UNISA SACCO SOCIETY LIMITED
FREQUENTLY ASKED QUESTIONS.(FAQs)

Q. How long does it take for my account to become dormant?
A. The account becomes dormant after 90days of inactivity. Make sure you make a deposit every month.

Q. After how long can I qualify for a loan after joining?
A. After joining the Sacco, you need to save consistently for at least 6 months and buy the minimum share capital of Ksh.10,000 for you to qualify for the first loan.

Q. Do I need a guarantor for my loan?
A. Before giving out a loan, we make sure that it is 100% secured. Therefore, unless you’re applying for a loan less or equal to your savings you will require a guarantor or a collateral. We accept Log Books and Title Deeds as collaterals.

Q. How soon can I get a loan after applying?
A. Ideally, it should take a maximum of 7 days after completion and submission of the loan documents. In instances of emergency loans, the disbursal is done same day.

Q. Can I access another loan if I already have an outstanding loan balance?
A. Yes, you can if you have free savings.

Q. Why does my loan seem not to reduce despite paying at 1% reducing balance?
A. There are several instances why your loan balance may seem that way and one of them is if you have defaulted and the second one might be the insurance fee which is payable after 3 months.

Q. What is the interest rate of the loans that you offer?
A. All our loans are paid at 1% interest on a reducing balance except the Unicash Loan which is 8% on a reducing balance per month.

Q. What are the features of Unicash Loan?
A. It is a mobile loan that gives you 75% of your free savings and a maximum of Ksh.50,000. The loan is payable within 3 months at an interest rate of 8% on a reducing balance every month.

Q. Can I get a refund of my savings?
A. Yes, we refund 100% of your savings after giving us a notice of 60days. For the Share capital, you can only transfer/sell.

Q. Do my money earn me anything after saving with Unisa?
A. Absolutely YES! Every year, we pay out interest on deposits which are earnings from your savings and Dividends which are earnings from Share Capital.

Q. Why should I join Unisa Sacco?
A. There are a couple of reasons why you should join us:
1. We promote a savings culture and ensure that you have a peaceful mind tomorrow.
2. Being a BOSA Sacco, it gives you the discipline of saving.
3. We offer personalized services and affordable loans.