Stima Sacco DT is a licensed Deposit Taking Sacco established in 1974 with the Sole objective of uplifting the members’ social economic wellbeing. In April 2003 the Sacco responded to members banking needs by introducing the Front Office Service Activity (FOSA) to offer banking services to its members. To date the Sacco has eight branches in Nairobi(Parklands), Mombasa, Kisumu, Nakuru, Olkaria,Eldoret, Nairobi CBD, Embu and Kawi Centre (South C)
The objective of establishing Stima Sacco was to enhance members’ individual socio-economic status by way of:-
- Mobilization Of savings
- Afford them credit at fair and reasonable rates
STIMA SACCO LOANS AND INTERESTS
The Society shall give loans and advances of tenors ranging from one
month to 72 months or such other tenor as may be determined by the BOD.
The amount granted to any one individual will range from 1000 to 10% of
core capital or as may be determined by the board of directors from time
to time.
The following loans are available but their names and
attributes are subject to review by the Board of Directors in accordance
with the provisions of this policy.
The loans will be broadly be classified as;
- Personal loans
- Business loans
- Other loans
1. STIMA SACCO Personal Loans
1.1 STIMA SACCO Development loans
Development loans are Normal or Super. The two loans differ in size and price.
a) Development loans shall be granted for investment purposes
b) To qualify for a loan, an applicant must have completed three months membership or such other period as the Board may determine from time to time
c) Applicants may be required to attach Supporting document as proof of project viability
d) Applicants must attach two most recent original pay slips or any other documents as proof of ability to repay the loan applied.
e) Loans will be repaid from a member’s salary or from members other incomes and no member will be subjected to deductions in excess of 2/3rds of his monthly salary or income. Where total deductions exceed two thirds of a member’s salary, the loan shall be reduced accordingly
f) The total of all outstanding loans, including emergency and school fees, and supa-sosa must not exceed three times an applicant’s deposits.
g) Every loan must be guaranteed.
h) Other securities such as land, cars, shares, insurance policies and share certificates may be pledged as security.
1.1.1 STIMA SACCO Normal
a) Repayment period will be 48 months. However a Member who qualifies for a loan equivalent to two times of his deposits because of 2/3 rule may be allowed to repay his loans within a period of sixty months.
b) The interest rate shall be 1% per month on declining balance or as shall be determined by the BOD from time to time
c) The total of all outstanding loans, including Supa-Sosa, emergency and school fees must not exceed four times a member’s deposit
1.1.2 STIMA SACCO Super Loan
a) Repayment period shall be 60 months or as may be determined from time to time.
b) The interest rate shall be 14% per annum on declining balance or as may be determined from time to time.
c) The total of all outstanding loans, including Supa-Sosa, emergency and school fees must not exceed four times a member’s deposit.
d) Salary must be channeled through FOSA
1.1.3 STIMA SACCO Premium Loan
a) Repayment period shall be 72 months or as may be determined from time to time.
b) The interest rate shall be 14% per annum on declining balance or as may be determined from time to time.
c) The total of all outstanding loans, including Supa-Sosa, emergency and school fees must not exceed four times a member’s deposit.
d) A Member need to have saved up to 1million shillings in deposits, the loan is x4 of the deposits
1.1.4 STIMA SACCO Mwangaza Loan
a) Repayment period shall be 48 to 60 months or as may be determined from time to time.
b) The interest rate shall be 14% and 18% per annum on declining balance or as may be determined from time to time.
c) Maximum amount of the loan is 2.5 million shillings
d) It is a salary based loan and your salary need to be processed through the Sacco
e) Minimum Alpha deposit should be 100,000
1.1.5 STIMA SACCO Flex loan
a) Members who are eligible for this loan are those who channel their salaries through Stima Sacco.
b) Deductions towards this loan repayment shall not be more than 30% of regular net salary
c) Application shall be accompanied by four original of latest pay slips
d) Loan must be fully guaranteed by eligible guarantors.
e) Repayment period shall be up to 24 months or as may be determined from time to time.
f) The Interest rate is 16% per annum on declining balance or as may be determined from time to time
g) Top up may be allowed after a period determined by the BOD at a 2.5% commission or as the BOD may decide. Premature top up shall attract an additional 2.5% commission.
h) The Loans applicant must open a Flex saving account and undertake to save a minimum of kes1000 or 0.5% of loan whichever is higher.
I) Maximum loan amount will be Kshs 1,000,000.00 or as will be determined from time to time.
