Service Features
For one to be a member at Jwaneng Saccos, firstly you should be a debswana employee.
Joining fee of P100.00 and P700.00 of shares. These share capital is not part of savings as it is normally confused so, this share capital is the minimum that every member should have, as the financial year ends, this share capital also earn interest known as BONUS SHARES. This means therefore, that your share capital will be increasing on a yearly basis.
These shares can only be withdrawn upon cessation of membership.
SAVING
Savings: As the society we encourage all our members to save for the future. Minimum savings is P200.00. A member is allowed to save any amount he/she wants as long as it does not affect their monthly finances in a negative way. Any member who wishes to deposit more to their account is allowed to do so at anytime.
SAVINGS
- Minimum savings: P200.00
- No maintenance fees:Nil
- Withdrawals:Allowed on conditions
- Withdrawal charge:P150.00/per transactions
LOANS
Loan application are processed by loan assistants and accessed by the Credit committee for approval.
LOAN APPLICATION REQUIREMENT
- Latest pay slip
- To check if the member can afford to repay the amount he/she wishes to acquire.
- Letter to confirm nature of employment.
LENDING CRITERIA
A loan is acquired at a ratio of 1:4 of savings. E.g. if a member has P50, 000.00 on savings, he/she can get a loan of P200,000.00 provided his/her net pay permits.
LOAN:
Normal Loan acquired is up to the equivalence of three times of your savings.
Emergency loan
can be applied for by any one as long as savings have paid the joining and membership fee (P800.00).
NET PAY
-40% of basic salary should remain as net pay after all deductions.
A member can acquire a loan only if he has excess after the 40% of basic salary which is required.
CHARACTER
The members loyalty and activities as reflected in the members file.
JWANENG SACCOS HAS fOUR TYPES OF LOANS AS FOLLOWS
Normal loan:
can be P1,000.00 – P300,000.00 or more considering net pay.
– This type of loan is given looking at how much one has saved at a ratio of 1:4 e.g. if you have saved P25,000.00 you can get a loan of P100,000.00.
– Payment is from 1– 72 months
– Interest charged is 0.75%/months
| LOAN AMOUNT | INTEREST | TOTAL AMOUNT | LOAN TERM | INSTALLMENT |
|---|---|---|---|---|
| 100,000.00 | 6, 618.55 | 106, 618.55 | 12 | 8, 884.88 |
| 100,000.00 | 12, 976.35 | 112, 976.35 | 24 | 4, 707.35 |
| 100,000.00 | 19, 571.52 | 119, 571.52 | 36 | 3, 321.43 |
| 100,000.00 | 26, 402.41 | 126, 402.41 | 48 | 2, 633.38 |
| 100,000.00 | 33, 466.70 | 133, 466.70 | 60 | 2, 224.44 |
Short Term/Quick loan:
– Interest rate is 3%/month
– This loan is from P1,000.00—P15, 000.00
– Payable from 1-12 months
– No security
| LOAN AMOUNT | INTEREST | TOTAL AMOUNT | LOAN TERM | INSTALLMENT |
|---|---|---|---|---|
| 1,000.00 | 205.55 | 1,205.55 | 12 | 100.46 |
| 1,500.00 | 308.32 | 1,808.32 | 12 | 150.69 |
| 2,000.00 | 411.09 | 2,411.09 | 12 | 200.92 |
| 2,500.00 | 513.86 | 3,013.86 | 12 | 251.16 |
| 3,000.00 | 616.64 | 3,616.64 | 12 | 301.39 |
| 3,500.00 | 719.41 | 4,219.41 | 12 | 351.62 |
| 4,000.00 | 822.18 | 4,822.18 | 12 | 401.85 |
| 4,500.00 | 924.95 | 5,424.95 | 12 | 452.08 |
| 5,000.00 | 1,027.73 | 6,027.73 | 12 | 502.31 |
| 5,500.00 | 1,130.50 | 6,630.50 | 12 | 552.54 |
| 6,000.00 | 1,233.27 | 7,233.27 | 12 | 602.77 |
| 6,500.00 | 1,336.04 | 7,836.04 | 12 | 653.00 |
| 7,000.00 | 1,438.82 | 8,438.82 | 12 | 703.23 |
| 7,500.00 | 1,541.59 | 9,041.59 | 12 | 753.47 |
| 8,000.00 | 1,644.36 | 9,644.36 | 12 | 803.70 |
| 8,500.00 | 1,747.13 | 10,247.13 | 12 | 853.93 |
| 9,500.00 | 1,952.68 | 11,452.68 | 12 | 954.39 |
| 9,000.00 | 1,849.91 | 10,849.91 | 12 | 904.16 |
| 10,000.00 | 2,055.45 | 12,055.45 | 12 | 1,004.62 |
| 10,500.00 | 2,158.22 | 12,658.22 | 12 | 1,054.85 |
| 11,000.00 | 2,261.00 | 13,261.00 | 12 | 1,105.08 |
| 11,500.00 | 2,363.77 | 13,863.77 | 12 | 1,155.31 |
| 12,000.00 | 2,466.54 | 14,466.54 | 12 | 1,205.55 |
IN-HOUSE FUNERAL SCHEME
This policy was introduced by Jwaneng SACCOS to assist members during the loss of their loved ones.
Maximum payment is P150.00
You are bound to include your in-laws only if you are legally married.
There is a three months waiting period for all new members before a claim can be submitted from the
first date of installment.
Claims are processed within 24 hrs or less, and depending on the availability of signatories.
And any member who will claim/produce forged documents to claim will be terminated from the whole activities of the society and will be taken to Legal personnel’s to account for that.
The following documents should be produced
Certified and detailed death notification letter from
the chief
Or Death certificate
| Principal member: | P25, 000.00 |
| Spouse: | P25, 000.00 |
| Parents (including in-laws): | P10, 000.00 |
| Children(4-21yrs): | P6, 000.00—25 000.00 |
| Extended family Members(5 only) And replaceable: | P7 500.00 |