St James Sacco

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Our Products and Services

Whether you’re looking to finance a new project, consolidate debt, or cover unexpected expenses, we have loan options to suit your needs

Normal Loan

This is an all-purpose loan facility advanced to members for self-development or to initiate or boost business ventures. It may include projects such as the purchase of land, among others.

Features

  • Repayment period: Up to 36 months.
  • Interest rate: 1% p.m. on a reducing balance.
  • Maximum Entitlement: 3 times total deposits
  • Guarantors: Minimum of 3.

Requirements

  • A duly completed loan application form.
  • Attach relevant supporting documentation and satisfy the eligibility requirements as prescribed in the loan application form.

Note

  • The loan applicant must be an active Sacco member for a minimum period of 6 months preceding the loan application.
  • The loanee is expected to make the required monthly contributions even as they are servicing the loan.
  • The member’s credit history will be a major determinant for this and future loans.
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Self-Guaranteed Loan

This loan facility is advanced within member deposits without the need for guarantors.

Features

  • Loan of 75% of member’s total deposits payable in 36 months
  • Loan of 80% of member’s total deposits payable in 24 months.
  • Loan of 90% of member’s total deposits payable in 12 months.
  • Interest of 1% per month on reducing balance

Requirements

  • A duly completed loan application form with relevant supporting documentation and satisfy the eligibility requirements as prescribed in the loan application form.
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School Fees Loan

This loan product is tailored to meet the education needs of members. It is granted for education purposes only.

Features

  • Repayment period: Maximum 12 months.
  • Interest rate: 1% p.m. on a reducing balance.
  • Maximum Entitlement: Up to 3 times total deposits

Requirements

  • A duly completed loan application form.
  • Only one school fee loan allowed at any one time (where multiple fee structures are presented, combine to one loan).
  • Must provide a current and certified fee structure.
  • Loan disbursed directly to the institution(s).
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Emergency Loan

This loan facility is tailored to meet a member’s meet member’s immediate unforeseen circumstances.

Features

  • Repayment period: Maximum 12 months.
  • Interest rate: 1% p.m. on a reducing balance.
  • Maximum Entitlement: Up to Ksh 100,000.

Requirements

  • The loan applicant must be a member who has saved consistently for six months or any member with an active loan qualifies for this facility if their outstanding loan balance is less than their deposits.
  • A member qualifies for one emergency loan at a time.
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Medical Insurance Loan Scheme

St. James Sacco has partnered with a reputable Medical Insurance Provider to extend to its members an affordable, comprehensive health cover designed for groups with a minimum of 10 principal members (families). This product is tailored as a loan facility with different premiums to choose from that meet the needs of an individual member and/or their family.

Benefits

  • The minimum of principle members is 4.
  • Members between the ages of 18 years and 70 years are eligible for cover.
  • A member already in the scheme can have cover extended up to 80 years of age if they remain active and the medical provider is satisfied with their detailed medical report.
  • Dependent children are eligible for cover from 0 months (a term baby of 38 weeks) of age up till the age of 18 years or to the age of 23 years if residing with their parents and enrolled full-time in a recognized post-secondary institution.

Members can select cover from a selection of 3 premium options

Note: Members can opt to have an inpatient-only cover from the selection; however, an outpatient cover must have a corresponding inpatient cover (cannot have an outpatient-only cover).

CIC Insurance

Option I

  • Inpatient Limit: Ksh 100,000
  • Outpatient Limit: Ksh 30,000

Option II

  • Inpatient Limit: Ksh 200,000
  • Outpatient Limit: Ksh 40,000

Option III

  • Inpatient Limit: Ksh 300,000
  • Outpatient Limit: Ksh 30,000

AAR:

The minimum of principle members is 15 an overall limit

Plan 1

  • Kshs 250,000/=

Plan 2

  • Ksh 500,000

Plan 3

  • Ksh 750,000

Plan 4

  • Ksh 1,000,000

Features

  • Maximum repayment period of 10 months
  • Interest rate of 0.5% p.m on reducing balance
  • Processing fee of Kshs. 500/=
  • Are you interested in this health cover? Contact our Sacco Office for more details.
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Okoa CHAP CHAP

A quick access loan granted to member to sort out any immediate needs. Disbursed within a few hours via member registered phone number (MPesa).

Requirements

  • The applicant must fully complete this loan application form for consideration.
  • The applicant member account must be active.
  • The total loan granted shall not exceed Ksh.50,000 and is repayable in a period not exceeding 3 month.
  • The rate of interest shall be 5% per month on reducing balance, with a one off processing fee of Ksh.200.
  • The loan shall be self guaranteed. Where a member has an active loan, their free deposits must be sufficient to secure the loan.
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LOAN REPAYMENT MODES

  • Checkoff: Through the employer
  • MPESA: through the Sacco Paybill number.
  • Standing Order: from Members Bank account to the Sacco bank account.
  • Direct Deposit: to the Sacco Bank Account through any Co-operative Bank Branch or through Co-op kwa Jirani Agent.