment amount and
maximum loan repayment period shall be according to the Society’s policy.
g. The loan application form including all attachments MUST be countersigned.

4. The applicant is required to attach a copy of all the relevant documents that are asked for by the
Society.

5. A member shall be considered a defaulter, and the loan recalled, after he/she has failed to make
payments for three consecutive months. The default shall be remedied by forfeiture of the member’s
deposit pro rata. In the event that the same is insufficient to make good the proceeds of the loan, the
Society retains the right to recover the remaining part of the loan from the guarantors.

6. Normal Loan Option Product Particulars;

a. The multiplier to be used will be up to 3 times the amount of your savings.

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 Loans Application Form

b. It is repayable in three portions as per the specific prouct that has been chosen by the applicant.
The following are the options;
Amount of loan applied Repayment period
Between KSH 50,000-100,000
Between KSH 100,000-150,000
Between KSH 150,000-200,000

c. The interest rate granted on this type of loan is 2% p.m carried out on reducing balance
d. Early payments of the loan before the agreed period of time to complete the loan is subject to
waivers granted by the Society.

PART II - TO BE COMPLETED BY THE APPLICANT

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 Loans Application Form

The statements included in this part must be a true and fair representation of the member’s status. In the
event that a false representation is made, the Committee reserves the right to deny a loan. Any
alteration(s) must be fully countersigned for. No member should use white out for any alteration(s).

1. Application for loan in the date and month of ___________Year

______________________________

2. Payment options (Bank or M-PESA)

BANK MPESA

Name of Bank: *Ensure that the number is registered by

Safaricom. It should also be registered by
the SACCO as your default number
Branch: Or

Account Number:

The Society shall not be held responsible for directing payment into a wrong account / phone
number as provided by the member.

3. Member’s Names (in full) ________________________________Nationality_______________

4. SJS Member No ______________ Payroll No (Depends on Applicant)

________________________

5. ID No. ___________________

6. Present Address __________________ Mobile No________________________________________

Email Address____________________________________
7. Employer and Address ___________________________________________

8. Department __________________________

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9. Position in Employment _____________________________________

10. Terms of Employment _______________________

11. Loan Amount

(KSH)_________________________________________________________________

In words
_________________________________________________________________________________

12. Repayment period in months

__________________________________________________________________________

13. Purpose of loan

_________________________________________________________________________________
14. I hereby declare that the foregoing particulars are true to the best of my knowledge and belief and
agree to abide by the By- Laws of the Society, the loan policy, and any variations by the Credit
Committee. I hereby authorise the necessary deductions, including applicable monthly interest, to be
made from me as repayment for this loan.

Signature____________________________________________

Date________________________________

WITNESS DETAILS
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 Loans Application Form

SJS Member Name_________________________ SJS Member No: __________________

ID No__________________________ Mobile
No__________________________________

P.O. Box _________________________ Email

Address_______________________________

Employer_________________________________Workstation__________________________
_______

Signature_________________________

Date ___________________________________________

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 Loans Application Form

PART III – GUARANTEE

(THE TWO TABLES TO BE COMPLETED BY The
GUARANTORS)

A) In consideration of granting the above loan or less amount that may be approved, we the
undersigned, accept jointly and severally liability for its repayment in event of the
borrower’s default.
B) We understand that the amount in default may be recovered by an offset against our deposit
in the Society and that we shall not be eligible for a loan until the amount in default has been
cleared in full.

AMOUNT
NO SJS No NAMES IN FULL SIGNATURE
GUARANTEED

C) I, as the guarantor of aforesaid make an oath that the information provided herein is true and
that I have not guaranteed any other member(s) to the extent that shall compromise my
ability to repay this loan in the event of the applicant’s default.

DATE NAMES IN FULL ID NO MOBILE NO EMAIL ADDRESS SIGNATURE

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 Loans Application Form

For Official use only

PART IV – LOANS APPROVAL

For Official Use Only

Current Loan Amount Loan Rejected

Member Applied
Contributions
Total Amount Amount
Guaranteed Approved
Outstanding Interest (p.m.) Repayment Amount
Amount

A) CREDIT COMMITTEE DEPARTMENT

i) The loan is hereby recommended for

(in figures) KSH__________________________________________

(In words)

______________________________________________________________________

i) Recoverable in months

Appraised By:

1. ____________________ Signature____________________ Date_____________

2. ____________________ Signature____________________ Date_____________

3. ____________________ Signature____________________ Date_____________

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 Loans Application Form

B) CREDIT COMMITTEE

We have examined the following application in conjunction with the above recommendations
and have decided as follows:

i) Amount of loan approved (in figures)

KSH___________________________________________________

(In words)

Recoverable in _______________________________________months, Payable in

principle instalments of each

ii) Signature of SACCO Manager:_____________________Date ___________________

iii) Signature of SACCO Chairperson: _______________Date ___________________

iv) Signature Credit Committee Chairperson_____________Date ___________________

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 Loans Application Form

For Official Use Only

Current Loan Amount Loan Rejected

Member Applied
Contributions
Total Amount Amount
Guaranteed Approved
Outstanding Interest (p.m.) Repayment Amount
Amount

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