Home INFOMATIVE Mhasibu Sacco Loans, Membership Requirements, Paybill, Dividends and Customer Care Contacts

Mhasibu Sacco Loans, Membership Requirements, Paybill, Dividends and Customer Care Contacts

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Below are important details about Mhasibu Sacco. They include loans, membership requirements, paybill and customer care contacts:

This is an all-purpose loan facility advanced to all Members for improvement, development or investment. Best for first time borrowers who are looking into paying a long-term loan within a shorter period.

Features

  1. Repayment period of 72 months.
  2. Interest rate of 12% p.a on reducing balance.
  3. Maximum entitlement is 4 times total deposits plus shares. (Current Offer is 5 times)
  4. Guarantors and acceptable collaterals required.
  5. You can offset other loans with the Sacco at 5%
  6. Terms and conditions on self- guarantee apply.

Benefits

  1. Competitive rates.
  2. No processing interest.
  3. Interest is on reducing balance
  4. 1-month grace period if loans issued after 15th of the month.
  5. Manageable repayment amounts.
  6. Longer repayment period.
  7. No penalties for early loan clearance.

MOTOR VEHICLES FINANCING

As we grow, we continue to grow and diversify our product portfolio to meet your expectations. Members can now access Commercial vehicle financing under asset loan to make it possible for them to boost their finances. Mhasibu Motor Vehicle Finance allows you own a motor vehicle that you might not be able to otherwise afford.

Features

  1. Maximum entitlement is 4 times total deposits plus shares. (Current Offer is 5 times)
  2. Repayment period of 48 months.
  3. Interest rate at 13% a on reducing balance.
  4. Financing of up to 75% for used vehicles and 90% for new vehicles respectively.
  5. Motor vehicle should not be more than 10 years of age from Date of Manufacture.

Benefits

  1. The logbook can be used as collateral.
  2. Insurance can be acquired through the Sacco.

Our Partners

  1. CFAO (Toyota Kenya)
  2. Maridady Motors
  3. Taraji Motors
  4. Motorshop Dealers

Are you looking for something golden? Look around us; we have it.

The Gold loan is a product intended to empower members to undertake development projects with long term benefits e.g. Business ventures and other investments.

Features

  1. Repayment period of 96 months.
  2. Interest rate of 14% p.a on reducing balance.
  3. The maximum entitlement is 4 times the total deposits plus shares. (Current Offer is 5 times)
  4. Guarantors and acceptable collaterals required.
  5. You can offset other loans with the Sacco at 5%
  6. Terms and conditions on self- guarantee apply

Benefits

  1. Manageable repayment amounts.
  2. Longer repayment period.
  3. Interest is on a reducing balance.

Plan and Avoid panic! Place in your loan application and the loan is subsequently disbursed on a piecemeal basis as at when you need it.

The multi loan product allows members to draw approved funds as many times as possible at a interest of 1% per drawing. The loan balances held by the borrower prior to the approval shall not be charged repurchase interest but will form part of the loan entitlement.

Features

  1. This loan product will be available to all Sacco members.
  2. The maximum limit will be 4 times a member saving subject to the Sacco approved limit. (Current Offer is 5 times)
  3. Repayment period is 60 months.
  4. Minimum amount is KES 10 million.
  5. The interest chargeable is 13% p.a on reducing balance.
  6. The drawings shall be charged interest at 1% per drawing.
  7. The loan amount approved shall be drawn within the first 2 years of the loan.
  8. The loan shall be fully secured with acceptable securities.
  9. The applicant shall have exhibited good history of loan repayments.
  10. The applicant shall have guarantors who have a reputable record of loan repayments.

Benefits

  1. No repurchase interest.
  2.  The loan product shall not be convertible to refinancing or repurchase loan.

We’ll empower you acquire land for future development more conveniently.

Financing Land from MHCL (Mhasibu Housing Company Ltd.) and Other Vendors.

Land financing is available for members who want to use the title as security.

