Minor Savings Account
- The guardian or parent shall be a member for a minor account to be opened.
- This shall be a pure savings account.
- The account shall be exempted from all charges including
benevolent fund. - It shall be entitled to distributable surplus.
- The account shall not be used to take a loan. However, it may be
used to guarantee a loan of the parent or guardian taken for the
purpose of school fees or hospital bills for the minor only. - Having a minor account shall not grant the holder an extra vote.
- The guardian/parent shall be the de facto next of kin to this account.
- The guardian or parent will be consulted and will declare in writing about reverting the funds to the minor when he/she attains the age of 18 years. The minor will have to apply as a member to retain the funds in the self-help group.
LOAN PRODUCTS
Members shall be entitled to different loans but will be limited to only one type of loan product at any given time. Ruiru Fund offers the following loan products:
-
Development Loan
This is an all-purpose loan granted to all members individually or to corporates to finance development projects.Features
a) Must be fully guaranteed for both individuals and corporates.
b) The duration of repayment shall be determined as per the loan repayment schedule. -
Business loan
This product shall be used to finance trading activities. Features
a) Shall be available to individuals and corporates.
b) The loan shall be advanced to ongoing businesses only.
c) The duration of repayment shall be determined as per the loan
repayment schedule.
3. Emergency Loan
This loan shall be disbursed for unforeseen circumstances e.g. sickness, natural disasters or accidents.
Features
a) Will be taken at a maximum of Kshs.100, 000.00.
b) Must be fully guaranteed.
c) Shall be repaid within a period of 12 months
d) Corporate members shall not be eligible for this product.
4. Education Loan
This loan shall be disbursed to cater for school fees and related expenses only.
Features
a) The loan will only be disbursed after a valid school fees structure has
been presented to the management.
b) The loan shall be disbursed via cheque to the institution directly.
c) Shall be repaid within a maximum period of 24 months for post-
secondary education and 12 months for secondary and primary institutions.
d) Must be fully guaranteed.
e) Corporate members will not be eligible for this product.
5. Agribusiness Loan
This loan shall be granted for agricultural purposes aimed at promoting agriculture for food security, improved livelihoods and economic growth.
Features
a) The product features shall be customized to fit the diverse needs of
members.
b) The repayment period shall be limited to a maximum of 24 months.
c) Normal interest rate for all other loans shall also apply to this product.