Simba Chai Sacco membership requirements, savings products,loans and contacts:

Simba Chai Sacco Contacts

Contact us

Address: Kericho|Simba Chai Sacco Plaza|Opposite Central Hospital Along Kericho-Nakuru Highway

1. O. Box 977, KERICHO

Website: www.simbachaisacco.co.ke

Email:  info@simbachaisacco.co.ke

Phone: 0708005555/0722232507

Simba Chai Sacco Paybill Number

M-Simba Mobile Banking and App

M-Simba mobile service provides mobile banking services to all our M-Simba registered members. By Dialling *879# (Safaricom line) on your phone, you are prompted to put your secret PIN and a step-by-step guideline.

If you are NOT registered to M-Simba you can make Direct Deposit Through our Paybill No 166586 using these Guidelines

• MPESA MENU
• LIPA NA M-PESA
• GO TO PAY BILL
• Enter Business No. 166 586
• Enter Account No. Short CODE plus your ID NO. 235978s01
• Enter Amount 1000
• PIN No. 1234

We also have the M-Simba app which provide the following services

• Balance enquiry
• Withdrawal from Account to M-Pesa
• Deposit money to Shares / Deposits / Savings account and Pay loans directly
• Loan application and allows one to check loan limit for advance, Borrow and repay M-simba advance.
• Make utility payments like KPLC, DSTV, NHIF and Buy Goods
• Change/Reset PIN for the M-Simba service and allows Stopping of Channel
• Purchase Safaricom Airtime
• Check Mini-statement and Loans Guarantors
• The mobile app is available on Google Playstore
• M-Simba service is convenient, Cost effective, Easy, User-friendly, Secure and Efficient

Simba Chai Sacco BOSA Saving products and Loans

Normal Loans:

The main purpose of this type of loan is to enable the member to develop him/herself and improve his/her standard of living. This is the main type of loan the society offers.

• Normal loan is given to any member who is eligible as per his/her deposits (issued three times the deposits), 2/3rd rule and has no other normal loan.
• Maximum repayment period for this type of loan is 60 months (5 years).
• It takes one month for this loan to mature on application. However in circumstances where funds are limited it is issued on first come first serve basis.
• Normal loan interest rates at 1.21% pm

School Fees Loan

The purpose of the loan is to enable our members to educate themselves and their children with ease.

• School fees loan can be given to a member as the 1st, 2nd or 3rd loan.
• Proof of the required academic funds from an institution of learning, locally and/or abroad will be submitted with the duly filled loan application form.
• Maximum repayment period is 12 months.
• School fees loan interest rates at 1.5% per month

Emergency Loan

Loan Difference

This is a special arrangement with the Sacco where a member has taken maximum number of loans and would like to apply for more fund, is allowed to apply for a higher amount to offset the outstanding loans and take home the difference.

• Upon qualification based on shares and 2/3 rule, the loan can be awarded as per the applicant request on the repayment period.
• There is a 5% loan commission charge on outstanding balance. The rate is reviewed annually based on the market rate.
• Loan difference interest rates at 1.5% pm

Holiday Savings

• This savings plan is designed for individual savers who need to save and access this savings at the end of the year for purpose of paying holiday expenses such as Christmas.
• The saver declares the amount to be deducted from his account and agree that this will be withdrawn at the date specified by the society.
• Minimum balance is Kshs 500.
• The balance of the account for each member will be transferred to his / her Fosa Account on maturity less the minimum balance unless the member notifies the office otherwise at least one month to maturity date.
• A minimum of kshs 500 should be retained in the account unless the member is withdrawing from membership.
• No other withdrawal will be allowed after maturity period unless a member is withdrawing membership from the cooperative society, in which case notice of two months is required.
• Interest will be paid at 3% p.a. and may be reviewed from time to time by the management committee
• Members of Simba Chai Sacco and employees of Unilever are eligible to join the Scheme. This savings plan is not affected by 2/3 rule, as this is flexible voluntary plan.

School fees savings

• This savings plan is designed for individual savers who need to save and access this saving at the end of the year for purpose of paying school fees.
• The saver declares the amount to be deducted from his account and agree that this will be withdrawn at the date specified by the society.
• Minimum balance is Kshs 500.
• This savings scheme run from 1st January and matures on 10 th January of the following year.
• The balance of the account for each member will be transferred to his / her Fosa Account on maturity less the minimum balance unless the member notifies the office otherwise at least one month to maturity date.
• A minimum of kshs 500 should be retained in the account unless the member is withdrawing from membership.
• No other withdrawal will be allowed after maturity period unless a member is withdrawing membership from the cooperative society, in which case notice of two months is required.
• Interest will be paid at 3% p.a and may be reviewed from time to time by the management committee.
• Members of Simba Chai Sacco are eligible to join the Scheme. This savings plan is not affected by 2/3 rule, as this is flexible voluntary plan.

