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If you are not a teacher, can you join Tower Sacco?

Yes. The Sacco opened the common bond to include other civil servants, business community, farmers, institutions both private and public, churches etc.

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.

For a new member how long does it take to qualify for a loan?

One must save regularly for at least three months to qualify for a loan. Or process the salary through a Karibu loan.

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 favor of Tower Sacco. Also one is entiltled for a loan immediately one joins the Sacco if is interested.

If granted a loan is there a grace period before repayment commences?

We do not have grace period on loans but the same is negotiable with the credit officer.

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.

What is the waiting period for a loan?

Loans are processed daily as they come after the perception of the loan application forms.

How many loans is one supposed to guarantee?

Major loans are maximum of ten. No limits for short term loans.

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.

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.

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.