Features

  1. Must be a member of the Sacco for a minimum of 6 Months.
  2. Loan term is maximum of 60 months.
  3. Payments to be channelled directly to Mhasibu Housing/the other Vendor
  4. Financing is at 100%.
  5. Interest rate is at 12% p.a
  6. Asset financed up to 4 times members savings. (Current Offer is 5 times)
  7. The applicant will be required to submit title deed/Completion Certificate for land acquired through MHCL.
  8. The applicant must submit the original title deed and any other relevant documents for land acquired through other vendors.
  9. The member is required to initiate the release of the collateral upon clearance of the loan.
  10. All charges to be borne by the member.

Don’t let your projects stall because you have exhausted your financing and still have a running loan.
Top Up loan is tailored to satisfy members who need extra financing after taking up a Normal/Gold loan and there is still need for more project funds.

Features

  1. The maximum entitlement is 4 times the total deposits plus shares less any outstanding loans. (Current Offer is 5 times)
  2. Interest rate for a Top up Loan is 12% p.a for 60 Months on a reducing balance.
  3. Guarantors and acceptable collaterals required.
  4. You need to be a Sacco member for six months and have met the loan eligibility criteria.
  5. Terms and conditions on self-guarantee apply.
  6. Cost of loan buyoff is 5% of the outstanding Loan balance.

Jazilia Loan

Don’t let your projects stall because you have exhausted your financing and still have a running loan.
Top Up loan is tailored to satisfy members who need extra financing after taking up a Normal/Gold loan and there is still need for more project funds.

Features

  1. An initial loan will be appraised and approved after the member provides all the required documentation.
  2. Loan secured by own deposits and asset collateral.
  3. The member will fill in a form to request the funds and recommit the existing collateral and reconfirming the capacity to pay the loan.
  1. Access up to 8 times your deposits plus share capital
  2. We will offer up to 100% financing
  3. Repayment period is up to 15 years
  4. Financing is for ready units

Equity Release

  • Use of complete houses as security.
  • Maximum period of 12 years.
  • Interest rate of 14% p.a.
  • Multiplier of 8 times the deposits.
  • Security shall be the house.
  • Must be a member in good standing for at least 2 years

We understand members need for convenience and instant access any time everywhere through the web portal link

Features

  • Members with KES. 50,000 and below will now be able to access up to KES 10,000 first borrowing and a graduation of KES. 5,000 as they grow their deposits.
  • Members with deposits of KES. 500,000 – 1,000,000 will now be able to graduate by KES. 20,000.
  • Members with deposits of KES. 1,000,000 and above will now be able to access 100,000 on their first borrowing and graduate by KES. 20,000.
  • The Mobi loan interest is still very low at 5% p.m.
  • The repayment period has now been increased to 6 months.
  • You can now offset your current Mobi @5%

It’s now easy and convenient! Members applying will ONLY be required to submit the self-guaranteed loan application form and attach ONLY a Copy of their ID for processing
Features

  1. Interest rate at 11% p.a.
  2. Repayable within a period of 60 months
  3. Maximum loan shall be 95% of own deposit
  4. Loan is advanced within the members deposits.
  5. Member should not have guaranteed other members.
  6. If a member has guaranteed a loan, they will be required to have their loan guaranteed.

The Rahisi loan product accessible instantly through the web portal link. It is easier and more secure!

Features

  1. Interest rate at 10%.
  2. Maximum repayment period of 24 months.
  3. Maximum amount increased to KES 1,000,000
  4. One off convenience charge of 1% at disbursement.
  5. Maximum amount shall be within your free deposits.
  6. You can now offset your current Rahisi loan @ 5% of the current loan balance

Accessible to new members after 3 months of good standing

For all your appliances and home improvement needs.

If you love it lighten it up. Everyone needs a smart home and smart things is the easy way to turn your home smart. Do you need financing to equip your homes with quality appliances?

The Sacco has partnered with authorized suppliers to sell specified home appliances and equipment to Mhasibu Sacco members at a negotiated price.

Features

  1. The Sacco will finance purchases at 1% per month for a period of upto 1 year.
  2. Maximum amount is KES 100,000.
  3. The loan should be fully secured.
  4. Items include but not limited to home equipment and appliances.

