STIMA SACCO LOANS
Stima Sacco is a licensed Deposit Taking Sacco established in 1974 with the sole objective of uplifting the members’ social economic wellbeing.
1. DEVELOPMENT LOANSThese are loans given with the aim of investment purposesLoan eligibilityAn individual must have successfully completed three months membership or such other period as the board may determine from time to timeThe loan must be guaranteed by a guarantorRequirementsOne must attach the most recent original pay slips or any other document to prove ability to repay the loanOne may be required to attach supporting document as proof of project existenceFeaturesOnly one development loan may be granted at a timeLoans shall be repaid from a member’s salaryNo member is subjected to deductions in excess of 2/3rds of his monthly income and where it exceeds the loan shall be reduced accordinglyOther securities such as insurance policies, land and cars may be pledged as securities2. EMERGENCY LOANSThe loan is granted for unseen circumstancesRequirementThe outstanding loans must not exceed three times a members’ depositFeaturesThe period of repaying is twelve monthsInterest rate is be 1% per month
3. SALARY ADVANCEThis is a loan given to an employee before being paid his salary this is to meet emergency needsLoan eligibilityOnly individuals who channel their salaries through FOSA are eligible for the loanFeaturesAn applicant can only get 50% of the net salary in advanceCommission is 1.5% per month or as may be determined from time to timeThe period of repaying the loan is one month4. SCHOOL FEES LOANSThese loans is issued for catering for school fees purposesFeaturesInterest rate is 1% per monthThe period of repaying the loan is 12 monthsThe outstanding loans must not exceed three times an applicants’ deposit5. INSURANCE PREMIUM FINANCE LOANIt is granted for the purpose of paying insurance premiumLoan eligibilityThe loan must be guaranteedFeaturesInterest rate is 1.5% per month on declining balanceThe period of repaying the loan is 12 monthsAmount of loan granted is equivalent to the actual insurance requirement subject to the ability to repay6. FAHARI LOANLoan eligibilityThe applicant should be a registered groupThe group must contribute alpha deposits consistently for six monthsFeaturesThe amount of loan is up to three times the group savingsInterest rate is 1.25% per month on declining balance or as may be determined from time to timeThe maximum period of repaying the loan is 36 months as may be determined from time to timeMinimum monthly contribution after borrowing must be at least 1% of the loanRequirement The group must attach a certificate of registrationThe application must be signed by the authorized signatories
7. MWANGAZA LOANThis is a salary based loanLoan eligibilityAn applicants’ salary needs to be processed through the SaccoFeaturesThe duration of repayment is 48 months or as may be determined from time to timeInterest rate is 14% per annum on declining balance or as may be determined from time to timeThe maximum amount of loan to be granted is 2.5 million shillings