Below are different types of Stima Sacco loans. Stima Sacco is a permitted licensed Depositing Taking Sacco that was founded in 1974 with its main purpose being to improve their members’ social-economic welfare.
The Sacco is among the best performing Saccos in Kenya and they have 8 branches in Kenya: Nairobi (Parklands), Mombasa, Nakuru, Kisumu, Eldoret, Embu, Olkaria, Nairobi CBD and Kawi Center in South C.
Today, we are going to share different types of Stima Sacco loans that may be of help to anyone who wants to borrow.
Types of Stima Sacco Loans
1. Development loans – It is normally issued to anyone who wants to invest. To qualify for Development Loan, one ought to have completed at least three months of membership.
2. Premium Loan – Its repayment period is normally 72 months and the interest rate is 14% per annum. Any member wishing to apply for this type of loan ought to have deposited Ksh. 1 million. The loan will be times 4 of what one has deposited.
3. Mwangaza Loan – It is a salary based loan that needs to be processed through the Sacco’s account. Its repayment period plan is normally 48 to 60 months and the interest rate is between 14% and 18% per annum. The maximum loan amount one can borrow is Ksh. 2.5 million. The minimum Alpha deposit needs to be at least Ksh. 100,000.
4. Flex Loan – It is normally given to members who receive their salaries through the Sacco. The repayment period is up to 24 months and the interest rate is 16% per annum. In order to be issued with the loan, a member needs to open a Flex saving account and have at least a minimum saving of Ksh. 1000. The maximum loan amount an applicant can be given is Ksh. 1 million.
5. Vuka Loan – It is given to members who receive their salaries through Stima Sacco. One needs to have times 5 of their Alpha Deposits. The loan repayment period is 72 months at 16% per annum. Vuka Loan interest is Ksh. 7500.
6. Car Scheme – It is given to any member who wants to purchase a motor vehicle. To qualify for this type of loan, you need to be an employee of KPLC, Nuclear or KenGen.
7. Instant Loans – It is granted to any member whose financial needs are urgent and unforeseen. In order to qualify for Instant Loan, the applicant needs to have completed at least three months in the Sacco. Members also need to pledge securities such as cars, land, shares, certificates or insurance policies.
8. Emergency Loan – It is granted to any member under unforeseen circumstances such as school fees or emergency among others. The repayment period is normally 12 months and interest rate 1% per month.
9. School Fees Loan – This one is given to msingi bora account holders who want to clear school fees. The repayment period plan is normally 12 months and the interest rate 1% per month. The school fees loan is sent directly to the school’s account. It is 75% of what you’ve saved.
10. Prime Advance – Members who have received their salaries through FOSA are eligible for this type of loan. The maximum loan amount is normally Ksh. 200,000 and interest rate of 1.5% per month. The repayment period is 12 months.
11. Msingi Bora Loan – It is normally given to members who want to clear their children’s school fees. The loan should be repaid within one year and interest is 0.833% of the cleared debts. To qualify as a member, you need to have an account with Msingi Bora and saved for at least 3 years. The loan will be sent directly to the school.
12. Sosa Loan – It applies to members who have monthly salaries and have completed their probation. The loan amount is times 4 of your deposits and the repayment period plan is 15 months. Its interest rate is 1.25% per month on declining balance. The member needs to have at least 4 guarantors.
13. Household Items Loan
14. Makeover Loan – It’s for members who want to purchase things like Tanks, bicycles, Mattresses, and Fridge among other things. The maximum loan is normally Ksh. 200,000 and interest rate 18% per annum on declining balance. The repayment period is 15 months and guarantors should be two. Any member who is in business and wants to apply for makeover loan will be given working capital, asset finance or trade finance by the Sacco.
15. Working Capital Loan – It applies to members who are in to business. The interest rate is normally 1.35% per month and loan tenor 36 months. Members need to have times 3 of their Alpha deposits.
16. Working Capital School Loan – Stima Sacco issues this type of loan to members who earn a living from educational institutions. The institution needs to be at least more than six months old. The loan interest rate is 1.35% per month and the maximum loan tenor is 36 months.
17. Asset Finance Loan – It is for members who want to finance their assets that directly contribute to their business income. The interest rate is 1.35% (16.2% per annum) on reducing balance. The repayment period is 36 months (3 years) and the maximum loan is Ksh. 10 million. Members need to have at least 4 guarantors if they want to borrow up to Ksh. 2 million. Keep in mind that any member who want to borrow Ksh. 2 million and above will need tangible collateral.
18. Bridging Finance Loan – Applies to members who want to clear their outstanding debts. It must be repaid within one month and the interest rate will be 5% of the settled debts.
19. Discounting Loan
20. Insurance Premium Finance Loan – This loan is meant for members who want to pay their insurance premium. It needs to be sufficiently guaranteed and the interest rate is 1% per month on declining balance. The repayment period is 10 months.
21. Biashara Loan – It is given to members who receive their business income through FOSA account. The maximum amount of loan a member can be given is Ksh. 1 million and the interest rate is 1.5% per month on declining balance. The repayment period is 3 years (36 months) and members need to have at least 4 guarantors.