Stima Savings and Credit Cooperative Society Limited (Stima Sacco) is a leading country-wide, fast growing and licensed DTS (Deposit Taking Sacco) with an Asset Base of Kshs. 30bn, a Loan Book of Kshs23.6bn, and membership of over 115,000 derived from the energy, utilities, education, services, small and micro enterprises (SMEs) among other sectors. Its key priority in the 2016-2020 Strategic Plan is to transform its business model and grow the business through innovative products, unparalleled customer service, aggressive resource mobilization and expanded distribution channels. In order to achieve the planned growth, the Sacco is looking for qualified and competent persons to fill the following vacancies:
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.
- NAIROBI BRANCHLocated at Stima Sacco Plaza Mushembi Road, Parklands in Nairobi Kenya. P.O. Box 75629-00200. Tel: 0703024000 Email: firstname.lastname@example.org 13 JUN 2013DIRECTIONS
- MOMBASA BRANCHElectricity House, Ground Fllor Nkurma Road. P.O. Box 2593-80100, Mombasa. Tel: 0703024401/2/3/4/5 Email: email@example.com 18 JUN 2013DIRECTIONS
- ELDORET BRANCHVisit Us at Zion Mall, Malaba Road. P.O. Box 7952-30100, Eldoret. Tel: 0703024801/2/3/4/5 Email: firstname.lastname@example.org 02 FEB 2013DIRECTIONS
- NAKURU BRANCHVisit Us at Meems Building, Kenyatta Avenue Nakuru. P.O. Box 4083-20100, Nakuru. Tel: 0703024601/2/3/4/5 Email: email@example.com 07 FEB 2013DIRECTIONS
- OLKARIA BRANCHVisit Us at Geothermal Complex, Olkaria. P.O. Box 1203-20117, Naivasha. Tel: 0703024701/2/3/4/5 Email: firstname.lastname@example.org 16 AUG 2014DIRECTIONS
- KISUMU BRANCHVisit Us at Westend Mall, Ochieng Oneko Road. P.O. Box 2593-80100, Kisumu. Tel: 0703024501/2/3/4/5 Email: email@example.com 25 AUG 2014DIRECTIONS
- NAIROBI CBD BRANCHLocated at Victor House, Kimathi Street in Nairobi Kenya. P.O. Box 75629-00200. Tel: 0703024000 Email: firstname.lastname@example.org 13 JUN 2013DIRECTIONS
- KAWI BRANCHLocated at Kawi Complex, South C Bellevue |Off Mombasa Road |Off Red Cross Road |0703 024 852/3 Email: email@example.com 13 JUN 2013DIRECTIONS
- EMBU BRANCHLocated at Embu Pearl Center im Embu Town. P.O. Box 388-60100. Tel: 0703024000 Email: firstname.lastname@example.org 13 JUN 2013DIRECTIONS
- HEAD OFFICELocated at Stima Sacco Plaza Mushembi Road, Parklands in Nairobi Kenya. P.O. Box 75629-00200. Tel: 0703024000 Email: email@example.com 13 JUN 2013DIRECTIONS