Stima Sacco is a licensed Deposit Taking Sacco established in 1974 with the sole objective of uplifting the members’ social economic wellbeing.

1. DEVELOPMENT LOANS

These are loans given with the aim of investment purposes

Loan eligibility

• An individual must have successfully completed three months membership or such other period as the board may determine from time to time
• The loan must be guaranteed by a guarantor

Requirements

• One must attach the most recent original pay slips or any other document to prove ability to repay the loan
• One may be required to attach supporting document as proof of project existence

Features

• Only one development loan may be granted at a time
• Loans shall be repaid from a member’s salary
• No member is subjected to deductions in excess of 2/3rds of his monthly income and where it exceeds the loan shall be reduced accordingly
• Other securities such as insurance policies, land and cars may be pledged as securities

2. EMERGENCY LOANS

The loan is granted for unseen circumstances

Requirement

• The outstanding loans must not exceed three times a members’ deposit

Features

• The period of repaying is twelve months
• Interest rate is be 1% per month

3. SALARY ADVANCE

This is a loan given to an employee before being paid his salary this is to meet emergency needs

Loan eligibility

• Only individuals who channel their salaries through FOSA are eligible for the loan

Features

• An applicant can only get 50% of the net salary in advance
• Commission is 1.5% per month or as may be determined from time to time
• The period of repaying the loan is one month

4. SCHOOL FEES LOANS

These loans is issued for catering for school fees purposes

Features

• Interest rate is 1% per month
• The period of repaying the loan is 12 months
• The outstanding loans must not exceed three times an applicants’ deposit

5. INSURANCE PREMIUM FINANCE LOAN

It is granted for the purpose of paying insurance premium

Loan eligibility

• The loan must be guaranteed

Features

• Interest rate is 1.5% per month on declining balance
• The period of repaying the loan is 12 months
• Amount of loan granted is equivalent to the actual insurance requirement subject to the ability to repay

6. FAHARI LOAN

Loan eligibility

• The applicant should be a registered group
• The group must contribute alpha deposits consistently for six months

Features

• The amount of loan is up to three times the group savings
• Interest rate is 1.25% per month on declining balance or as may be determined from time to time
• The maximum period of repaying the loan is 36 months as may be determined from time to time
• Minimum monthly contribution after borrowing must be at least 1% of the loan

Requirement 

• The group must attach a certificate of registration
• The application must be signed by the authorized signatories

7. MWANGAZA LOAN

This is a salary based loan

Loan eligibility

• An applicants’ salary needs to be processed through the Sacco

Features

• The duration of repayment is 48 months or as may be determined from time to time
• Interest rate is 14% per annum on declining balance or as may be determined from time to time
• The maximum amount of loan to be granted is 2.5 million shillings