Sacco Information And Reviews.
According to SASRA, Sheria Sacco ranks top 10 as best performing Sacco. They must be doing pretty well as they are currently working on getting their twin-tower building in Upper Hill approved.
With the foundation of the Sacco based off of members in the judiciary, this building is projected to improve the Saccos financial standing. It gets a 7/10 as it receives positive reviews on the socials for being consistent despite dividend fluctuations once in a while.
With relatively positive reviews such as stable dividends, Nyati Sacco has positively grown with an asset base of 3.3 billion and a share capital of an impressive 148 million.
What Do We Know About Sheria Sacco?
Since its inception inf 1972, the Sacco has grown to have over 10,000 members and similarly is one of the best-managed Saccos.
As per Sheria Saccos’ 2020 Financial Report, member deposits grew by Ksh.493 million and now stands at 4.8 billion. Despite an 11% growth rate, the Sacco fell short as compared to their 2019 stats of 12.9%
How does Sheria Sacco work? Well, like any other DT Sacco but better if not best.
What Products does Nyati Sacco Offer, and what is it Best Known for?
By clicking this link, it will redirect you to the products offered by Sheria under ‘Save With Us’. In brief, this Sacco offers both Bosa and Fosa Services.
Under BOSA/FOSA savings products: members can access saving plans that cover education, burial, education, holiday and even open a child account. Not to mention the ordinary saving if you are yet to decide how to invest your money.
Loan products cater to the general needs of investing in a Sacco. That is development, car financing, education, refinancing and salary advances. The most important to note is that Sheria Sacco loans carry a 1%reducing balance interest and members can enjoy repayment periods of up to 72 months.
Eligibility and requirements at Sheria Sacco
Sheria Sacco is open to past and present members of the judicial service, related bodies, universities, non-governmental organisations and a members spouse or immediate family. To be a member of Sheria Sacco, you need:
- A filled membership form,
- Copy of your National ID/Passport,
- A filled nominee card,
- 2 passport size photos,
- Entrance fee of Ksh.1,700.
- Sacco registration of Ksh1,000 and FOSA account opening fee of Ksh.500.
How Can You Get A Loan From Sheria Sacco App?
To be eligible for Sheria Sacco loans, a member must have contributed for 3 months for jipange loans and 6 months contribution for other loans.
Amounts and interest on loans: The maximum amount a member can get is up to 3 times their savings. However, the ⅓ principle will be considered on payroll plans.
Once you are a member, you can download the loan application form here and depending on your deposits, the SACCO will determine how many guarantors are needed.
Disbursements and Repayments at Sheria Sacco.
Sheria School fees, emergency and Sacco loans and advances are disbursed within 24 hrs of submission. The most it can take for development and diamond loans to stretch up to 1 month subject to fund availability.
The paybill option for Sheria Sacco is 964700 and members use it to make deposits and pay off small loans. And, regardless of monthly deductions, pay extra amounts via Mpesa paybill or directly to the Saccos bank account
One of the Saccos great attributes is the repayment periods that stretch to 72 months and salary deductions that adhere to the standard ⅓ rule so as to not drain your finances.
Dividends And Shares At Sheria Sacco.
The minimum share capital for each member is Ksh.20,000 and it is non-withdrawable but transferable in case of termination of membership.
For dividends and interests on deposits, they are calculated based on the weighted average method and, paid depending on the income of the society at the end of the financial year.
As of 2020, Sheria Sacco dividends and Shares stood at 8.5% and 16% respectively.
What Unique Does Sheria Sacco Have To Offer?
This Sacco has taken a step towards helping members et al. A step to help in case of death thus a burial benevolent fund of Ksh.200 that is required upon registration. The burial benevolent fund is an insurance scheme that covers the member, spouse or children in the event of death of the contributor. The amount paid is Ksh.50,000.
Pros and Cons of Sheria Sacco.
Cons: Administrative and processing fees & charges covered by the borrower on loans/
The maximum loan limit on land is 2 million.
Pros: Interest applied on dividends and share capital are above average./App is available on play store and offers seamless transactions.
How can I Contact Sheria Sacco?
After perusing through this article and you are interested in joining Sharia Sacco, contact them either through the Website or leave a DM on their Facebook page.
For email communication, sending documents and loan forms, use [email protected]
To call use +25420 780 1500 or visit their office at Matumbato Close, Upperhill Nairobi.