 Benefits

  1. Items can be purchased and paid for a period of 12 months.
  2. Free delivery on specific items.

We have a clear understanding that Emergencies are inevitable and School fees too can be burdensome on the family budget. We make it possible for you to swiftly overcome the hurdles.

The swift loan product is designed to assist members meet urgent financial obligations e.g school fees and medical bills and other unforeseen circumstances.

Features

  1. The maximum amount is KES 1,000,000.
  2. Repayment period of 24 months.
  3. Interest rate of 1% per month on reducing balance.
  4. A member is entitled to only one loan at a time.
  5. You need to be a Sacco member for six months and have met the loan eligibility criteria.

Benefits

  1.        Quick processing.
  2.        Fast approval rate.
  3.        Short repayment period which translates to less interest.
  4.        Possible disbursement via the M-Pesa account.
  5.        No processing fee.

Short Term Loan

Features

  • Interest rate at 11%.
  • Maximum repayment period of 12 months.
  • Loan must be fully secured

Benefits

  1.        Quick processing.
  2.        Fast approval rate.
  3.        Short repayment period which translates to less interest.
  4.        No processing fee.

Turn your post-dated cheque into cash instantly. You don’t have to wait for it to mature!

Cheque encashment is a product for members who want to access a short-term loan instantly in exchange of a post-dated cheque(s).

Features

  1. Members can access up to 10% of their deposits.
  2. Limit of KES 500,000 of total deposits in exchange of a post-dated cheque for a maximum of two months.
  3. Cheques amount to include Interest plus principle
  4. Interest rate of is 10% per month.
  5. Cheque will be banked on maturity.

Benefits

  1. Don’t have to wait for your cheque to mature.
  2. Quick processing.

Phone Number

+254 020 5141900

Address Info

Absa Towers, 8th Floor
Market Street, Next to Laico Regency Hotel,        P.O BOX 31925-00600

Email

info@mhasibusacco.com

Branches

MOMBASA: Rex House 3rd Floor, Suite 10A,
Moi Avenue.
KISUMU: Pioneer House, 2nd Floor,
along Odinga Oginga Street.

Mhasibu Sacco Paybill:540700

1. Via M-Pesa

  • Go to the Mpesa Menu
  • Select Lipa na M-PESA
  • Select Pay Bill
  • Enter Business Number ‘540700’

Under Account number – Enter Your Membership Number + transaction code

MPESA/BANK KEYWORDS

1 Deposits Contributions DEP MHS*****DEP
2 Share Capital SCP MHS*****SCP
3 Child Scheme CHS CHS*****CHS
4 Holiday Scheme HLS MHS*****HLS
5 Insurance Premiums INS MHS*****INS
6 Account Reactivation REA MHS*****REA
7 Normal Loan NOL MHS*****NOL
8 Normal Top-up loan NTP MHS*****NTP
9 Repurchase Loan RPL MHS*****RPL
10 Asset Loan(New) AFL MHS*****AFL
11 Asset Loan- Old AST MHS*****AST
12 Multi Normal Loan MTL MHS*****MTL
13 Gold Loan-New GOL MHS*****GOL
14 Gold Loan-Old GLD MHS*****GLD
15 Gold Top-up GTP MHS*****GTP
16 Gold Repurchase GRL MHS*****GRL
17 Restructure Loan RST MHS*****RST
18 Jazilia Loan JZL MHS*****JZL
19 Plot Buying Loan PBL MHS*****PBL
20 Mortgage Loan MRG MHS*****MRG
21 Equity Release Loan ERL MHS*****ERL
22 Defaulter Loan DFT MHS*****DFT
23 Mobi Instant Loan MBL MHS*****MBL
24 Swift Loan SWL MHS*****SWL
25 Short-term Loan STL MHS*****STL
26 Self Guarantee Loan SGL MHS*****SGL
27 Rahisi Loan RHL MHS*****RHL
28 Home Care Loan HCL MHS*****HCL
29 Cheque Encashment CQL MHS*****CQL

