Tuesday, August 4, 2020
Lubane Savings & Credit Co-operative Society

Frequently Asked Questions (FAQs)



Lubane SACCO team at the EITF 2019

Q1 – Who can join Lubane SACCO?

Q2 – Can I join Lubane Savings and Credit Co-operative Society if I am a member of another SACCO?

Q3 – In terms of which Act is Lubane SACCO registered?

Q6 – Who audits Lubane SACCO?

Q7 – Where can I attain application documents to join Lubane SACCO?

Q8 – Which documents do I need to submit besides the application forms when joining Lubane SACCO?

Q9 – How much is the joining fee and subscription of Lubane SACCO?

The above fees are reviewed by members from time to time.

Q10 – How much am I required to save at Lubane SACCO on a monthly basis

The minimum savings a member can contribute per month is;

Q11 – Does my interest on Savings get taxed and what is the interest?

Q12 – How many beneficiaries can I register on my account?

Q13 – When can I withdraw my non-withdrawable savings?

Q14 – When are the interest on savings usually distributed?

Q15 – Does the Co-operative accept Cash?

Q16 – If I forgot my membership number can I retrieve it or would I have to apply for a new membership?

Q17 – When do I qualify for a loan?

A member needs to save at least;

Members who are not on stop order deduction, qualify after 3 months.

Q18 – Is there a waiting period to qualify for a loan?

Q19 – What are the loan requirements?

Loan entitlement is based on Ordinary Savings. Members need to fill in and submit the following documents to the SACCO;

Q20 – Who approves the loan?

Q21 – Does the Society have a funeral Scheme?

Q22 – Can I open an account for my child?

Q23 – How can I access my monthly statement with the Co-operative?