How does Ukulima Sacco work? and How do I Join to?

Sacco Information And Reviews.

[Update 18.01.2022]

Are you looking for the best Sacco to join? Ukulima Sacco is deposit-taking Sacco registered under SASRA and registered in 1972 with over 41,000 members. It has members from all government ministries, Business owners and private companies too. Over the years, Ukulima has opened branches in Kisumu, Mombasa, Eldoret, Nakuru and Kisii. 6/10 for this Sacco in putting the members’ interest first and offering great customer service.

What Do We Know About Ukulima Sacco?

Ukulima Sacco is ISO certified, and membership is open to everyone, including Kenyans in the diaspora.

They are primary mortgage lenders in partnership with KMRC. Mortgages are available up to Ksh 8m at low-interest rates of 7%. For these mortgages, the repayment period is 25 years for members in formal employment and 15 years for those in informal employment.

Members accredit this Saccos’ sustainability and inclusivity to the betterment of members financial status.

What Products does Ukulima Sacco Offer, and what is it Best Known for?

BOSA loans Let’s take their ‘Development Normal loan,0for instance. This loan is granted for investments and development purposes. Here, Interest is set at 1%, with a one-off processing fee of 0.5% on the approved loan. The loan is then repayable in 60 months with equal monthly repayments.

Want longer repayment periods of 84 months? Try Ukulima Jitegemee loan at a monthly interest of 1.125%.

Savings Products: All the products under FOSAsavings cater to holidays, education, welfare, business, chamas and junior savings e.t.c.

Other services applicable to all loans under Ukulima are Loan top-up services and deposit boosting Services.

Eligibility and requirements at Ukulima Sacco

How do you join Ukulima Sacco? Default?, you must be a Kenyan citizen.

Seemingly, any public sector employee, private, chamas, and Kenyans in the diaspora are eligible to join the Sacco.

Documents required:

Membership application form
Copy of ID.
Current payslip copy
Passport size photograph.
Joining fee of Ksh.1,000.

With all the documents sorted, either hand deliver or send via courier to the head office at Ukulima Hse. Haille Sellasie Av or any FOSA branch.

After registration, a notification SMS is sent within 24 hrs.

Where Can You Download Ukulima Sacco App?

USSD for Ukulima is *822#. To access financial services through Ukulima Kash App, download it on Google Playstore for android users only.

From the app, members can check balances, get mobile loans, withdraw e.t.c.

Generally, to subscribe to these mobile services, visit the nearest FOSA branch and fill the necessary form.

How Can You Get A Loan From Ukulima Sacco App?

First, to access the types of loans offered by Ukulima, you need;

A Completed application form.
2 recent payslips and a copy of ID.
3 guarantors who are active members with deposits equal to or more than the loan applied.Unless it’s a collateral-based microloan.
Active membership for 6 months.

Second, acceptable loan securities are Land and buildings % 80% FSV, Cash collaterals up to 90% FDR and Motor vehicle log books @60% FSV.

Third, use this Loan calculator to get a rough estimate on Ukulima loans.

Disbursements and Repayments at Ukulima Sacco.

Once you are qualified to join Ukulima Sacco, your contribution is a monthly fee of Ksh.2,500. These remittances, be they contributions or loans, are done through, Checkoff, standing order, App or USSD *822# Paybill 953400 and lastly, OTC cash deposit.

Loan disbursement takes a maximum of 10 working days, whilst emergency loans take 2 days.

So, what’s the maximum you can get? How does 3- 5 million sound?

Dividends And Shares At Ukulima Sacco.

Share capital is the money invested in a Sacco by the members. This contribution is permanent and represents your ownership of the Sacco. For Ukulima Sacco, a minimum of 1,000 shares @valued at Ksh.20 = Ksh.20,000.

On the other hand, interest on the deposit is 9%, and the dividend on share capital is 12%. Unfortunately, Ukulima charges a 5% withholding tax on interest and dividends earned.

What Unique Does Ukulima Sacco Have To Offer?

Unlike websites like Unaitas Sacco that offer scanty information, Ukulima has laid it all out for interested customers to peruse. The FAQs are well detailed and the product section provides insight into all their products.