TN Elimisha Plan

This product is designed to suit TN SACCO members who would wish to save for the education of their children.

The product aims at providing the members with a secure and profitable way of saving and planning for the school fees within adequate time while earning a good interest.

Due to the rising cost of education especially at secondary and tertiary levels, the SACCO deemed it fit to assist the members raise the school fees by providing a saving avenue that is secure and profitable to them.

Terms and conditions

  • Must have filled our membership form for the product
  • Operating and/or Open an Account.
  • The Member shall contribute Monthly premiums
  • The premiums are to be deducted and remitted every month
  • The premiums will earn attractive interest at the end of every year
  • Lumpsum premiums are encouraged
  • For premature withdraw, the member will forfeit 50% of the interest earned if the saving period is more than half the contractual period. In case where the saving period is less than half the contractual period, all the interest earned shall be forfeited.
  • In case of demise of the principal member, the funds are transferred to the nominated beneficiary.
  • Shall be used to appraise Self-guaranteed & Emergency /School fees loans.

Benefit to the members

  • The savings earn interest at a guaranteed competitive rate.
  • Open to all eligible members.
  • Enable members to save for the cost of education of their children in affordable and comfortable manner while earning interest.
  • Help members to plan for their children education in a timely way.
  • Cushion members from incurring huge debts to meet school fees obligation for their children or dependants.
  • The scheme provides an option to make partial withdrawals after maturity to pay fees on need basis.
  • Members can continue to save even after maturity of the period.