Credit Products

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 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

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 96 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 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

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 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. 

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 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.

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.

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.

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

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.

The product to be availed to all members who were paid rebate in the previous year (2021) whether the amount was capitalized or not.
Features:

• Members who have loan arrears, defaulters, withdrawn or dormant are not eligible.
• A member who withdrew and rejoined membership after payments of previous rebates are not eligible.
• A member must not have a Vision loan at the time of rebates advance application. If the member takes Vision loan after accessing the Rebates Advance, the same should be recovered on disbursement of the Vision loan.
• A member is entitled to a maximum of 50% of the amount of rebates paid in the previous year 2021
• The advance shall attract interest of 10% one off and 1% insurance fee one off.
• The interest charge and insurance fee will be recovered upfront from the disbursed amount. No monthly interest fees charged.
• This advance to be accessible on mobile platform or via manual application at the branch.

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 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:

• Interest rate is 1% pm on a reducing balance.
• Maximum Loan repayments period is 60 months.
• Chai fama Loan multiplier is 25 times the accumulative kgs for the last 12 months, then multiplied by the number of years the member has applied for the loan and the maximum period will be 5 years.
• Immediate loan buys off from other financial institutions.
• No loan buys off charges from other financial institutions.
• Farmer to change the pay point to Chai Sacco.
• Loan recovered from monthly proceeds, mini bonus, and Bonus.
• Guarantors-
  • Loan upto ksh 500,000 to be secured by guarantors whose pay point are in Chai Sacco or members who contribute monthly deposits.
  • Loan above ksh 500,000 to be secured by tangible securities such as Title deeds or logbook.

Benefits

• Quick processing and approval.
• Immediate Loan buy off.
• Flexible repayment period.

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.

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.

• 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

Chai fama Advance is a short-term loan to empower farmers and it is accessed through mobile phone.
Features:

• The farmer must be a member of Chai Sacco.
• The member will be advanced according to the amount of green leaf kilos delivered to the factory.
• The maximum advance will be ksh 10 per kg of green leaf delivered.
• The member can access advance multiple times within the month up to a maximum of ksh 10 per kilo delivered.
• Eligibility of the Chaifama advance is recomputed after each delivery of the green leaf.
• The advance will be charged 50 cents per kilogram of advance taken.
• Maximum advance repayment period is one month
• The tea pay point must be changed and locked to Chai Sacco.
• The advance will be recovered from the monthly proceeds.
• The advance is disbursed through the Fosa Account.
• The advance to be accessed through the USSD. *882# Chai pesa
• The farmer should not be a loan defaulter.