1.1.6 STIMA SACCO Vuka Loan
a)Used to buy off bank loans
b)*5 of Alpha Deposits
c) Salary must be channeled through Stima Sacco
d) Loan repayment period of 72 months at 16%
e)Interest rate of ksh7500
1.1.7 STIMA SACCO Car Scheme
a)Purpose of the loan is purchase of motor Vehicle
b)Must be an employee of KPLC, KenGen, or Nuclear Energy
c)The loan must be approved by the employer
d)Loan tenor is a maximum of 60 months
1.2 STIMA SACCO INSTANT LOANS
a)Instant loans shall be granted for urgent unforeseen financial needs
b)To qualify for a loan, an applicant must have completed three months membership or such other period as the Board may determine from time to time
c)Applicants may be required to attach Supporting document as proof of project viability
d)Applicants must attach two most recent original pay slips or any other documents as proof of ability to repay the loan applied.
e) Loans will be repaid from a member’s salary or from members other incomes and no member will be subjected to deductions in excess of 2/3rds of his monthly salary or income. Where total deductions exceed two thirds of a member’s salary, the loan shall be reduced accordingly
f) Every loan must be guaranteed.
g)Other securities such as land, cars, shares, insurance policies and share certificates may be pledged as security
1.2.1 STIMA SACCO Emergency loan
a) Emergency loan shall be granted for unforeseen circumstances.
b) The total of all outstanding loans, including school fees, emergency and development loan, must not exceed three times a member’s deposit.
c) Repayment period shall be twelve months
d) The interest rate shall be 1% per month
1.2.2 STIMA SACCO School fees loan
a) School fees loan shall be granted for school fees purpose,specifically for msingi bora account holders.
b) Repayment period shall be 12 months
c) The interest rate shall be 1% per month
d) The total of all outstanding loans, including emergency and development loan, must not exceed three times an applicant’s deposit.
e)The loan is upto 75%of your savings.
f)Amount is payable directly to the school
1.2.3 STIMA SACCO Prime advance
a) Members who are eligible for this loan are those who channel their salaries through FOSA.
b) Maximum amount will be 200,000.00 or as may be determined from time to time.
c) Interest rate is 1.5% per month on declining balance or as may be determined from time to time
d) To up may be allowed at a 2.5% interest or as the BOD may decide
e) Repayment period will be 12 months or
1.2.4 STIMA SACCO Msingi Bora Loan
Helps the member to pay children’s school fees.
a) The loan must be repaid within 12 months or as may be determined from time to time.
b) Interest shall be 0.833% of the cleared debts.
c) A Member must have a Msingi Bora account and must have saved in the account for 3 years
d)The money is paid directly to the school
e) Loan amount is up to 75% of Msingi Bora deposits
1.2.5 STIMA SACCO Sosa
This loan facility will cater for members who have Super Loan or normal and need additional funds.
a) The loan amount will be 4 times of deposits.
b) Repayment period shall be 15 months
c) Interest rate currently at 1.25% p.m. on declining balance
d) The loan will be secured by 4 guarantors.
1.3 STIMA SACCO HOUSE HOLD ITEMS LOAN
1.3.1 STIMA SACCO Makeover loan
This loan enables members to acquire products like Tanks, mattresses, laptops, bicycles scooters, fridge cookers TVs etc.
a) Maximum loan Kshs 200,000 subject to the ability to repay.
b) Interest rate shall be 18% p.a. on declining balance
c) Repayment period shall be 15 months
d) Security will be 2 guarantors.
- Business Loans
For business, the Sacco shall offer the following products;
a) Working Capital
b) Asset Finance
c) Trade Finance
These products will be offered to
Individual running businesses, corporates( Limited liability companies engaged in business) investment groups and chamas and Micro leaders such as Saccos, MFIs and NGOs
2.1.1 Working Capital
2.1.2 Working Capital school
2.2.1 Asset Finance
2.2.2 Bridging Finance
2.2.3 Discounting
2.2.4 Fahari loan
2.2.5 Insurance premium finance loan
2.2.6 Biashara loan
HOW TO JOIN STIMA SACCO
Membership Eligibility
Stima Sacco’ Membership is open to all Kenyan Nationals anywhere in the World
INDIVIDUAL MEMBERSHIP
To join the Sacco one needs to;
1). Complete Membership Application Form
2). Attach copy of Kenyan National Identity Card or Valid Kenyan Passport
3). Attach coloured passport size photograph.
JOINT MEMBERSHIP
To join the Sacco one needs to;
1). Complete Membership Application Form.
2). Attach copy of Kenyan National Identity Card or Valid Kenyan Passport for both applicants.
3). Attach coloured passport size photograph for both applicants.
GROUP MEMBERSHIP
To join the Sacco one needs to;
1). Complete group membership application form.
2). Attach minutes of the group’s meeting resolving to join Stima Sacco.
3). Attach the group’s constitution.
4). Attach copies of Identification Cards, Passport and photos of authorised signatories.
5). Attach copy of group’s registration certificate.
CORPORATE MEMBERSHIP
To join the Sacco one needs to;
1). Complete corporate membership application form.
2). Attach minutes of the Board of Directors meeting resolving to join Stima Sacco.
3). Attach copy of articles and memorandum of association
4). Attach copies of Identification Cards, Passport and photos of three authorised signatories.
5). Attach copy of registration certificate.
