Wevarsity Sacco Membership Eligibility & Requirements

Wevarsity Sacco Membership Eligibility & Requirements

Joining a Sacco (Savings and Credit Cooperative) in Kenya offers numerous advantages. First, it provides members with a convenient platform to save and access affordable credit, promoting financial stability and independence. Saccos often offers competitive interest rates on savings and loans, surpassing those of traditional banks. Sacco members can also benefit from collective bargaining power, gaining access to better investment opportunities and insurance products. So, what is Wevarsity Sacco, and what benefits you can enjoy?

Wevarsity Sacco was Registered On 02/10/2003 under Certificate Number CS/10243. The Sacco operates under the Co-Operatives and the Sacco Society Regulatory Authority (SASRA) Acts. Wevarsity Sacco serves the staff of Masinde Muliro University Of Science And Technology (MMUST), Kibabii University (KIBU), Kaimosi Friends’ University College (KAFUCO), Lake Victoria North Water Services Board (KACWASCO), ACCES and the residents of Kakamega town among others.

Wevarsity Sacco Saving Products

This Sacco has different types of saving products. These savings products have various types of conditions and terms. The savings products for Wevarsity Sacco are as follows:

1. Christmas Savings

Christmas Savings is a program offered by Wevarsity Sacco, where you can prepare for the festive season with ease and financial security. To get started, a non-refundable registration fee of Ksh 500 is required. Once registered, you are committed to making a minimum monthly savings contribution of Ksh 500.

These savings are designed to mature after a minimum period of 12 months. As the year progresses, you can look forward to your savings reaching their full potential. In anticipation of the holiday season, your matured savings will be available for withdrawal during the second week of December. This thoughtful approach ensures that you have ample funds at your disposal to enjoy a wonderful Christmas celebration.

2. Education Savings

Education savings is another product offered by the Sacco to assist its members in saving their funds specifically for education. The product consists of the following terms and conditions:

  • The registration fee is ksh 500 non-refundable.
  • Minimum savings of ksh 500 per month.
  • Savings mature after at least 12 months.
  • Savings mature in the first week of January.

3. Ordinary Savings

Apart from Education and Christmas Savings, the Sacco also provides Ordinary Savings. Ordinary Savings is a type of savings that is not entitled to any task specifically or has a different meaning from the above. This product has the following requirements:

  • Account opening is free.
  • Statement of account is issued after every six months or upon request at a fee of ksh.100.
  • The minimum account balance is ksh 500.
  • A half of this minimum is refunded on closure of the account on withdrawal.

4. Fixed Deposit Savings

Fixed Deposit Savings has the following requirements:

  • Minimum of 3 months.
  • The minimum amount to be fixed is kshs.20,000.
  • Breach of terms results in forfeiture of interest.

What Loans are Offered by Wevarsity Sacco?

Apart from savings this sacco also provides different loan products to its members. However, the Sacco has variations of loans designed to satisfy a specific group of members based on their needs. So I will walk you through each of the loan products so that you understand each one of them:

1. Normal Loan

Normal Loan provides a flexible and responsible borrowing option for members, considering their financial capacity and promoting prudent financial management. Requirements include:

  • Maximum of three times member’s deposits subject to entitlement.
  • The repayment period is within 36 months.
  • Interest rate is on reducing the balance
  • 2/3 rule applies

2. Development Loan

These loans serve as a critical source of capital for a wide range of endeavors, including but not limited to infrastructure development, housing construction, industrial expansion, and technological innovation. The primary goal of a development loan is to empower borrowers to invest in projects that have the potential to generate long-term economic benefits and enhance the overall quality of life for a given population or community. Loan requirements for development loans provided by Wevarsity Sacco include:

  • The maximum loan is four times the member’s deposits.
  • The repayment period is within 48 months.
  • Interest is on reducing balance.
  • Loan granting is subject to the availability of funds.
  • The 2/3 rule applies.

3. Pikipiki Loan

Pikipiki Loan is a specialized lending service tailored to individuals seeking to purchase motorbikes. This innovative loan product addresses the financial constraints often associated with acquiring a motorbike, which can serve as a vital asset for personal mobility, small business ventures, and even employment opportunities. Wevarsity Sacco pikipiki loan terms and requirements include:

  • Maximum of Kshs. 600,000 subject to entitlement.
  • The repayment period is within 24 months
  • 3 times deposits.
  • Interest is on reducing balance.
  • The 2/3 rule applies.
  • Subject to availability of funds.

4. Maliza Mradi

Maliza Mradi is a refinance that allows members to complete their projects that are in progress.

Maliza Mradi requirements and terms include:

  • Done on Normal and Development loans subject to availability of funds.
  • Member must have repaid the initial loan for at least 25% of the period.
  • The repayment period is 60 months.
  • Interest is on reducing balance.
  • The total amount must not exceed 4 times the member’s deposits.
  • The 2/3 rule applies.

5. College Fees loan

The College fees loan provided by the Sacco allows members to borrow money and pay for their college fees. The College Fees loan requirements and terms include:

  • Maximum of Kshs. 200,000 subject to entitlement.
  • The repayment period is within 12 months.
  • Interest is on a straight-line basis and is charged upfront.
  • The 2/3 rule applies.

