Stima SACCO- How To Apply For A Loan And Branches In Kenya
Looking forward To Applying For a Stima SACCO Loan but not sure where to start. This article has provided you with all the necessary information that you need to know about Stima SACCO. Read to the end
Stima Sacco is a savings and credit cooperative society (Sacco) in Kenya that provides financial services to its members. Established in 1974, Stima Sacco has grown to become one of the largest Saccos in the country, with over 100,000 members and a network of branches across the country.
One of the main services offered by Stima Sacco is loans to its members. Sacco offers various types of loans to meet the diverse needs of its members, including personal loans, business loans, and mortgage loans.
To apply for a loan from Stima Sacco, you must first become a member of the Sacco. To become a member, you must meet the following requirements:
- Be 18 years of age or older
- Have a minimum share capital of KES 1,000
- Have a minimum monthly savings of KES 500
- Have a minimum of two referees who are already members of Stima Sacco
How To Apply For A Stima SACCO Loan
Once you have become a member of Stima Sacco, you can apply for a loan by filling out a loan application form and submitting it to Sacco, along with the required documents. The documents required for a loan application vary depending on the type of loan you are applying for but may include proof of income, proof of identification, and collateral (for secured loans). The Loan Application can be done on their website
Stima Sacco offers a range of loan products tailored to meet the needs of their members. They provide long-term and short-term personal loans, as well as business and group loans. Here is a summary of the loan products offered by Stima Sacco:
Long-Term Personal Loan Products:
- Normal Loan 1 and 2: The interest rate of 12%, a repayment period of 48-60 months, and a maximum loan amount of 3 and 2 times the member's alpha deposits.
- Super Loan: The interest rate of 14%, a repayment period of 60 months, and a maximum loan amount of 4 times the member's Stima Sacco Savings account alpha deposits.
- Mwangaza loans 1 and 2: Interest rates of 14% and 18%, respectively, maximum loan amount of Kshs. 3 million, minimum deposit contribution of Kshs. 10,000 per month, with 48 and 60 months repayment periods, respectively.
- Premium Loan: The interest rate of 14%, repayment period of 72 months, and minimum deposit amount of Kshs. 1 million.
- Vuka Loan: The interest rate of 16%, a repayment period of 72 months, and a maximum loan amount of Kshs. 5 million, minimum deposit contribution of Kshs. 7,500.
- Flex 1 and 2: The interest rate of 15%, a repayment period of 15 months, and a maximum loan amount of 4 times the member's alpha deposit.
Short-Term Personal Loan Products:
- Prime Advance Loan: The interest rate of 18%, maximum loan amount of Kshs. 200,000, repayment period of 12 months.
- Emergency School Fees Loan: The interest rate of 12%, maximum loan amount of 3 times the member's alpha deposit, and a repayment period of 12 months.
- Msingi Bora School Fees Loan: The interest rate of 10%, a maximum loan amount of 75% of Msingi Bora deposits, and a repayment period of 12 months.
- Salary Advance Loan: The interest rate of 5% per month, maximum loan amount of Kshs. 100,000, repayment period of 1 month.
Business and Group Loan Products: Stima Sacco offers various loans for business and group needs, including working capital loans, asset financing school loans, LPO loans, investor loans, Stima Sacco plot financing loans, Makazi Poa Loans, and Mpawa loans.
Stimma SACCO Branches In Kenya
Stima Sacco has a number of branches located across Kenya, including:
| CBD E-HOUSE | Electricity House, First Floor, Harambee Avenue | 0703024458/60 |
| KISII | Waumini Plaza, Ground Floor | 0703024556/558 |
| MERU | Greenwood Mall 2nd Floor | 0703024652/653 |
| HEAD OFFICE | Stima Sacco Plaza Mushembi Road, Parklands in Nairobi | 0703024000 |
| CUSTOMER CARE CENTRE | Stima Sacco Plaza Mushembi Road, Parklands in Nairobi | 0703024000 |
| CBD KIMATHI | Victor House, Along Kimathi Street | 0703024908/914 |
| EMBU | Embu Pearl Center in Embu Town | 0703024955/959 |
| KAWI | Kawi Complex, South C Bellevue, Off Mombasa Road | 0703024852/3 |
| ELDORET | Zion Mall, Malaba Road | 0703024801/2/3/4/5 |
| OLKARIA | Geothermal Complex, Olkaria | 0703024701/2/3 |
| NAKURU | Meems Building, Kenyatta Avenue Nakuru | 0703024601/2/3 |
| KISUMU | Westend Mall, Achieng Oneko Road | 0703024507/513 |
| MOMBASA | Electricity House, Ground Floor, Nkrumah Road | 0703024401/2/3/4/5 |
| PARKLANDS | Stima Sacco Plaza Mushembi Road, Parklands in Nairobi | 07030 |
In addition to loans, Stima Sacco also offers other financial services to its members, including savings accounts, insurance products, and investment opportunities. The Sacco is regulated by the Sacco Societies Regulatory Authority (SASRA) and is committed to providing high-quality financial services to its members.
READ ALSO: Forex Trading In Kenya using M-Pesa (Complete Guide For 2023)
Conclusion
Overall, Stima Sacco is a reliable and reputable option for individuals and businesses in Kenya looking for financial services, including loans. With a wide range of loan products, a convenient network of branches, and a commitment to providing top-quality service, Stima Sacco is an excellent choice for those in need of financial assistance.
