Frequently Asked Questions

  1. If you are not a teacher can you join the Sacco?  Yes. The Sacco opened the common bond to include other civil servants, business community, farmers, institutions both private and public, churches etc.
  2. What are the products for non teachers?  Premium account whereby you join membership, accumulate savings, acquire loan and earn dividends at the end of the year just like a teacher.
  3. For a new member how long does it take to qualify for a loan?  One must save regularly for at least six months to qualify for a loan.
  4. If one transfers deposits/shares from another Sacco how is one treated?  One is treated like an old member if one transfers deposits from another Sacco and the cheque of one deposits is written in favour of Tower Sacco. Also one is entiltled for a loan immediately one joins the Sacco if is interested.
  5. If granted a loan is there a grace period before repayment commences?  For the loans to be paid through check off the grace period is 2 months and for the loans to be deducted through Fosa accounts repayments commences immediately.
  6. Can one qualify for all loans at the same time?  No. reason being for long term loans ie normal and Fosa 2/3 rule of the basic applies but you can qualify for long term loan and short term loan ie emergency and advances.
  7. What is the waiting period for a loan?  Maximum period is one month but for the emergency loans and advances the money is granted the same day of application.
  8. How many loans is one supposed to guarantee?  Normal loans are maximum 3 Fosa loans are maximum of 6. Emergencies and advances there is no limit.
  9. When does guarantor ship cease?  When the loanee clears his/her obligations ie clears a loan to take up another one or finishes repaying the loan.
  10. How secure is the funds of the Sacco?  The Sacco is licenced by SASRA the regulatory body of the deposit taking Saccos. Also the Sacco has invested heavily on its members by giving out credit facilities.
  11. If one wants to withdraw how long does it take to be refunded the savings?  The member must give 60 days notice through writing whereby his/her deposits are refunded.

Our Partners

Contact Us

HEAD OFFICE:

OL'KALOU FOSA Building,

OL’Kalou/Nyahururu Road:

P.O Box 259-20303,OL’KALOU

TEL: 051-8000822, Fax 020-2071205

CELL: 0723-836421;0733-416492, Hotline: 0731638930

E-mail: info@towersacco.co.ke

Website: www.towersacco.co.ke.