6. School Fees loan

Similar to college fees loan School Fees loan is meant to satisfy the same purpose which is paying school fees. School fees loan has the following requirements and terms.

  • Maximum of Ksh 150,000 subject to entitlement.
  • The repayment period is 10 months within a calendar year.
  • Interest is on straight line and interest is charged upfront.
  • The 2/3 rule applies.

7. Emergency Loan

Emergency loans play a crucial role in providing immediate financial relief during times of unforeseen crisis or urgent need. The Emergency loan provided by Wevarsity Sacco has the following requirements and Terms:

  • Maximum of Kshs. 50,000 subject to entitlement.
  • The repayment period is within 10 months.
  • Interest is on reducing balance.
  • The 2/3 rule applies.

8. Passage and Baggage loan

Passage and Baggage loan is also a loan product provided Wevarsity Sacco. This product is suitable for the new members of the Sacco, newly employed to help them settle. Also, it’s available for old members who are relocating to new premises. For newly employed, one must become a member first by filling out an application for membership form.

Passage and Baggage loan requirements and terms include:

  • The loan form plus proof of employment and ID copy accompany the application for membership form.
  • The Sacco admits one into membership and allocates a member number which is filled in the loan form.
  • Maximum of Kshs. 40,000 subject to one’s ability to repay.
  • A quarter of the loan amount i.e. Ksh 10,000 to be used to boost deposits for members whose deposits are less than 10,000.
  • The repayment period is within 4 months.
  • Interest is 5% per month on the initial principal.
  • Interest is charged on a straight-line method upfront.

9. FOSA plus loan

The FOSA Plus loan operates by allowing borrowers to simultaneously build a savings balance while accessing funds as a loan. This dual functionality sets it apart from conventional loans, where borrowers typically receive a lump sum of money to be repaid with interest. In contrast, with a FOSA Plus loan, a portion of the borrowed amount is deposited into a dedicated savings account, which accrues interest over time. FOSA plus loan requirements include:

  • One must be a member of BOSA.
  • Maximum of Kshs. 600,000 subject to the ability to repay.
  • The repayment period is within 24 months.
  • Interest is on reducing balance.
  • One must be a FOSA salary earner for at least 3 months.
  • At least Ksh 1,000 must remain after servicing of the loan as the member’s net pay.

ALSO CHECK: BALOZI SACCO MEMBERSHIP AND ELIGIBILITY

10. Instant plus loan

Instant plus loan is another loan product for Wevarsity Sacco that combines speed and an increased borrowing capacity, offering individuals a quick solution to meet substantial financial requirements. To qualify for an instant plus loan, applicants generally need to meet specific eligibility criteria, which may include a stable income, a reasonable credit score, and the ability to demonstrate repayment capability. Loan features and terms include:

  • Maximum of Ksh600,000 subject to the ability to repay
  • The repayment period is within 36 months.
  • Interest is on a straight-line basis.
  • The deposit multiplier is 5.
  • 20% of the amount applied is transferred to deposits if the member is applying for this product for the first time.
  • Available in both BOSA and FOSA

11. Salary Advance

  • For FOSA salary earners.
  • One must have earned through FOSA for at least 1 month.
  • Recovered summarily at the end of the month.
  • Interest is 10% of the amount advanced.

12. Super Salary Advance

  • For FOSA salary earners.
  • One must have earned through FOSA for at least 3 months.
  • Repayable in 3 months.
  • Interest is 15% per month on the initial principal amount of the amount advanced

Wevarsity Sacco Frequently Asked Questions

How to Withdraw Money from Wevarsity Sacco

To withdraw money from Wevarsity Sacco, members have multiple options. They can withdraw funds from the counter, use mobile banking by dialing *879#, or utilize the mobile banking app, which is available on the Google App Store for Android phone users. Additionally, members can withdraw money through the ATM using the Sacco Link Visa ATM card.

How can I transfer money to my Wevarsity Sacco account or repay loan via mobile Money

To transfer money to your Wevarsity Sacco account or repay a loan via mobile money, you can use Safaricom MPesa paybill No. Input “Ordinary savings” to deposit funds into your account or the name of the loan you are repaying as the account number. This convenient method allows you to manage your finances seamlessly through your mobile phone.

How do I check my Wevarsity Sacco Account Statement, Shares contributions, and people I have guaranteed?

To check your Wevarsity Sacco Account Statement, Shares contributions, and people you have guaranteed, you can easily access this information by logging into the members portal. Alternatively, you can also inquire about these details at the enquiry desk at the Sacco.

How long does it take to become a Wevarsity Sacco Member and related services?

To become a Wevarsity Sacco Member and access related services, you need to submit a complete filled member registration form and provide proof of payment for the membership registration amount. This process typically takes less than one hour to complete. It’s worth noting that Wevarsity Sacco is working on implementing a fully online registration system for added convenience in the future.

Wevarsity Sacco Contact Details

  • Wevarsity Plaza
    Kakamega-Webuye Road, Lurambi, Kakamega
  • P: (254) 707 124 360
  • E: info@wevarsitysacco.co.ke
  • H: Monday – Friday: 9:00 AM to 5:00 PM