SNAT co-ops center

Vision

To be the best savings and credit co-operative in Africa with a financially secured and independent membership

Mission

To be the best savings and credit co-operative in Africa with a financially secured and independent membership

The members who join the Co-op are all allowed through a Core Bond (open to teachers only).

The main purpose of joining the SACCO is to promote a culture of saving and self development.

To join a member has to first join SNAT Union and be a fully subscribing member.

A Joining form and a stop-order form is then filled by the joining member

When the stop order has started to run in the pay-slip the member visits the office to have a pass-book made for him/her.

The stop order has to run for 6 months, until then the member will be eligible to get a loan product which he/she qualifies for.

Members are regarded as full members if they have fully paid shares which currently stand at E3000.00 and subject to change depending on net worth status of the SACCO.

Savings

There are two savings; non withdraw-able savings which require a compulsory minimum savings of E100.00 for every month and withdraw-able savings (school fees savings) in which a member saves only to withdraw once in every three months.

If a member wants to increase savings to the excess of E15 000.00 in one month apart from what comes from the stop order he/she will wait for three (3) months before he/she can borrow against his/her savings.

  • It is a loan twice the member savings and the maximum repayment of eighty months depending on the amount borrowed at a rate of 0.75% interest per month. The member shall have an operational stop order that can cover the repayment installment for repayment and a member will currently have to wait for a month after clearing in order to access the loan again. Other requirements of the loan include;
  • Other requirements of the loan include;
  • Current pay-slip (original)
  • Passbook
  • National Identity Card
  • Net pay still within the third(⅓) as per the requirement of the employment act of 1980, section 56(4)(c)
  • Loans exceeding E60000. 00 are referred to the credit committee for approval
  • It is for empowering members in their business entities and the maximum amount accessible is E200 000.00 and payable at three (3) years maximum or retirement age depending on which one comes first. It has a 0.95 interest charge.
  • Other requirements;
  • 15% deposit/commitment fee for the loan sourced
  • 0.5% initiation/application which shall be non refundable even if the loan fails( minimum fee shall be E500.00)
  • Unbroken membership for at least two consecutive years
  • Business plan and cash flow projections
  • Two passport sized photos
  • Sketch map giving directions to the business and residential premises
  • Two passport sized photos
  • Valid quotations
  • National Identity Card
  • Copy of trading license or permit
  • Lease agreement
  • Letter from umphakatsi if business is on Swazi Nation Land
  • Stop order from salary should cater for half the repayment installment
  • For buying or developing property in Title Deed immovable property(s) at the maximum amount of E500 000.00 repayable in 15 years or the retirement age whichever comes first. The interest charged is 0.65% per month.
  • The requirements;
  • Title deed/ deed of sale
  • Rates clearance certificate
  • Current evaluation report
  • Current pay slip
  • Unbroken membership for at least two consecutive years
  • Minimum savings of E50 000.00
  • City council approved plan
  • National Identity Card
  • It can be accessed if member’s salary can accommodate a stop order increase without violating the third (⅓) rule on net pay.
  • The amount should not be above three quarters (¾) of the members savings which shall be payable in a maximum of 18 months at a rate of 1.3% per month.
  • A member can be allowed to revolve if 50% of this loan inclusive of interests has been paid.
  • There will be no rebates for loans of up to 12 months.
  • Borrowing power is independent of member’s savings and it is aimed at helping members with pressing financial needs that are not covered in the other loan products.
  • The maximum amount accessible can be E20 000.00 or if a member’s savings are less than this amount the member will receive a loan equivalent to his/her savings at a rate of 1.8% interest per month for a maximum period of twelve (12) months.
  • It can be accessed if member’s salary can accommodate a stop order increase without violating the third (⅓) rule on net pay.
  • A member can be allowed to revolve if 50% of this loan inclusive of interests has been paid.
  • Accessed as cash over the cover to cater for minor things such as car problems. A maximum of E2000.00 repayable in a maximum of four (4) months at an interest rate of 25%.

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