Compulsory Saving Any person who is a member of the cooperative should pay Br. 400 or 10% of his/her income regularly once a month. This compulsory saving could only be withdrawn when there is the termination of members
In Netsbirak SACCO, all members have the right to benefit from the credit service. The loan and credit provision process starts with the loan officer and manager, then the loan committee and executive board committee. Before deciding on each credit application, Nestbirak loan committee and loan department take various factors into account mentioned in the bylaw. During the loan approval process, duties are divided to ensure each application is evaluated impartially. Once the loan committed approves a particular case; the request will be authorized by the board chairman and finance manager before affecting any payment
The member should save regularly for at least six consecutive months which amounts to 25% of the requested/needed loan amount. If the purpose of the loan is to start or grow a business, fund education, provide social services, buy home furnishings, or for other reasons, then the required pre-loan savings amount will be 25% of the total loan.
To qualify for a home loan, a member is required to save for a minimum of one year. The pre-loan savings requirement for a home is set at 30% of the total loan.
To qualify for a car loan, a member is required to save for a minimum of one year. The pre-loan savings requirement for a car is set at 40% of the total loan.
