Chai Sacco reviews: How to join Chai Sacco, Customer Care Contacts, Loans, Paybill, Savings products, Dividends

Below are important details you should know about Chai Saco, they include: How to join Chai Sacco, Customer Care Contacts, Loans, Paybill, Savings products and Dividends.

Chai Sacco pays dividends annually. Their dividends range between 13% and 17% of the total shares one owns in the Sacco. If you invest Ksh 1 million in buying shares, you will be earning Ksh 100k to Ksh 180k per year in dividends.

CHAI HOUSE Koinange street opposite city Market. Ground and Mezzanine floor

P.O. Box 278-00200 City Square

Nairobi Kenya

Mobile: 0709808000/0709808100

We have a friendly team and a listening ear to fully meet your needs. Keep in touch with us online on the platforms below.

Paybill:544200

REQUIREMENTS

• A copy of the national identification card.
• A clear passport photo.
• A clear passport photo.
• Registration fee of Ksh1,000 which is only paid once at the time of registration and is non-refundable.

Visit Chai Sacco website and apply to become a member of the Sacco.

To qualify for a loan from the Sacco one should meet the following requirements:

1. Be an active member of the Sacco with regular deposits contributions
2. Must have paid (or is paying) the minimum share capital requirement by the Sacco
3. Must have been a member of the Sacco for at least three months
4. Must have a regular source of income to support loan repayment (salary, business, farming etc.)
5. Must provide security to for the loan applied for such as guarantors, logbooks, title deeds etc.
6. All deductions should not exceed 2/3 of gross salary
7. Three most current pay slips certified by the employer
8. Must have good loan repayment history i.e. no adverse CRB listing

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 60 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 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

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
• Deposits committed on the loan shall not be withdrawable during the period of the loan.

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.
• Can be accessed by dialling *645#

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.
• Can be accessed by dialling *645# 

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
• Can be accessed by dialling *645# 

Assest Finance

Available to all Sacco members.
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.
• Auxiliary costs i.e. (Car tracking, Comprehensive Insurance & Valuation fees etc.) on purchased motor Vehicle will be borne by the member.
• The motor vehicle should not be more than 8 years of age from the date of manufacture.
• The loan can be used to acquire both the movable and immovable assets.
• Maximum repayment period of up to 60 months.
• Interest rate is at a 1.1% pm reducing balance.
• Security: Title deed and logbook.

Rebates Advance

The product to be availed to all members who were paid rebate in the previous year (2022) whether the amount was capitalized or not.
Features:

• A member is entitled to a maximum of 50% of the amount of rebates paid in the previous year 2022
• The advance shall attract interest of 10% and 1% insurance fee one off.
• This advance to be accessible on mobile platform, *645# 

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

Chai Fama Advance

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 farmer should not be a loan defaulter.

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:

• Interest rate is 13% pm on a reducing balance.
• Maximum Loan repayments period is 60 months.
• Chai fama Loan multiplier is 30 times or 90% of the previous years’ Bonus rate (whichever is lower) multiplied by the cumulative kgs for the last 12 months, then multiplied by the number of years the member has applied for the loan. Maximum period will be 5 years..
• Immediate loan buys off from other financial institutions.
• No loan buys off charges from other financial institutions.

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.

Share Capital

Share Capital is the shareholding that every member hold in the Sacco. It is a long-term investment a member puts in the Sacco for higher returns in form of dividends.

Features:

• Minimum monthly contribution of ksh 500.
• Member has right to enjoy all the Sacco products and services.
• It earns members dividends.
• Minimum Share Capital is Ksh. 30,000 per member i.e. 1,500 shares @ Ksh.20.
• Can be transferred to another member upon termination of membership.

Member Deposits

Long term non-withdrawable savings contributed monthly by the member.

Features:

• Minimum monthly deposit segmented into business. farmers and check off.
• Higher deposits give a member higher borrowing power.
• Earn rebates.
• Non-withdrawable however is refundable upon termination of membership as per the Sacco by-laws.
• Can be used as security against a loan.

Savings Account

Savings Account makes it easy for members to save and access the savings at any time as the need may arise.

