Credit Products

Chai Sacco Loan products have been designed to meet members’ financial needs whether arising from emergencies or planned financial investments. The designing, packaging and processing of our credit products takes into account flexibility and value for money for our members.

Main Loan

This is an all-purpose loan product tailored to meet financial needs of our members whether for development, project improvement or investment.

Features:

  • Maximum repayment period of 48 months
  • Interest rate of 1% p.m. reducing balance
  • Maximum loan of up to 3 times member deposits
  • Flexible loan security such guarantors and collaterals
Super Loan

Super Loan is tailored to meet members’ needs for a longer-term loan product to finance their investments/projects.

Features:

  • Maximum repayment period of 72 months
  • Interest rate of 1.2% p.m. reducing balance
  • Maximum loan of up to 3 times member deposits
  • Minimum loan amount is Ksh. 250,000
  • Flexible loan security such guarantors and collaterals
Vision Loan

This loan has been tailored to meet members’ needs for higher credit to finance members’ development projects.

Features:

  • Enjoyed by check-off members only.
  • Maximum repayment period of 84 months
  • Interest rate of 1.2083% p.m. reducing balance
  • Maximum loan of up to 4 times member deposits
  • Flexible loan security such guarantors and collaterals accepted.
  • Rebates capitalized either to deposits, share capital or loan repayment.
Golden Loan

Golden Loan offers members additional credit facility when they have exhausted the maximum loan limit based on their deposits but can repay more loans through the pay slip.

Features:

  • Available for members contributing deposits through check off
  • Maximum repayment period of 48 months
  • Interest rate of 1.25% p.m. reducing balance
  • Maximum loan of up to Ksh. 2 million
  • Salary must be channeled through FOSA
  • Flexible loan security such guarantors and collaterals
Investment Loan

The Investment Loan offers members a facility to finance the purchase of plots and property being sold by Chai Diamond Investment Ltd.

Features:

  • Maximum repayment period of 72 months
  • Interest rate of 1% p.m. reducing balance
  • Maximum loan of up to 4 times member deposits and must not exceed the value of the property being bought
  • Member can qualify for another investment loan on clearance arrangement within the security earlier provided.
  • Loan secured with deposits and purchased land/property
Jeki Loan

Jeki Loan is a facility for new members who have low deposits and are in need of credit facility above the limit of their deposits.

Features:

  • Maximum repayment period of 36 months
  • Interest rate of 1.2% p.m. reducing balance
  • Maximum loan of up to Ksh. 500,000.
  • 34% of the loan retained as your deposits. 
Emergency Loan

Emergencies are unforeseen contingencies such as sudden hospitalization, funeral expenses, and other unforeseen circumstances beyond a member’s control.

Features:

  • Maximum repayment period of 12 months
  • Interest rate of 1% p.m. reducing balance
  • Maximum loan of up to 3 times member deposits
  • Guarantors used as security against the loan.
Product Loan

Product Loan gives members the flexibility to purchase products such as household items, water tanks, motorbikes, tuk-tuks, roofing materials, phones, laptops, among others.

Features:

  • Maximum repayment to 36 months.                    
  • Interest rate of 1% p.m. reducing balance
  • Member shall be granted up to Maximum of Kes 3,000,000 subject to ability to pay.
School Fees Loan

Features:

  • Maximum repayment period of 12 months
  • Interest rate of 1%p.m. reducing balance
  • Maximum loan is up to 3 times the deposits.
  • Secured using guarantors and any other acceptable collaterals.
College/University Loan

With a longer repayment period as compared to School fee Loan, this product serves members’ needs to pursue higher education as it gives members the flexibility of a longer repayment period.

Features:

  • Maximum repayment period of 24 months
  • Interest rate of 1% p.m. reducing balance
  • Maximum loan of up to 3 times member deposits and minimum amount of Ksh. 50,000.

    

Salary Advance

The Salary Advance Loan gives members opportunity to access short-term credit based on the net salary processed through FOSA with a longer repayment period.

Features:

  • Salary must be processed through CHAI FOSA savings account.
  • Maximum repayment period of 6 months
  • Interest rate of 2% p.m. reducing balance
  • Maximum loan of up to Ksh. 100,000
  • An amount below Kes 20,000 will not require guarantors.
  • Flexible loan security such as guarantors
  • Salary advance monthly repayment shall not exceed 50% of the net pay processed through FOSA
Assest Finance

Available to all Sacco members and tailor made to empower our members to acquire assets both the movable and immovable assets.
Features:

  • Member to raise 25% the value of the asset in form of non-withdrawable deposits, loan is up to 100% of the total purchase price of the asset.
  • The loan can be used to acquire both the movable and immovable assets. (Motor vehicle, Land, Building machineries etc.)
  • Maximum repayment period of up to 60 months.
  • Interest rate is at 1.1% pm reducing balance.
  • The asset to be acquired acts as the security i.e. Title deed, (Lands and Buildings) logbook.
  • The motor vehicle should not be more than 8 years of age from the date of manufacture.
  • The acquired asset shall undergo the process of collateral perfection.
 loan dev 
E- Loan

E-Loan gives members the flexibility to access credit on the go (i.e. through the phone).

