Kwetu Sacco Normal Loan

FORM B003
LOAN NO:
NORMAL LOAN APPLICATION FORM
A). PERSONAL DETAILS
Members Name..................................................................TSC/PF No.......................... M/ NO.....................
ID No: ……………….…… Fosa Account No: ………….……………… Phone No………………………
Workstation........................................................... Email address …………………………………………..
Country…………………… County…………………Sub-county…………….. Location………………..
Electoral Area……………………………… Terms of service (Permanent, contract) …………………….
Nex of Kin (name)………………………………………………… Phone No…………………………….
B). LOAN APPLICATION AND REPAYMENT DETAILS
I…………………………………………..hereby apply for a loan of KShs…..………………… (figures),
amount in words..................................................................................................................... and I hereby
authorize recoveries from my salary in installments of KShs …………………… for a period of
………………… commencing on ………………….. until the amount is fully recovered.
I give consent and authorize Kwetu Sacco Society Ltd during loan appraisal to access and query my credit
information both negative and positive from any of the Licensed Credit Reference Bureau to Receive
Credit Reports /Scores.
C). PURPOSE FOR WHICH LOAN IS APPLIED
1) Bank Loan offset Ksh…………… 2) Transfer to shares (ksh.)……...……. 3) others (Ksh.) …….…….
LOAN OFFSETING: I Do hereby authorize Kwetu Sacco Society to offset my outstanding Bank loan
balance (s) as per the attached bank statement (s) and agree to collect the remaining balance after the bank
stops the deductions and the same effected to my employer.
D).SECURITY WHICH I OFFER FOR THE LOAN:
1) Salary 2). Shares Deposits 3). Guarantors Shares Deposits 4).Other….……...

E). BORROWER’S DECLARATION
I hereby give Kwetu Sacco Ltd consent to use the information and attachments provided with this form for the intended purpose
and agree to abide by the SACCO’s General Terms and Conditions and Data Privacy policy at the SACCO Branches or on the
SACCO’s website: www.kwetusacco.com . I also confirm having understood that my personal data provided in this application
form shall be processed in accordance with the provisions of the Data Protections Act, 2019 (KE), and where applicable the
General Data Protection Regulation (EU) 679/2016 or all other applicable laws as may be amended from time to time.
I also authorize the necessary deductions including 1.09216% interest monthly to be made from my salary as repayment of the
loan on a reducing balance and a processing fee of 0.5% to be recovered from loan after approval. I further authorize my Pay
Point to be Kwetu Sacco Ltd. I declare that I am not indebted to any other credit society, bank, or any other loaning agency
(except as listed on pay slip) either as borrower or endorser. I also acknowledge a debt collection fee of not less than Kshs.
20,000/= or any amount the society deems fit in case of default.
Finally, I declare that the particulars are true to the best of my knowledge.
Applicant Signature........................................................... Date.............................................................
Witnessed By...................................................... Signature................................ Tsc/ PF.No………………
Member No……………………………… Tel No:…………………………………………………

BORROW WISELY, PAY PROMPTLY
F. GUARANTORSHIP CLAUSE (Amount in Guarantee Must be More or Equal to the Amount Applied)
We the undersigned hereby accept jointly and severally liability for the repayment of the loans in the event
of the borrower’s default. We understand that the amount in default may be recovered by an offset against
our shares in the society or by attachment of our property or salary and that we shall not be eligible for
loans unless the amount in default has been cleared in full.
We, the undersigned, also give consent to Kwetu SACCO Ltd to use our data provided for intended
purpose in accordance with the Data Protection Act 2019 and any other laws that may apply.
NOTE: Read above before you guarantee anybody. (Guarantors must attach ID Copies)
Name TSC/PF. NO Member No. Shares Given Tel No. Signature
1.
2.
3.
TOTAL
FOR OFFICIAL USE ONLY

Shares deposits………………x4……………...…… Outstanding Loan Balances…………...………………………
Members present basic salary……………………...…………… 1/3……………...………………..…………….…
Net salary …………………… Bank deductions ………………..…… Monthly Share Contribution…….…………
Total allowable loan repayment ability……………...……………...………. X period………...……………………
Computed entitlement………………………………………
Registered By:……………………………………………………………………... Sign………...………

Appraised By: I certify the application is within the loaning policy of the society. Sign………...………
Approved By: I certify the amount appraised is correct. Sign………...………
Verification (Accounts): remarks…………………………………………...……………….. Sign…………..……
CEO / Finance Manager: Recommend /not recommend for approval Signature.......................................................
CREDIT / MANAGEMENT
Approved Not approved Deferred (tick as appropriate)
REASON: Bad credit history lack of security inadequate funds to meet loan demand
Credit committee minute No…………………………………... Date……………………………………………
Credit Committee Member…………………..……………… Signature…………………… Date: ……………...
Credit Committee Chairman ……..…………………………. Signature................................ Date:…...………….
BORROW WISELY, PAY PROMPTLY

Kwetu Sacco Normal Loan

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FORM B003

C). PURPOSE FOR WHICH LOAN IS APPLIED

1) Salary 2). Shares Deposits 3). Guarantors Shares Deposits 4).Other….……...

Member No……………………………… Tel No:…………………………………………………

Name TSC/PF. NO Member No. Shares Given Tel No. Signature

FOR OFFICIAL USE ONLY

Registered By:……………………………………………………………………... Sign………...………

BORROW WISELY, PAY PROMPTLY

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