Holiday Savings

• This savings plan is designed for individual savers who need to save and access this savings at the end of the year for purpose of paying holiday expenses such as Christmas.
• The saver declares the amount to be deducted from his account and agree that this will be withdrawn at the date specified by the society.
• Minimum balance is Kshs 500.
• The balance of the account for each member will be transferred to his / her Fosa Account on maturity less the minimum balance unless the member notifies the office otherwise at least one month to maturity date.
• A minimum of kshs 500 should be retained in the account unless the member is withdrawing from membership.
• No other withdrawal will be allowed after maturity period unless a member is withdrawing membership from the cooperative society, in which case notice of two months is required.
• Interest will be paid at 3% p.a. and may be reviewed from time to time by the management committee
• Members of Simba Chai Sacco and employees of Unilever are eligible to join the Scheme. This savings plan is not affected by 2/3 rule, as this is flexible voluntary plan.

Hybrid Savings

Instant Loan

• Instant loan is given to any member who is eligible as per his/her deposits
• Maximum repayment period for this type of loan is 6 months
• It takes one day for this loan to mature on application.
• Instant loan interest rates at 3% pm

LEAVE SAVINGS/Retirement

• No minimum balance
• Interest earning for this account will be 5% and should be due on the anniversary.
• Accessible on months of leave but will be flexible if members are forced to go on leave earlier.
• Matures after 12 months

FOSA Products

FOSA savings

• Members save and withdraw at anytime.
• Minimum account balance is KShs 500

Fixed Deposit Account

SIMBA JUNIOR ACCOUNT

• Min contribution is 250
• A minimum balance of sh.500 should be maintained in this account unless the member is withdrawing from membership
• That the interest earning balance amount will be Kshs. 3000
• That the interest rate for this account will be 5% on amount above 3000/- p.a on proration basis.
• That the account closing charge will be Kshs. 500

Corporate Account

Salary processing

Salary processing through Fosa account

Salary Advances

Overdraft Facilities

Solar products

• The SACCO recently established under its product portfolio, a solar product for the benefit of its members who rely mainly on Kerosene lamps which are dangerous, polluting and uneconomical.
• The Sacco is partnering with the company to ensure that members access modernized and cheap solar lighting products in a campaign referred to as “Lighting Africa”
• Only Simba Chai Sacco members are eligible to apply
• Members apply for a loan equivalent to the cost of the product for a maximum period of 12 months.
• 5 % handling fee will be charged on the loan applied.

LAPTOP LOAN

• Only Simba Chai Sacco members are eligible to apply.
• Members apply for a loan equivalent to the cost of the product for a maximum period of 24 months.
• 10% interest will be charged on the loan applied for 24 months.

Flex salary advance

Flex Advance -The product is designed for sorting short term emergency needs.

Features

1. The maximum amount is based on the average net pay in the past 3 months.
2. The interest charged will be 10 % upfront
3. The loan shall be repayable within 3 months
4. Must remit salary through the Sacco

Frequently Asked Questions

1. Where is SIMBA CHAI SACCO located?

The SACCO is situated in Kericho|Simba Chai Sacco Plaza|Opposite Central Hospital Along Kericho-Nakuru Highway

2. Who is eligible to join the SACCO and how can one join?

The eligible member is any,employee farmer, Business person, Co-operate client, School, Microcredit group and Chamas..To join one fills a membership form and indicates the amount of deposits one wishes to contribute not below sh,800.

3.What forms the basis of loan qualification?

A member’s deposit is tripled and one’s deductions should not exceed two-third of the salary. For third parties (those who were once members but have retired from UTKL and retained membership) accesses three-quarter of their deposits.

4. How long do the various categories of loans take to mature?

Emergency loans take three days to mature Solar loans matures after a week Normal loans take a month to mature Loan difference loan takes a month to mature

5. How are loans recovered?

Loan is recovered from salaries of employees, Farming proceeds or Business proceeeds and cash payment at SIMBA CHAI FOSA.

6. In case of loan default what are the repercussions?

The member is advised and at the same time his deposits are scooped automatically. If such a member does not repay and all his or her shares are scooped to nil, CRB Listing and the guarantors become liable to repay the loan.

7. Does the SACCO have satellite offices?

The SACCO has put in place a mobile marketing department that attends to members and potential members at the comfort of their work place.

8. Why the difference in dividends earned despite equal deposits at the end of the year?

Dividends are earned on pro-rata basis. A member with high dividends at the beginning of the year gets high dividends unlike a member who tops up shares at the end of the year with the intention of earning more dividends.

9. How long does it take for a member to be refunded his or her deposits after resignation?

A resigned member is refunded his her deposits within two months. This period is to allow the SACCO to scrutinize any clearance issues.

10. Does the sacco process salaries?

Yes, it process salaries for both cooperate clients and sacco members/customers. Customers channeling salaries through FOSA can also access salary advances monthly.

11. How to Access M-simba

Dial *879# or Download M-Simba App from Google Play store.

12. How do i access SIMBA CHAI Members portal?

Click Members Portal Menu in our website and input your username and password. https://portal.simbachaisacco.co.ke/

13. What is required to access SIMBACHAI Internet Banking?

1. Fill Internet banking form obtained in our website and send to office for activation. 2. You will receive password in your Mobile phone upon processing of your request. 2. The username will be your IDNO.