Features:

  • The loan is accessed through mobile phone USSD code *645# or M-Chai App
  • Loan is disbursed through the phone to M-pesa wallet
  • Interest rate of 6% p.m. charged upfront
  • Maximum loan repayment period of one month
  • Maximum E-Loan amount is Ksh. 100,000
  • Loan is repaid through Fosa Savings Account or through M-pesa.
  • Service fee of Ksh. 50.
Chaifama Loan

Chaifama loan serves the growing demand for affordable and more competitive loan product for the tea farmers based on their monthly tea proceeds and tea bonuses.

Features:

  • The more the tea produced, the higher the amount qualified.
  • Loan is Ksh 25 times cumulative kgs of the  accumulated green leaves deliveries for 12 months.
  • While cumulative kgs will determine entitlement, appraiser will check net amount processed through Fosa.( Check on the ability of the farmer to pay the loan)
  • The monthly loan repayment should not exceed 80% of the net proceeds received monthly.
  • Loan interest is 1%pm reducing balance.
  • Maximum Loan payment period is 36 months.
  • Member must subscribe to share capital  and deposit upon loan application.
  • Farmer must change pay point to Chai Sacco.
  • Recovered from monthly and Bonus tea proceeds.
  • The loan is expected to age annually for three years ,since recovery of principal and interest will be from monthly proceeds and bonus.
  • Current 3 pay slips needed on loan application.
  • Up to Ksh. 500,000 requires guarantors.
  • Loan above ksh 500,000 must be secured with collateral such as Land and logbook.

Benefits

  • Quick processing and approval.
  • Loan buy-offs available on request.
  • Immediate Loan buy off.
  • Flexible repayment period.
Mifugo Loan

Perfect for dairy and beef farmers to help them sort, medium and long-term financial needs.

Quick processing rate hence meet the issues at hand.

Features:

  • Tailored for dairy and beef farmers to increase their yields.
  • Maximum loan is Ksh 500,000.
  • The farmer to be loaned 50% value of the cow.
  • Interest rate 1% pm reducing balance.
  • Payable in 36 months.
  • Member to channel their proceeds through FOSA.
  • The farmer must be a member of the Sacco and saved for at least 3 months.
  • The loan is 3 times of the member deposit.

Benefits:

  • Immediate Loan buy offs.
  • use cows as the security.

Loan Security:

  • The cow used as security must be insured.
  • Member deposit.
  • Other collaterals.
Kilimo Advance Loan

The Kilimo Advance Loan gives members opportunity to access short-term credit based on the net proceeds processed through FOSA with a longer repayment period.

Features:

  • Proceeds must be processed through CHAI FOSA savings account.

  • Maximum repayment period of 6 months

  • Interest rate of 2% p.m. reducing balance

  • Maximum loan of up to Ksh. 100,000

  • An amount below Kes 20,000 will be guaranteed by the member deposit.

  • Flexible loan security such as guarantors

  • Kilimo advance monthly repayment shall not exceed 50% of the net pay after other deductions have been effected.

  • Available to all farmers.

  • The member must have saved with the Sacco for 3 months.

Deposit Cover
  • Member deposit are covered against permanent disability or death of a member
  • Deposits held at the time of death or permanent disability of the member are doubled and refunded to the nominee.
  • Funeral rider of ksh 50,000 is paid when a member loses a spouse or a child
  • Monthly premium of ksh 100 paid by the member.
  • Ksh 100,000 paid for funeral expenses on death of a member
KTDA Plaza,4th Floor,Moi Avenue 0709808100/0709808101 info@ chai-sacco.co.ke   Membership Application

Contact Us

KTDA Plaza,4th Floor,Moi Avenue 
P.O. Box 278-00200 City Square
Nairobi Kenya
Mobile: 0709808100/0709808101
We have a friendly team and a listening ear to fully meet your needs. Keep in touch with us online on the platforms below.

 

Newsletter

Enter your email to join our mailing list

Chai Sacco on Facebook

Upcoming Events