Membership is open to individuals who meet the SACCO's membership requirements and are willing to abide by the Society's by-laws and policies.
How do I become a member?
Complete the membership application form, provide the required documents, and pay the applicable membership fees and share capital.
What documents are required to join the SACCO?
A copy of your National ID or Passport, KRA PIN certificate, passport-size photo, and any other documents requested by the SACCO.
Why should I become a member of RAMCO Group SACCO?
Members enjoy access to affordable loans, competitive returns on savings, financial growth opportunities, and participation in the ownership and governance of the SACCO.
Can I continue being a member after leaving my employer?
Yes. Members can continue their membership by making contributions directly to the SACCO.
Savings & Share Capital
Why is Share Capital important?
Share Capital represents a member's ownership in the SACCO. It is a long-term investment that helps strengthen the SACCO's financial position.
What are Deposits?
Deposits are member savings held by the SACCO and are used in determining loan eligibility and borrowing limits.
How are dividends and interest calculated?
Dividends on share capital and interest on deposits are determined based on the SACCO's annual financial performance and approved by members during the AGM.
Do deposits earn interest?
Yes. Members may earn interest on their deposits as declared by the SACCO during the Annual General Meeting.
Can I increase my Share Capital?
Yes. Members are encouraged to increase their share capital beyond the minimum requirement.
Loans
What loan products does RAMCO Group SACCO offer?
Development Loans, Normal Loans, Household Loans, College Loans, Emergency Loans, School Fees Loans, Flash Advance Loans, and Instant (Katawaya) Loans.
When do I qualify for a loan?
Members become eligible for loans upon meeting the specific requirements of the loan product applied for and maintaining active membership.
What documents are required when applying for a loan?
A completed loan application form and supporting documents as requested by the SACCO.
Do I need guarantors when applying for a loan?
Yes. Depending on the loan product and amount applied for, members may be required to provide guarantors.
How long does loan processing take?
Processing timelines vary depending on the type of loan and completeness of the application documents.
Can I repay my loan early?
Yes. Members may repay their loans before the scheduled maturity date, subject to the SACCO's loan policies.
What happens if I default on my loan?
Members are encouraged to make timely repayments. In the event of default, the SACCO will apply the recovery procedures outlined in its credit policy.
What happens if my guarantor leaves the SACCO?
You may be required to replace the guarantor to maintain compliance with the SACCO's lending requirements.
Can I have more than one loan at the same time?
Yes. Members may qualify for multiple loan products, subject to eligibility, repayment capacity, and SACCO approval.
How is my loan limit determined?
Loan limits are based on a member's deposits, repayment ability, and compliance with SACCO lending requirements.
Can my deposits be used to offset my loan?
Deposits can only be utilized to offset your loans when exiting the SACCO.
Statements & Member Services
How can I obtain my account statement?
Members can request their statements through the SACCO office or any approved communication channels.
How often are statements issued?
Statements are available upon request and may also be issued periodically by the SACCO.
How can I update my personal details?
Members can visit the SACCO office and complete the relevant update forms.
Membership Withdrawal
How can I withdraw from the SACCO?
Members wishing to withdraw should submit a written notice and complete the withdrawal process as guided by the SACCO.
Can I withdraw if I have an outstanding loan?
No. All outstanding loans and liabilities must be cleared before membership withdrawal can be processed.
Will I receive my deposits after withdrawing?
Yes. Eligible deposits will be refunded in accordance with the SACCO's withdrawal policy and timelines.
Can I rejoin the SACCO after withdrawing?
Yes. Former members may reapply for membership subject to the SACCO's prevailing membership requirements.
Can I transfer my membership to another person?
No. SACCO membership is personal and cannot be transferred to another individual.
How much notice is required before withdrawal?
60 days, within which all guarantors must be replaced and all loans cleared.
Security & Governance
How safe are members' savings?
RAMCO Group SACCO is committed to safeguarding members' savings through sound financial management, internal controls, and compliance with applicable regulations.
How are SACCO leaders elected?
Leaders are elected by members during the Annual General Meeting in accordance with the SACCO's by-laws.
Can members participate in SACCO decision-making?
Yes. Members participate in key decisions through meetings, elections, and the Annual General Meeting.
How can I contact RAMCO Group SACCO?
Through our office, official phone numbers, email address, or social media platforms.
Still have questions?
Our team is happy to help - reach out directly or visit our office.
