Chai sacco is a licensed sacco in Kenya whose operations are governed by principles summarized by their vision, mission and core values as highlighted below.
Vision: A world class Sacco in the provision of financial solutions.
Mission: To provide customized financial products and services by continuously embracing change, technology and innovation for sustainable growth and development
Motto: Count on us
Core values: customer focus, integrity, creativity & innovation, equity and team work.
Benefits of Joining Chai Sacco
Chai sacco provides a wide variety of products and services catered to each individual member’s needs. Such products and services include:
1. Loans- Under the loans option, there are several chai sacco loan products available once you join chai sacco. These include;
- Main loan- this is an all-purpose loan that offers amounts of upto 3 times member deposits and is repayable within 48 months.
- Emergency loan- targeted towards sudden eventualities beyond a member’s control. It attracts loan amounts of upto 3 times member deposit and is to be repaid within 12 months.
- School fees loan- this loan is geared towards children education. It attracts triple amount of a member’s deposit with a maximum repayment period of 12 months.
- Product loan- this loan purpose is for the purchase of a variety of products ranging from household items, electronic gadgets, motor-bikes etc. It grants loan amounts of upto a maximum of 3M repayable within 36 months.
- Super loan- this is a loan tailored for long-term projects that guarantees members triple their deposit amounts. It offers a minimum loan amount of Ksh250K repayable within 72 months.
- College/University loan- this loan is beneficial to pursuants of higher education with a minimum loan amount of Ksh50K to be repaid in 24 months.
- Jeki loan- this loan is accessible by members with low deposits who require loans above their deposit limits. Such loans are granted upto a maximum of Ksh300K to be repaid within 36 months.
- Vision loan- this loan is for development projects which require huge financing. As such, it offers loan amounts of upto 4 times a member’s deposit with the minimum amount being Ksh300K with a repayment plan of 84 months.
- Golden loan- this loan offers members an overdraft facility to their exhausted loan limits. However, one major requirement for this loan is that a member’s salary must be channeled through the FOSA account so as to benefit from the loan amount of upto 2M repayable in 48 months.
- Salary advance- this loan is targeted towards salaried individuals whose salaries pass through FOSA. The loan limit is capped at Ksh100K with amounts less than 20K requiring no guarantors. Chai sacco salary advances have a 6 month repayment period.
- E-loan- such loans can be accessed via the phone through ussd code *645# or M-Chai App. The maximum e-loan amount is Ksh30K with a loan tenure of 1 month.
- Chaifama loan- this loan is targeted towards tea farmers who must have processed their proceeds in Chai FOSA for a period not less than 3 months. A member shall be granted a loan of up to Ksh15 per kg on 80% of the accumulated green leaves deliveries for 12 months beginning July of the previous year. The maximum repayment period is 12 months.
- Investment loan- this loan offers finance for the purchase of property sold through Chai Diamond Investment Ltd. It offers loan amounts of upto 4 times a member’s deposit which must not be more than the property’s value. Such loans have a repayment period of 72 months.
- Deposit cover- this option involves member deposits being covered against permanent disability or death of a member whereby deposits held at the time of death or permanent disability of the member are doubled and refunded to the nominee.
2. Savings- Under the savings option, there are several chai sacco savings products once you join chai sacco. These include;
- Savings account- this account is used for salary processing whereby it requires a minimum monthly savings and account balance of Ksh500 but in-order to earn interest, the minimum account balance required is Ksh3K
- Chai angels junior account- targeted towards children below 18 years of age, the account requires a minimum monthly savings and account balance of Ksh500 with withdrawals limited to 3 annually.
- Chai premier holiday account- targeted towards holiday expenses requiring a minimum monthly savings and account balance of Ksh1K but in-order to earn interest, the minimum account balance required is Ksh5K
- Fixed deposit account- requires a deposit amount of Ksh10K for 3 months and can also be used as loan collateral.
- Chaifama savings account- designed for low income farmers with no minimum account balance requirements with a registration fee of Ksh1K
- Share capital- Minimum share amount per member is Ksh30K transferable upon withdrawal from the sacco.
- Member deposits- refers to long term non-withdrawable savings contributed monthly by a member and can be used as loan collateral.
3. Mobile banking: via M-Chai app or ussd code *645# which provides access to cash withdrawals, airtime purchases, deposits, e-loans, inter-account transfers, mini-statements as well as balance inquiries.
4. Online portal: Allows members to access their account and check FOSA statements, access loan calculator, track loan progress, check guaranteed loans, dividends and also check latest transactions. The Chai sacco member portal can be accessed via this link.
5. Other services offered by chai sacco are agency banking services, internal & external standing orders, banker’s cheque, M-Pesa services, sacco link ATM cards etc
Chai sacco Head office and contacts
Chai sacco has several branches spread out across the country with locations with its main office located at:
KTDA Plaza,4th Floor,Moi Avenue
P.O. Box 278-00200
Mobile: 0709808100/ 0709808101
Chai sacco branches and contacts
|Mombasa Branch||MKU Plaza ground floor Nkrumah Road||0709808180|
|Litein Branch||Next to Bureti Book Center||0709808158|
|Kisii Branch||Mocha Place 1st Floor, Opp. Tuskys Echiro Supermarket|
|Nkubu Branch||Next to Equity Bank.||0709808182|
How To Join Chai Sacco And Become A Member
Anyone willing to join chai sacco should know that its current membership consists of employees from KTDA, affiliate companies & private companies, civil servants, non-governmental organization employees, business community, youth groups, welfare groups, chamas, self-help groups as well as investment groups.
To join chai sacco, you are required to fill in the chai sacco membership application form which requires details such as;
- Applicant’s details: names, gender, date of birth, marital status and occupation.
- Contact details: postal address/code/town, phone number and email address.
- Physical address: location, street/building/estate and house number.
- Home/Permanent address: postal address, street/building/estate and town/city.
- Identification: ID number & place of issue, KRA Pin, passport number & issue and expiry date.
- Next of kin details: name, relationship, ID number, postal address and phone number.
- Employment details: employer name, terms of employment i.e contract/permanent, location, department, station and payroll number.
- Business details (if self employed): business name & nature, street/building/estate and office number.
- Sources of funds: salary, business, pension or other (specify)
- Estimated monthly income level
- Preferred account opening details
- List of nominee names, ID numbers, phone number, postal address, relationship and percentage allocation.
Once the membership application form has been filled, proceed to the chai sacco online application portal and also fill in the required empty fields such as your names ( surname & other), gender, date of birth, ID number, KRA Pin, phone number, postal address & code, email address and referee.
Also attach and upload your duly filled application form, passport photo and copy of ID card/passport.
Once this is done, you will receive a response with further instructions to complete the membership application process.
Categories: Chai Sacco