FAQs

The agreed minimum monthly compulsory saving is TZS 20,000/-. However, members are encouraged to save more to increase their borrowing capacity and earn higher dividends.

We pride ourselves on efficiency. Normal loans typically take 3-5 working days, while emergency loans can be processed within 24 hours provided all requirements are met.

Our interest rates are highly competitive. For example, Normal Loans carry an interest of 10.4% p.a., while SACCO Loan Mate carries a low rate of 6.5% for specific terms.

Yes. MRT SACCOS is officially registered (Reg. No. PRI-KJR-MSH-DC-2022-603) and operates under the supervision of the Tanzania Cooperative Development Commission (TCDC).

Compulsory savings cannot be withdrawn while you are still an active member. However, you can access your funds by applying for a loan against your savings.

Membership is primarily for teachers and employees in the education sector within the Moshi Rural district. However, please contact our office to check eligibility based on the latest by-law updates.

Benefits include access to affordable loans, annual dividends on shares, interest rebates on savings, and financial education and support.

Dividends are calculated based on the number of shares you hold and the profit generated by the SACCOS during the financial year, as approved by the AGM.

SACCO Loan Mate is a specialized loan product designed to provide quick financial assistance with competitive interest rates for specific member needs.

Yes, you can have multiple loans (e.g., a Normal Loan and an Emergency Loan) provided your total monthly deductions do not exceed the statutory limit of your net salary.

You can update your information by filling out a Change of Particulars form at our head office or by sending an official request via your registered email.

You can choose to remain a member even after retirement by continuing to make the minimum monthly contributions and adhering to the SACCOS by-laws.

Any active member of MRT SACCOS who has sufficient savings and is not over-committed with other guarantees can act as your guarantor.

No. All our fees (entrance fees, processing fees, etc.) are transparent and communicated upfront during the application process.

You can increase your contributions at any time by notifying the SACCOS office and your employer's payroll department.

Any person of sound mind who is at least 18 years old and meets the employment criteria can join MRT SACCOS.

Yes, you can settle your loan earlier than the agreed period. This may also help reduce the total interest you pay over the life of the loan.

Shares represent your ownership in the SACCOS. They are not withdrawable but can be transferred or sold to another member upon leaving the society.

Yes, we have a Risk Management Fund or insurance covers that protect the member and the society in the event of death or permanent disability.

The Annual General Meeting is held once every year, usually within six months after the close of the financial year.

Yes. Every member is required to nominate a beneficiary (Next of Kin) who will receive their dues in the event of the member's passing.

Interest on savings (rebates) is paid annually based on the society's performance and as determined by the Board and approved by the AGM.

You can withdraw your membership by giving a written notice (usually 60-90 days). All your liabilities must be cleared before your savings are refunded.

We are regulated by the Tanzania Cooperative Development Commission (TCDC) under the Ministry of Agriculture.