What are the requirements for becoming a Glory SACCO member?
1. Three passport photos
2. A copy of national ID, driving permit or passports
3. Membership fee ........................10,000/=Shillings
4. Passbook fee ...........................3,000/=Shillings
5. One Share ................................20,000/=Shillings
6. Min-balance on saving A/C .........10,000/=Shillings
How long does it take a new member to qualify for any loan?
Do I need security to get a loan?
Yes. Your deposit is treated as the first charge/security plus a minimum of 2 guarantor’s depending on the size of the loan. The guarantors will be jointly and severally liable in the event the borrower defaults. NB: All our loans must be secured with a land tittle, land sales agreement or a car logbook to those we have known for long
Can I take more than one loan?
Yes. A member is entitled to all other loans so long they prove capacity to pay. However, long term loans can only be taken one at a time
If I have a loan, am I entitled to dividends at the end of the year?
Yes. Dividends are as a result of interest earned/received from loans issued to members. Once they are declared by the board and approved by the AGM, they are distributed to all the persons who were members in good standing with the society as at the close of that financial year, i.e. their contribution and loans are up to date.
Who is eligible to be a guarantor?
Guarantors are any person of sound mind and of good characters
For how many loans can a member be guarantor?
Any number of loans as long as the member being guaranted has collateral security
How safe are my deposits in Glory SACCO?
Banking Services provided by Glory Savings and Cooperative are monitored by the Registrar of Cooperatives.
Frequently Asked Questions At Glory SACCO