We all need that extra cash. It may come from a side hustle, a donation, or a loan. The easiest way to get that extra cash for an emergency or extra purchase is through a loan.
Stima Sacco, the biggest Sacco within and without Kenya in the asset base and dividend payouts, is one of the best institutions with simple, flexible, and affordable loans.
Here are the top 6 loans you can get from Stima Sacco:
Normal Loan
This is a personal loan that one can take for the purpose of development; land purchase, construction, education, medical, consumer durables, and motor vehicles, among others. The product is best suited for people with regular income from both formal and informal employment. The loan must be with 4 times one’s Alpha deposits.
Some of the requirements from employers for this loan are an MOU, an irrevocable letter to channel salary and terminal benefits through Stima Sacco (for non-check-off members), a copy of the employer’s letter of appointment, a letter of no objection, and 2 months’ pay slips.
Read Also: Dear Investor, Here Are the Requirements For Joining Stima Sacco
Super Loan
This is the best loan product for people who need heavy investments like purchasing land, construction, education, medical, and furniture, among others, and who need a repayment period beyond 60 months. Both with regular income from formal and informal employment and are eligible.
Some of the benefits include; Enabling members to access funds at competitive rates; Flexible security requirements; Faster loan processing; Savings stimulus for members; a Longer repayment period; and a Higher multiplier of Alpha deposits (4X).
To be eligible, one: Must comply with the requirements of membership policy; Salary must be channeled through Stima DT Sacco; Must have completed the probation period; and Must have made uninterrupted 3 months regular.
Read Also: Stima Sacco Launches A New Branch At Electricity House
Mwangaza Loan
This is a personal loan product that can be taken for various purposes including the purchase of land or investing in a business. If you are newly employed, this is the best product for you that gives you up to 5 million shillings payable within 48 months.
Some of the benefits include: Enabling members to access funds at competitive rates; Flexible security requirements; Faster loan processing; Savings stimulus for members; and a longer repayment period.
To be eligible, one: Must comply with the requirements of membership policy; Must be salaried; Salary must be channeled through Stima DT Sacco; Must have completed the probation period; Must have made uninterrupted 3 months of regular contributions prior to the application date; and must have the ability to pay. (Loan repayment not exceeding 2/3 of their basic pay).
Read Also: Why You Must Open An Account With Stima Sacco Today
Flex
This is another personal product for individuals on permanent employment or on contract and pensioners. It gives one up to 1 million shillings with a repayment period of 36 months (subject to the remaining contract).
To be eligible, one: Must comply with the requirements of the membership policy; Must be salaried or receiving pension benefits through Stima DT Sacco.
For employees one: Must have made uninterrupted 3 months regular contributions prior to the application date; Must have the ability to pay (loan repayment not exceeding 70% of net take home).
Premium Loan
This is a personal loan suitable for those who need more money in terms of loans. Individuals whose salaries or pensions are channeled through Stima Sacco are the most eligible here. It is ideal for members with deposits of 1 million shillings and above.
The beauty of this product is one can access 5 times their Alpha deposits with a payment period of 85 months (subject to the remaining contract period).
To be eligible, one: Must comply with the requirements of membership policy; Minimum Alpha deposits of Ksh.1,000,000; Must be salaried or receiving pension benefits; Salary/pension must be channeled through Stima DT Sacco; Must have completed probation period; Must have made uninterrupted 3 months regular contributions prior to the application date; Must have the ability to pay; Loan repayment not exceeding 2/3 of their basic pay.
Read Also: The Mama Mboga Who Runs A Business Empire Courtesy Of Stima Sacco
Vuka Loan
This loan is the best for salaried individuals with a check-off arrangement with Stima Sacco and pensioners. The loan is up to 5 times one’s Alpha deposits with a max of 5 million shillings for a period of 72 months (subject to the remaining contract period.)
To be eligible, one: Must comply with the requirements of membership policy; Must be salaried with a check-off arrangement with Stima Sacco; Salary must be channeled through Stima DT Sacco; The loan marked for buy off should be performing; Must have completed a probation period; Must have made uninterrupted 3 months regular contributions prior to application date; Must have the ability to pay. (Loan repayment not exceeding 2/3 of their basic pay).
Read Also: How I Saved 20% Of My Salary With Stima Sacco And Grew A Business Empire
