FAQ

Awach SACCOS is a legally established saving and credit cooperative in Ethiopia.  It was established in 2007 G.C. and it is serving the people in Addis Ababa and Oromiya region by registering at the federal level by the Federal Cooperative Agency.

  • Compulsory Saving
  • Transport Vehicle Savings                 
  • Child Saving
  • Time Deposit Savings
  • Voluntary Saving
  • Loan With Low Interest
  • Hosing Saving
  • Micro-loan Insurance Service
  • Automobile Saving
  • Training and Consultancy Services

 

The criteria’s to be a member of Awach SACCOS is :

  • S/he should be living in the Operation area of Awach SACCOS

  • S/he should be able to pay registration fee of 1,000.00 ETB

  • S/he should buy share of minimum 2,000.00 ETB

  • S/he should be above 18 years old

  • S/he should be willing to be abided by the by law of Awach SACCOS

Cooperatives are people-centered enterprises owned, controlled and run by and for their members to realize their common economic, social, and cultural needs and aspirations. So by becoming a member of Awach SACCOS, you could have an organization that you own, control and possibly run. Also, you could develop your culture of saving, create access to loan and you could also increase your knowledge on cooperative, basic business skills and financial knowledge.

You can take a loan amount of 400,000.00 ETB after six months of saving time. If it is a vehicle loan, transport car loan or a house loan, you have to save for a year at least and borrow after that. The interest rate varies from 13% for women and 13.5% for men to 15.5%. Please check the table below to have detail information.

Remember: loan is provided for members only.

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1.

Loan type: social loan

Max. Loan: 100,000.00 ETB

Pre-loan saving and time requirements:

  • Pre-loan saving Amount in %: 25%
  • Pre-loan saving Amount in Birr: 25,000.00ETB
  • Saving time required: 6 months

Loan interest: 13.5 % for Male & 13 % for female

Repayment period: 3 Years

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2.

Loan type: Business loan

Max. Loan: 400,000.00 ETB

Pre-loan saving and time requirements:

  • Pre-loan saving Amount in %: 25%
  • Pre-loan saving Amount in Birr: 100,000.00 ETB
  • Saving time required: 6 months

Loan interest: 13.5 % for male & 13% for Female

Repayment period: 3 Years

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3.

Loan type: Automobile loan

Max. Loan: 600,000.00 ETB

Pre-loan saving and time requirements:

  • Pre-loan saving Amount in %: 40%
  • Pre-loan saving Amount in Birr: 240,000.00 ETB
  • Saving time required: 1 Year

Loan interest: 14.5%

Repayment period: 5 Years

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4.

Loan type: Business car loan

Max. Loan: 800,000.00 ETB

Pre-loan saving and time requirements:

  • Pre-loan saving Amount in %: 40%
  • Pre-loan saving Amount in Birr: 320,000.00 ETB
  • Saving time required: 1 Year

Loan interest: 14.5%

Repayment period: 5 Years

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5.

Loan type: Housing loan

Max. Loan: 1,000,000.00

Pre-loan saving and time requirements:

  • Pre-loan saving Amount in %: 30%
  • Pre-loan saving Amount in Birr: 300,000.00 ETB
  • Saving time required: 1 Year

Loan interest: 15.5%

Repayment period: 10 Years

Yes, for every loan equitable collateral has to be provided. The types of collateral are:

  • Saving collateral – is using one member saving as a loan collateral for another member

  • Salary Collateral – A member could bring another person’s salary as collateral. The person salary had to be more than 5,000 ETB and that he should be a permanent employee at hiss organization and should be able to bring his/her spouses to sign for agreement.

  • Fully insured vehicle collateral

  • Legal House collateral

No, there is no grace period. Since there is a need for quick circulation of money we don’t have grace period. So if a member who have taken loan this month, s/he must start repayment the next month.

The head office is around Aware, Edna Addis Hotel at Agar Building. And we have 11 branch offices 9 of them are in Addis Ababa and 2 in the Oromia region. The offices and their addresses are around:

  • Belair Branch (Abenezer Building, 2nd floor)

  • Selassie Branch (Around Arat Killo, Selassie Theological Collage, 1st floor)

  • Stadium Branch (Yeha City Center 1st floor)

  • Sidest Killo (Leadership Building, Ground Floor)

  • Lideta Branch (AIA Trade Center, 2nd Floor)

  • Sehalite Mihret Branch (Dirar Mall, 1st floor)

  • Jemo Branch (Express Plaza Building 1 st floor)

  • Addisu Gebeya Branch (Jambo Building, 3rd Floor)

  • Bishoftu Brabch (Tenker and his family Building, 2nd Floor, Bishoftu)

  • Chancho Branch (Adam Building, Ground floor, Chancho)

Yes we are member of the International Co-operative Alliance (ICA) and associate member of the African Confederation of Co-operative Savings and Credit Associations (ACCOSCA)

A member has to buy at least two shares, i.e. 2,000 birr shares. The amount of one share is 1,000 ETB.

Yes, Cooperatives are established based on the principle of open membership. It means that a member has a free will to join or leave a cooperative.

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Website By: Alen Teshome