Name: Mhasibu Sacco Society Limited
Bank: NCBA Bank Kenya PLC
Branch: Mama Ngina Street
Account No. 6435220015
Swift Code: CBAFKENX

Name: Mhasibu Sacco Society Limited
Bank: Equity Bank
Branch: Kenyatta Avenue Branch
Account No. 1290271968015
Swift Code: EQBLKENA

Name: Mhasibu Sacco Society Limited
Bank: Co-operative Bank
Branch: University Way Branch
Account No. 01120040136100
Swift Code: KCOOKENA

Please indicate your membership number on instruction form

  • Make payments to our bank accounts then present the banking slips.
  • Remember to indicate your membership number and proper instruction on the breakdown.
  •  For Deposits; key in   ‘DEP’ at the end of your Membership Number (e.g. MHS*****DEP)
  • For Share Capital key in ‘SCP’ at the end of your Membership Number (e.g. MHS*****SCP)
  • For Child Scheme Account, Key in ‘CHS’ at the end of your Membership Number (e.g. CHS*****CHS)
  • For Insurance Premiums, Key in ‘INS’at the end of your Membership Number (e.g MHS*****INS)
  • To preload your Mhasibu M-Sacco Utility Account, Key in ‘MSD’ at the end of your Membership number (e.g. MHS*****MSD)

Cheque

Payment done at Sacco offices

  • Through the employer
  • Direct debits

NB: Please note that Sacco does not accept cash payments.

  1. To repay Mobi Instant Loan key in ‘MBL’(e.g. MHS*****MBL)
  2. To repay Normal Loan key in ‘NOL’(e.g. MHS*****NOL)
  3. To repay Repurchase Loan key in ‘RPL’ (e.g. MHS*****RPL)
  4. To repay Refinance Loan key in ‘RFL’ (e.g. MHS*****RFL)
  5. To repay Emergency Loan key in ‘EML’ (e.g. MHS*****EML)
  6. To repay Short-Term Loan    key in ‘STL’ (e.g. MHS*****STL)
  7. To repay Gold Loan key in ‘GOL’ (e.g. MHS*****GOL)
  8. To repay Gold Repurchase Loan key in ‘GRL‘ (e.g. MHS*****GRL)
  9. to repay School Fees Loan key in ‘SFL’ (e.g. MHS*****SFL)
  10. to repay   Okoa Loan   ‘OKL’ (e.g. MHS*****OKL)

We are a solution-oriented Sacco for the professionals. our products and services are customized to meet your every need.
Becoming a member means; you become a part- owner with equal rights and a voice in how we run our society, as we are committed to high standards of corporate governance.

Membership of the Sacco is open to the following:

  1. All professionals
  2. Registered Corporates and Groups
  3. Spouses and children of Mhasibu Sacco members
  4. Students pursuing finance and accountancy degrees and certifications.

Membership Requirements

  1. Registration, fee of KES 1,000
  2. Minimum monthly Contribution of KES 3,000
  3. Minimum share capital contribution of KES 10,000

Group/ Corporate Membership Requirements

  1. Registered by the Registrar of Societies/ Companies.
  2. The registration certificate must have a current stamp, stamped within the year by Social Service
  3. Must have been in existence for at least three years.
  4. All group members/directors for corporations must be Kenyan citizens aged 18 years and above.
  5. The group should not belong to more than one SACCO Society serving similar purpose or objective.
  6. Entrance fee of KES. 5,000.
  7. Payment of share capital of KES 20,000 for the group/corporate
  8. The group/corporate shall save a minimum of KES. 10,000 per month in deposits.

Supporting Documents required for Groups/Corporate membership

Evidence of physical address for the company/group.

Minutes listing all members/shareholders, with their signatures and a resolution authorizing directors/official to join Mhasibu Sacco Society Limited.

Copies of National I.D. for officials/directors.

Passport photograph for officials/directors.

KRA PIN for each group official/company director.

Contacts (Address, Residence, Mobile, Email) for officials/directors.

Group constitution/Articles of Association.

Group/Company registration certificate.

KRA PIN for registered companies.

CR 12 Form for registered companies





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