Frequently Asked Questions (FAQs)
1. What types of savings and investments do Patnas Sacco offer?
We provide the following:
- Savings
- Personal Savings
- Both Individual and Joint savings
- Institution Savings
- Lakwet Savings
- For children below 18 years
- Managed by a guardian
- Fixed Deposit
- Fixed Rates of 13% Per annum
- Minimum lock period: 1 month
- Investments
- Share Capital
- Non-withdrawable Deposits
2. Can I withdraw my non-withdrawable deposits?
Non-withdrawable deposits can only be refunded when a member exits the Sacco, provided all loans and guarantees are cleared, and with a 60-day notice.
3. Do share-capital earn dividends??
Yes. Shares may earn dividends based on the Sacco’s annual financial performance and in line with SASRA requirements.
4. Are my savings safe with Patnas Sacco?
Yes.Patnas Sacco safeguards both the real value (purchasing power) and nominal value (the actual amount) of members’ savings through prudent financial management and asset protection.
5. Who is eligible to apply for a loan at Patnas Sacco?
Any registered member with minimum savings and an active account.
6. What factors determine loan eligibility?
Savings history, repayment capacity, guarantors, and credit compliance.
7. What do i need when appying for a loan?
- A fully completed loan application form.
- Attach 3 most recent pay slips.
- A copy of an acceptable form of identification (National ID/Valid Passport).
- Guarantors should be active members and have contributed for at least the stipulated period of months stated in products section.
- One must have been an active member for at least the stipulated period of months stated in products section
8. How does the Patnas Sacco ensure loans are repaid?
Monitoring, reminders, and restructuring when necessary.
9. Are loans insured?
Yes. Credit life insurance covers outstanding balances upon death.
10. What happens when a borrower defaults?
Recovery is done through savings, guarantors, collateral, or legal action.
11. How are arrears classified?
Based on number of days overdue.
12. Can a guarantor withdraw from a guaranteed loan?
No. They remain liable until the loan is cleared.
13. When does an account become dormant?
After six months without transactions.
14. Can savings be used to offset loans?
Yes. The Sacco may apply part or all of a member’s interest or dividends toward overdue loans.
15. Can I close my savings account?
Yes, once all loans and guarantees are cleared.
16. Who determines interest rates?
The Board of Directors based on market and performance.
17. Can I access my statements anytime?
Yes, Members may access statements by requesting a printed copies at a fee.