STIMA SACCO PORTAL
You can access stima sacco members portal at the society website http://www.stima-sacco.com/
STIMA SACCO DIVIDENDS
It is one of of the highest paying SACCOs in terms of dividends in kenya
STIMA SACCO CONTACTS AND BRANCHES
Head Office, Stima Sacco Plaza,
Mushembi Road, Parklands
P.O.BOX 75629 – 00200,
City Square,
Nairobi, Kenya.
info@stima-sacco.com
Nairobi Branch
Stima Investment Plaza, Ground Floor
Mushembi Road, Parklands
PO Box 75629-00200, Nairobi
Email: fosa@stima-sacco.com
Mombasa Branch
Electricity House, Ground Floor
Nkrumah Road
PO Box 2593-80100, Mombasa
Email: msafosa@stima-sacco.com
Kisumu Branch
Westend End Mall
Achieng Oneko Rd
P.O. Box 2593-80100, Kisumu
Email: kisumubranch@stima-sacco.com
Nakuru Branch
P.O. Box 4083-20100
Meems building, Kenyatta Avenue,
Nakuru
Email: nkrbranch@stima-sacco.com
Olkaria Branch
P.O. Box 1203-20117 Naivasha
Geothermal Complex, Olkaria
Email: olkaria@stima-sacco.com
Eldoret Branch
P.O. Box 7952-30100 Eldoret
Zion Mall Building
Email: eldoret@stima-sacco.com
Embu Branch
P.O Box 388-60100 Embu
Pearl Centre
Email: embubranch@stima-sacco.com
Nairobi CBD Branch
PO Box 75629-00200, Nairobi
Victor House, Kimathi Street
Email: cbdbranch@stima-sacco.com
Contacts
customercare@stima-sacco.com
Call Centre 0703024000
SwitchBoard: 0703024024
Information
Customer care
customercare@stima-sacco.com
STIMA SACCO JOB VACANCIES AND INTERNSHIPS
You can get the latest job vacancies and internships by looking at sacco website and getting in touch with management of SACCO.
STIMA SACCO products and services FAQs
- Who is eligible to access Stima Sacco Credit facilities Members admitted in accordance with the membership policy
- When does a member become eligible for a loan
A member becomes eligible after a minimum membership period of three months and on fulfilling all requirements of a specific loan product. Members who transfer their deposits from another Sacco are exempted from the waiting period.
stima sacco: How is a loan application made?
A loan application must be done in writing on prescribed forms which must be fully filled. The applicant must attaché all relevant documents. Alteration will not be allowed.
- What is the difference between Shares, Deposits and Savings? Shares:
· The amount representing a member’s portion in the equity of the society as a co-owner.
· No member other than a Cooperative Society shall hold more than one-fifth (1/5) of the total shares
· Shares are not used to determine the eligibility of a borrower or a guarantor.
· Shares are not withdraw able but are transferable.
Deposits
· Every member must make regular deposits towards alpha deposits in accordance with Savings and loans policies.
· They are not withdrawn in part or in full as long as a person is a member of the Sacco.
· These deposits may be used to determine the eligibility of a borrower or a guarantor.
Savings
In addition to shares and deposits a member may invest in a saving account. The Sacco provides the following savings products
§ Prime
§ Twiga
§ Junior star
§ Silver seed
§ Flex savings
§ Fixed deposit
§ Msingi Bora Account
- Does interest charged by the Sacco fluctuate during the term of the loan? No
Any amendments on interest will affect new applications only.
- Who decides on what interest to charge?
Interests on loans are reviewed from time to time by the BOD on recommendation of Management.
- Can a member capitalize interest rebates or dividends to boost ones shares? Yes, that is allowed. All that one needs to do is to instruct in writing
- Can a member use dividends or interest rebates to clear loans
Yes by communicating the same in writing.
- What are the acceptable Securities for a loan?
i. Guarantors
ii. Deposits in the SACCO
iii. Land
iv. Buildings
v. Bank guarantees
vi. Corporate guarantee
vii. Share certificates
viii. Vehicles
ix. Endowment Insurance policies
- Who is eligible to be a guarantor?
Any active member in good standing is allowed to be a guarantor provided that one has not over guaranteed.A guarantor must be willing and able to repay the loan guaranteed if the loanees fails to pay
- What is the role of a guarantor?
Guarantors are jointly (together) and severally (individually) liable for the repayment of a loan in the event of the borrower’s default.
- What are the rights of a guarantor?
i. The right to obtain a copy of the letter of guarantee or contract of guarantee and any other documents in relation to the loan transaction
ii. The right to the information on the outstanding balance of the account of the borrower with the Society subject to the borrowers consent.
iii. The right to call upon the borrower to pay off the loan to release him from all his liabilities under the guarantee. This right can be exercised at anytime and even before the Society has called upon the borrower to pay the debt.
iv. The right to be indemnified by the borrower for any payment made to the Society. This means that he can sue the borrower for the amount that he has paid to the Sacco.
Yes, that is allowed and does not attract early clearance charge.
- Who is a nominee?
· A nominee is the person designated by a member to receive the proceeds of any payable funds upon the death of the member
· All members are required to provide details of nominee(s) upon registering as members.
· One can change and/or update his/her nominee information as when and need arises
- Can one alter loan repayment period during the repayment of the loan?
On loanees request the repayment period may be altered at any stage of repaying the loan provided that the request is within the limits of a particular loan term, and is endorsed by all guarantors, if extension.
