Dear Esteemed Members,
The Management wishes to announce that the 2020 Interest on Deposit Loan (IDL) application window is now open.
The IDL is one of the Society’s loan products that create an opportunity for the members to make use of the undeclared interest on deposits for the financial year in question. The financial year in this case is 2019.
The product is offered under the following terms and conditions: –
- The application window shall run from 10th February 2020 to 10th March 2020;
- A member is entitled to apply for 50% of the undeclared interest for the financial year of 2019 at an interest rate of 5% charged upfront. For FY2019, the proposed and undeclared interest is 7.5% calculated on a weighted average basis;
- The loan shall be paid in accordance with the Dividend and Interest on Deposits Policy (herein attached); and
- Other terms and conditions as outlined in the Society’s policies shall apply.
- Attached is the product application form which can also be downloaded from our website – www.kanisa-sacco.org/library/
The Management would like to remind you to update your bank account or M-PESA payment details with the office in preparation for the payment of interest on deposits. We also want to inform you that you can also use your interest on deposit for loan repayment or reinvestment back into your deposits. Kindly do not hesitate to inform the office through writing, before the AGM date, should you wish to plough back your interest on deposits.
We take this opportunity, to wish you all the best as we look forward to seeing you all at this year’s AGM.
Attachment:
1. Dividend and Interest on Deposits Policy
2. IDL loan application Form
Yours Sincerely,
Alice Agunda
Hon Secretary.