How To Get Loan From Stima Sacco [2022]

Upon joining stima sacco, one is required to fulfill certain requirements before being eligible to access any of the stima sacco credit facilities.

Such requirements include; maintaining an active membership account for a period not exceeding 3 months for individuals and 6 months for corporates.

In addition, loan applicants must meet the minimum share capital requirement at the point of loan application.

In stima sacco, there are a wide variety of loan products available to its members. These are;

  • Short term loans; salary advance, ussd loans, prima advance,emergency school fees & makeover loan
  • Long term loans; normal loan 1&2, flex loan 1&2, mwangaza loan 1&2, sosa, vuka, super
  • Business/group loans; working capital, asset finance, LPO finance, invoice discounting, investor, makazi, m-pawa, plot financing.

How To Get A Loan From Stima Sacco

Depending on the category of applicants, one is required to avail the relevant documents necessary for each i.e

Salaried person(s) are required to attach 3-month payslips & bank statements, copy of national ID and copy of KRA pin.

Business persons are required to produce; 6-month bank statement, copy of national ID, copy of KRA pin, security (guarantors/title deed/logbook/NSE shares/fixed deposit funds)

Proceed to fill in the stima sacco loan application form by completing the 4 major sections which include;

Section A: Applicant’s personal information

This section requires your name, loan number, staff number, member number, national ID number, KRA PIN number, date of birth, gender, religion, email address, phone number as well as marital status (single/married/widowed).

In addition, you are to also state your postal address, physical address (town, estate, street, house number), ownership status (owned/rented) and duration of stay.

Section B: Employment details

This section requires the applicant’s employer name, postal address, physical address, phone number, designation. retirement date, employment terms (casual/contract/permanent) and three majorly owned assets.

If unemployed, state the type of business, years of operation and business income.

Section C: Loan particulars

This section entails the loan type, loan amount, loan purpose and repayment period. Additionally, you will be required to state whether you have any loans with other financial institutions such as banks.

In the event that you do, provide the name of the institution, loan amount advanced, date granted, repayment period and outstanding balance.

Section D: Security details

This segment calls for indicating the type of security to be provided i.e salary/deposits/savings/guarantors/other.

If guarantors, each must indicate the staff number, name, outstanding loan amount, deposit amount, national ID number and signature.

If property, indicate the LR number, brief description of the property, location (district. town, sub-location, estate, street) and also the estimated value of the property,

Note: For loans above two million, a minimum of 6 guarantors are needed who have not guaranteed more than 7 loans being serviced, the deposits for both the applicant and guarantee should be able to cover the loan and stima sacco is at liberty to reject unqualified guarantors.

Categories: Stima Sacco


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