Elimu Sacco, one of Kenya’s most reputable savings and credit cooperative societies (SACCOs), was established in 1972 by employees of the Ministry of Education. Over the years, it has grown to become a trusted financial institution, providing members with access to affordable credit and various financial services. This article provides an in-depth look at the eligibility requirements and process for joining Elimu Sacco, as well as the benefits available to members.
Elimu Sacco Membership Eligibility
To become a member of Elimu Sacco, individuals must fall into one of the following categories:
- Ministry of Education and TSC Employees – Employees working for the Ministry of Education and Teachers Service Commission (TSC) can apply for membership.
- Government Ministries and Parastatal Employees – Civil servants and workers from government-affiliated institutions are eligible to join.
- Employees of Educational Institutions – Staff from schools, colleges, universities, and other educational institutions can become members.
- NGO Employees – People employed by non-governmental organizations can also join the Sacco.
- Self-employed Individuals – Entrepreneurs and business owners can apply for membership as long as they meet the necessary requirements.
How to Join Elimu Sacco
The process of becoming a member of Elimu Sacco is simple and straightforward. Follow these steps:
- Download the Membership Application Form – Access the application form by visiting the Sacco’s website or collecting it at a nearby Elimu Sacco branch.
- Prepare Required Documents – Applicants must provide:
- A copy of their National ID.
- Two colored passport photos.
- A fully filled membership application form.
- Pay the Membership Fee – A one-time membership fee of Kshs 400 is required.
- Monthly Deposits – Members are expected to make a minimum monthly deposit of Kshs 1,750, which helps build up savings and determines loan eligibility.
Elimu Sacco Products
Elimu Sacco offers a variety of financial products through its Back Office Services Activity (BOSA) and Front Office Services Activity (FOSA). These products cater to different financial needs, from loans for development and emergencies to mobile banking solutions.
(a) BOSA Products
- Instant Development Loan
- Offered at affordable rates, with a maximum repayment period of 36 months.
- Members can borrow up to three times their savings minus any outstanding loans.
- College Fees Loans
- Repayable over 24 months, ideal for financing education-related expenses.
- Emergency Loan
- Processed within 24 hours for urgent financial needs, with a repayment period of 12 months.
- Elimu New Vision Loan
- Offers up to four times one’s savings, repayable over 72 months at an interest rate of 1.375% per month.
- Ji-Connect Loan
- Designed for purchasing mobile phones and gadgets, repayable over 12 months.
- Super Loan
- Tailored for members who need urgent financial support, repayable within 36 months at 1.25% interest per month.
- G-Patie Tank Loan
- Available for members needing water tanks, with a 12-month repayment period and an annual interest rate of 13%.
- Development Loan
- Borrow up to three times your deposits for development projects, with a repayment period of 48 months.
- Premier Development Loan
- Offers financing up to three times your savings, repayable within 30 months.
- School Fees Loan
- Helps cover education costs, repayable within a school year.
- Elimu Benevolent Fund
- Mandatory contribution of Kshs 75 per month per member, and additional contributions for spouse and children under 18.
- Loan Risk Fund
- Mandatory Kshs 100 per month contribution to mitigate risks associated with loans.
(b) FOSA Products
- Easter Mobile Loan
- Offers up to Kshs 12,000, repayable over two months with a 4% interest rate deducted upfront.
- Mobile Friday Loan
- Available to members whose salary is processed through FOSA, with no need for guarantors, and a repayment period of one month.
- Investment Mobile Loan
- Provides up to Kshs 14,000, repayable over three months with a 4% monthly interest rate.
- Mobile Instant Loan
- Accessible after three months of membership, with a maximum loan amount of Kshs 10,000, repayable within one month.
- Mobile Salary in Advance
- Members can borrow up to 90% of their net salary, repayable within a month.
Conclusion
Elimu Sacco offers an attractive range of products and services, making it an ideal choice for individuals in the education sector and other eligible professionals. With affordable loans, flexible repayment options, and mobile banking solutions, members can enjoy financial stability and access to credit. Joining Elimu Sacco is straightforward, and its wide range of products ensures that members can meet their personal, educational, and business financial needs.
For more information, you can contact Elimu Sacco at their head office:
Head Office: Elimu House, South B, Mubiru Road, Nairobi.
Phone: 020 869 1300 / 0727 013 047 / 0739 599 354
