Hazina Sacco is a Kenyan based credit investment organization which was registered in 1971 as a Savings and Credit Cooperative Society under the Cooperative Societies Act (CAP 490) of the Kenyan law. Being one of the best Savings and Credit Cooperative Organizations in Kenya in terms of management, it defends its stakeholders’ interests and gives them opportunities to advance their wealth under minimal risks. The organization also provides money advancements to customers and also allows them to deposit their money which promotes a habit of saving.
The amount of money you can borrow depends on your deposit and the duration you have saved with this organization. As an individual, you will have to pay an entrance fee of Ksh.1,000 while corporates and Chamas pay Ksh.3,000. You may have heard of Hazina Sacco and are wondering how do you become a member, the types of loans you can access and ways to contact them. Read on to find out.
You need to save for four months before you can be able to borrow money for an emergency, school fees, development and for other things. While you can borrow up to four times your deposit, you will need to provide security in form of guarantors, car log books, plot title deeds and regular remittances like fixed deposit account or monthly saving pension. After the money is processed, it is disbursed through various options such as bankers’ cheques, Electronic Find Transfer and Mpesa.
READ ALSO: How to get Fuliza loans - application, repayment, terms and conditionsThe organization offers a wide range of Back Office Services Activity (BOSA) products and services that are tailor-made to suit their customer’s needs. Hazina Sacco BOSA is one of the credit products given by this organization. For one to enjoy these kind of services he or she must have attained the age of 18 and above. The following are the various loans that one can apply for under the BOSA products.
This is a type of money lending method that is given to new members at four times their deposit. Interest is charged at 1% rate per month on the reducing balance. The maximum amount given to an individual is Ksh.30 million which is payable within 72 months. The same amount of money is also given to the Chamas and also paid within the same period as that of an individual.
For corporate the maximum amount that can be borrowed is Ksh.40 million but it is payable within 18 months. If you want to clear the money lent to you using cash, and apply for a new one yet you do not want to wait the stipulated period of three months, you will have to pay a commission of 5%.
Using this method an individual can be lent money after servicing the development loan for a minimum period of 6 months. 8% interest is charged on the redemption on the total outstanding amount down from an interest of 10%. A member qualifies for top up after consistently repaying the previous lent money for eight months or after paying least 11%.
The amount borrowed is advanced at four times the amount of deposit you have and has an 84 months repayment period with an interest rate of 1.2%. The repayment for the amount borrowed is made based on the Hazina Sacco loan repayment terms.
The organization can lend you money to further your education or that of your family. A member is capable of getting as low amount as he may require but with a maximum of Ksh. 500, 000 per person with 12 months repayable period. A 1% interest rate is charged per month on the reducing balance.
You can also borrow money for uncertainties or unforeseen emergencies. The maximum amount given is dictated by the ability of an individual to repay and observe the 1/3 rule. Interest of 1% is charged per month on reducing the balance.
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This service is provided with the aim of boosting deposits. The Sacco gives an option for members to borrow money from FOSA to boot deposits and to do away with their balances. This is done at a cost of 5%, therefore, qualifying them to borrow the money they need.
This is a service that is provided to all Hazina account holders. It enables members to enact transactions remotely by the use of their mobile phones. For a member to access this service, you have to apply by giving your details on the prescribed forms and submitting them to your nearest Sacco offices. By dialing *850#, you will access the banking manual.
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Under the Front Office Activity Service (FOSA) section, the Hazina Sacco also provides financial products and services that are beneficial to their customers. The loans under this category include Karibu, Hisa, Karibu top up, HSF okoa advance and HSF special advance loan. Apart from Hisa loan which has an interest rate of 5%, if you borrow money listed under the other FOSA categories, you will be charged a lower interest rate of 1.2% per month on reducing balance. For you to be eligible for these loans, you must be guaranteed by at least two FOSA account holders.
This is a fund that insures savings and the money borrowed in case the account holder dies. In the event of death, the savings are given to the next of kin while the insurance clears the loans. This fund also pays for funeral expenses of up to Kshs 100,000. One becomes a member of the Hazina welfare fund by filling the Hazina Sacco benevolent form and paying Kshs. 100 per month.
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Making monthly payments has been made easier thanks to the Mpesa paybill. This has come with a variety of Mpesa services, and you can now make your deposits and repay any borrowed money through the Hazina Sacco Mpesa paybill number 850436. You can also repay the money lent by this company through a bank standing order, cash or automatic deduction of salary by the employer.
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Below are some of the institutions, groups or people who are eligible for Hazina Sacco membership.
Anyone who wishes to join this organization will first need to download and fill the membership form. Apart from getting the form on the official website, you can also obtain them from their offices. The application process is a transparent and straightforward process; it needs one to give the required information as required on the application form. You may also be required to fill Hazina Sacco next of kin forms to ensure that just in case you die your family members can access your savings or shares. The filled forms are then submitted to the Sacco offices for consideration. You will be notified if your application is successful.
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Apart from lending cash, you can also request for Hazina Sacco advances which include divided advance and HSF salary in advance. Payment for Hazina Sacco dividends advance is made between October and February and will have to be approved by the board of directors. The amount allocated will not surpass interests on deposits or half of the dividends on share.
You can reach Hazina Sacco by visiting their office located at Kibera Road Off Ngong Road, Behind Shell Petrol Station. You can also call or email them through the following contacts.
Telephone: landline 1: 02-2719098
Landline 2: 020-2722106
Landline 3: 0202428634
Mobile number 1: 0701820219
Mobile number 2: 0701819685
Mobile number 3: 0735926900
By joining Hazina Sacco, you will enjoy attractive dividends on shares, interest on deposits and when you borrow money you get fair interest rates. With the above information, you can contact the organization to ensure it fits your financial goals and needs.
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Barbara Davis (SEO writer) Barbara Davis is a graduate of Biochemistry who seeks to use her knowledge to craft informative health and lifestyle articles. With three years of experience as a writer, she has covered various niches, including entertainment, education, fashion, and content marketing. She loves traveling, reading, watching movies, and learning new things. Her email address is: bmwandagha@gmail.com.
