- Must be above 18 years old.
- Is of good character and sound mind.
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One qualifies to take a loan after six months of consistent contribution and paid up share capital to the Group.
One can borrow up to three (3) times of total contributions and share capital.
Loans will attract an interest rate of 1% per month on reducing balance.
The maximum loan repayment period is 24 months.
No. A member is only allowed to take one loan at a time.
- The form has not been duly filled
- Inconsistency in monthly contributions
- Inadequate guarantors
No. One cannot reduce loan installment unless he/she had previously overpaid his/her installments.
Loan applications will be processed within two (2) weeks. However, all loan applications must be received between the first and tenth day of that month for them to be considered for that month.
Yes. Every member shall earn a dividend on shares held and interest on contributions made, which will be computed on pro-rata basis. The dividend and interest rate shall be determined by the Executive Committee based on the Group’s performance and approval during the Annual General Meeting.
The dividend and interest rates will be paid as determined during the Annual General Meeting of members but not earlier than one month.
The minimum monthly contribution is Kshs. 1,000 payable by the tenth day of every month. A penalty of Kshs. 100 shall be charged for failure to pay in time and Kshs. 10 for every additional day.
- Contributions are refundable upon termination of membership (withdrawal) up to 80% less any outstanding liabilities to the Group.
- Shares or share capital is the permanent member contribution towards the Group’s capital.
- Shares cannot be withdrawn or transferred even on exit from the Group.
- Each member must have 100 shares valued at Kshs. 5,000 in share capital unlike contributions which have no maximum amount.
- The share capital must be paid up within the first six (6) months of membership.
Guarantorship and Loan Security
The Group allows the following modes of payment:
1. Cheque Deposits
All cheques are payable to – Neptune Investments Group
2. Cash Deposits
3. M-Pesa / Airtel Money
The Group shall not accept cash payments.
The Bank Details are as follows
Bank of Africa
Kenyatta Avenue Branch
Neptune Investments Group
No. One does not need a guarantor if the loan he/she is applying for does not exceed 80% of your contributions.
Every loan must be fully secured by a minimum of three guarantors in cases where the loan applied for exceeds the member’s contributions.
No. Only members’ contribution is allowed as loan security in NIG.
No, no member will be allowed to partially withdraw part of his/her deposits or offset part of the deposits against an outstanding loan unless he/she ceases to be a member.
A member cannot terminate his membership when he/she has guaranteed another member loan unless that member has cleared that loan on has submitted a substitute guarantor to replace you.