A.) CREDIT SECTION
You need to save consistently for at least 6 months in BOSA
Back Office Services Activity. Funds in BOSA are NOT withdrawable unless you take a loan or Withdraw from the Sacco to access your funds.
Yes. If you deposit a lump sum larger than your current savings, you will need to wait for at least 3 Months in order to qualify for a loan
Yes, we do, all you need is seek advice from our credit officers by presenting Latest Certified Loan Statement/s from the Financial Institution
This varies on the type of loan a member is borrowing: The processing period for a long-term loan is within 1 month while that of short- ter m loan is within 24 hours
Short-term loan is a loan that you can service within a period of 24 Months. A long-Term loan repayment period is over 24 Months
You need to have a Guarantor if borrowing over and above your savings. Currently, the Sacco has also opened up to other forms of security e.g. Tittle Deeds, Logbooks
You need to Complete filling in a loan application form (Downloadable from our Website), attach copy of ID, latest certified pay slip (If on Check off arrangement). For those not on check off arrangement with the Sacco present latest certified Bank Statement/s for the last six months.
This applies to all type of loans; Short /Long term loans
This means that your employer remits deductions to the Sacco directly and has signed a memorandum of understanding with the Sacco to remit by every 5th of the month
At least 3 guarantors subject to amount.
The ratio is 1:3, meaning your total Sacco loans should not exceed 3 times of your savings
If I want to rejoin the Sacco and still have shares, how long do I need to save before applying for a loan?
At least three months consistently contributing shares
Yes, you can pay your loan in lumpsum repayment/s anytime. We do not penalize you for fast-tracking your loan repayment
Yes, you can borrow a loan as the maximum you can guarantee is up to 3 times your total savings
Your liability as a guarantor reduces as the loanee pays the loan
Yes; you can by filling in a next of kin update form
The notice period is 60 days to enable the Sacco align your account i.e. If you had guaranteed someone, they will need to find replacements in order to release you.
Any person can join Telepost Sacco from all the segments of the market including: Employees of Telepost Sacco Society, Telkom Kenya Employee, POSTA Kenya employee, Career Direction Limited, Human Capital Synergies and Multimedia University or other Private organizations, Private Individual members, Chamas Corporates
Fill in membership forms that can either be downloaded from our website or can be obtained from our offices or from the delegates at every county.
Attach a Copy of the National Identity Card and a passport size photograph. Entrance fee Kshs. 1,000 Minimum Monthly Contributions currently Kshs. 2,000 and Kshs. 300 being Telepost Benevolent Fund Monthly
Attractive dividends on shares and Interest on deposits Competitive Interest Rates on special deposit account and other Savings Accounts High savings will qualify for bigger Loans High savings need less guarantors to secure personal loans Access to Short and Long Term loans with competitive Interest Rates Access to variety of savings accounts tailor made to your needs such as: Holiday Account, Children Accounts, Opportunity to save for Retirement.
Through Check off system –deduction by the employer. Bank Standing Order or Cash Payment through the FOSA or Society’s Bank Account at Co-operative Bank of Kenya. Pay bill (822221)
The guarantor’s salary is attached to facilitate recovery of the defaulted loan.
Once the loan is repaid by the defaulter, a member is allowed to claim for the amount deducted from him/her for the same.
The Sacco has registered with Metropol Credit Reference Bureaus that list members who have defaulted and such members cannot qualify for loans from other financial institutions. In addition, we have debt collectors who collect defaulted loans on our behalf.
ATM Decline codes
CODE & REASON
911 Network Timeout. Try Again
912 Network Timeout. Try Again
106 Card Blocked because you have entered incorrect Pin More than two times.
116 Amount Request is more that your available balance; Adjust your request and try again
121 Amount requested is more that the allowed limit; Adjust your request and try again
129 Your ATM Card has Expired; Visit the Sacco to collect your new Card
200 Your Card was reported lost and has been blocked; Apply For another Sacco link Card
118 Your Card is not Linked to your account; Liaise with the Sacco For Linking
119 Amount requested is more that the allowed limit; Adjust your request and try again
114 Uncleared Card; Liaise with the Sacco For Sacco Link Card Clearance
By Visiting the Head office branch
Using the Sacco link Card
Using Mobile banking
Must be an active member
Visit our Head-office in Nairobi to fill the application form
Go to the website and download the form fill and send it through mail.
Attach a copy of ID to the application.
Must be a salary account holder
Application form accessed from the website
Copy of ID and current pay slip is required.
Be an active member for at least 6 months
Have raised the required amount of Share capital
Go to the website, download the M-banking form, fill and forward via email
Attach a copy of ID