Terms & Conditions

Karura Community Sacco App — Effective date: 20th September, 2024

Welcome to Karura Community Sacco App ("we", "us", "our"). These Terms and Conditions ("Terms") govern your access to and use of our mobile application and related services. By using the App you confirm that you accept these Terms. If you do not agree, please do not use our services.

1.Eligibility

  1. You must be at least 18 years old (or the legal age of majority in your jurisdiction) to register and use the App.
  2. You agree to provide accurate, complete, and up-to-date information when requested (including KYC documents where required).
  3. We reserve the right to refuse, suspend or close accounts where we reasonably suspect fraud, misuse, or a breach of these Terms.

2.Services Provided

Karura Community Sacco App is a microfinance platform offering services that may include:

  • Applying for and managing saccoloans;
  • Viewing repayment schedules and transaction history;
  • Financial education resources.

We may modify, restrict or discontinue services at any time. Any material changes will be posted in the App or via email.

3.Loan Terms & Conditions

  • Loan Type
    This is an emergency mobile loan offered exclusively to members of NDT Sacco.
  • Eligibility
    The loan is available to registered Sacco members.
    A member is eligible to borrow up to 20% of their savings/deposits held with NDT Sacco.
  • Loan Amount
    The approved loan amount is based on the member’s deposit balance, subject to the maximum eligibility limit.
  • Interest Rate
    A flat interest rate of 10% is charged on the approved loan amount.
  • Processing Fee
    A 3% processing fee is deducted upfront from the approved loan amount.
  • Repayment Period
    The loan must be fully repaid within Three (3) months from the date of disbursement.
  • Security/Guarantee
    Member deposits act as security for the loan.
  • Disbursement
    Loans are processed and disbursed promptly via the Sacco’s mobile platform upon approval.
  • Obligations of the Member
    Members must ensure timely repayment on or before the due date.
    Failure to repay may lead to recovery from the member’s deposits and/or restriction from future borrowing.
  • Default Clause
    In case of default, the Sacco reserves the right to recover the loan from the member’s deposits without prior notice.
    Repeated default may affect eligibility for future Sacco loan facilities.
  • Disclosure
    The Sacco does not charge any hidden fees apart from the stated 10% interest and 3% processing fee.

4.User Responsibilities

  1. Use the App lawfully and in good faith.
  2. Keep your account credentials secure and notify us immediately of suspected unauthorized access.
  3. Provide accurate information and update it when it changes.

5.Fees & Charges

Any fees (processing fees, late fees, collection costs) and how they are calculated will be disclosed at the time of the loan offer. By accepting a loan you authorize us to collect repayments using your chosen payment method.

6.Privacy

We collect and process personal information to provide our services, perform identity verification (KYC), manage loans, and comply with legal requirements.

7.Intellectual Property

All content, branding, software and design elements in the App are owned or licensed by us. You may not copy, modify, or reproduce our content without prior written permission.

8.Risk Acknowledgement

Borrowing involves financial risk. Failure to meet obligations may have adverse consequences, including additional charges and negative impact on your credit record. We are not responsible for financial decisions you make.

9.Limitation of Liability

To the extent permitted by law, we shall not be liable for indirect, incidental, consequential or punitive damages arising from use of the App. Our aggregate liability is limited to the total fees you have paid to us in the six (6) months preceding any claim.

10.Termination

We may suspend or terminate your access for breaches of these Terms or applicable law. You may close your account at any time but remain responsible for outstanding obligations.

11.Dispute Resolution

Any disputes will be resolved by [arbitration/mediation] in Kenya. You agree to waive the right to participate in class actions to the extent permitted by law.

12.Changes to These Terms

We may revise these Terms from time to time. When we make material changes we will notify you via the App or email. Continued use after a change constitutes acceptance of the updated Terms.

13.Governing Law

These Terms are governed by the laws of Kenya without regard to choice-of-law rules.

14.Contact Us

For support, questions, or complaints, contact us:

Email: Info@karurasacco.or.ke
Phone: 2547 41 888 000