Features:

• Minimum monthly savings of Ksh. 500
• Minimum account balance of Ksh. 500
• Minimum balance to earn interest is Ksh. 3,000
• No ledger fees charged on the account
• Can be accessed through Mobile banking (M-Chai *645#) over the counter and ATM card
• Cash withdrawal can be done at anytime <
• Used for Salary Processing.

Chai Angels Junior Account

Chai Angel Junior Account has been designed for members’ children below the age of 18 years for the safe keeping of money and saving for the future while enjoying other benefits along the way.

Features:

• Minimum monthly saving is Ksh. 500.
• Minimum account balance is Ksh. 500
• Maximum three withdrawals per year
• 25% discount on bankers’ cheque
• The account is operated by the guardian
• Interest paid at 2% above the interest paid on savings.
• No ledger fees charged on the account.
• Children given piggy banks for home savings and branded T-shirts.

Chai Premier Holiday Account

Chai Premier Holiday Account has been designed to offer members a savings facility towards a vacation plan.

Features:

• Minimum monthly saving is Ksh. 1,000.
• Minimum interest earning amount is Ksh. 5,000.
• Minimum account balance is Ksh. 1,000.
• One withdrawal per year.
• Discounted Holiday rates for Sacco members to various destinations across the world.
• Reduces loan burden on members for purposes of holiday and anniversary celebrations

Fixed Deposit Account

This is an investment account with a higher interest return on money put as fixed deposit.

Features:

• Minimum amount to be fixed is Ksh. 10,000
• Minimum fixed deposit period is 1 month
• Competitive interest rates offered to members
• Any premature withdrawal leads to forfeiture of interest
• Fixed Deposit certificate issued to the member.
• Guaranteed returns as per the deposit contract.

Chaifama Savings Account

Chaifama Savings Account is a unique account designed to meet the needs for small scale farmers who receive low monthly proceeds from their farming business. It is suitable for both tea, dairy and horticultural farmers.

Features:

• No minimum account balance is required
• Free processing of monthly payments of up to Ksh. 200
• Free over the counter cash withdrawal for amounts up to Ksh 200
• Minimum monthly share capital contribution of Ksh. 20
• Registration fee of Ksh. 1,000 paid in monthly instalment of at least Ksh. 85.
• Account can be accessed through ATM and M-Chai services.
• Access to Chaifama Loan.

Mapato Account

This is a transactional account tailored made to answer the member financial demands.

Features:

• This is a transactional account.
• No minimum balance.
• No monthly charges.
• The savings can be accessed through mobile banking platforms such as M-chai *645#, Chai pesa *882#, Chai Pesa and Mchai mobile App, ATM card or withdrawal via the counter.
• Unlimited withdrawals.
• The account is open to all Chai Sacco members.
• The account will earn interest and paid at the end of the year as per the board approval, minimal monthly account balance to earn interest ksh 5,000.

Preferential Deposit Account

This account offers a highly competitive return to members, hence money working for you

Features:

    The account is open to all active Sacco members.

    Assured interest returns of 10.5% per annum.

    Interest payable at the end of every quarter on a pro-rata basis.

    The interest is payable to member FOSA account.

    Interest rate is on pro-rata basis for period member has placed funds.

    Members can deposit monthly via check off, Chai Sacco M-pesa Pay bill no 544200 or Sacco teller deposits.

    Members can opt for monthly contributions or lumpsum payments depending on their convenience.

    No restriction to member entry and placement amount.

Nairobi Branch

CHAI HOUSE Koinange street opposite city Market. Ground Floor
Phone no:0709808102/0709808103
Nairobi@chai-sacco.co.ke

Mombasa Branch

MKU Plaza ground floor Nkurumah Road
Phone no:0709808165
Mombasa@chai-sacco.co.ke

Litein Branch

Next to Bureti Book Centre
Phone no:0709808158
litein@chai-sacco.co.ke

Kisii Branch

Kwanza Place 1st floor
Phone no:0709808180
Kisii@chai-sacco.co.ke

Silibwet Branch

Uchumi Plaza, Ground Floor
Phone no:0709808159

Nkubu Branch

Next to Equity bank
Phone no:0709808182
Nkubu@chai-sacco.co.ke

Satellite offices

Olenguruone-0709808163
Othaya-0709808213
Kutus-0709808211
Kangari-0709808215
Kapsabet-0709808220.
Nyamira-0709808217