Nyati Sacco Loans: Types, Application Requirements, Forms, Paybill Number

Suppose you're looking for a reliable financial institution that offers a wide range of loans with flexible repayment terms. In that case, Nyati Savings and Credit Cooperative Society (Sacco) might be the perfect fit for you. Established in 1977, Nyati Sacco has become one of Kenya's oldest and most reputable cooperative societies. It was initially formed by employees of Securicor Security Services (currently known as G4S Security Services) and has since expanded to serve a broader community.

To promote a savings culture and provide loans for personal development, school fees, and emergency expenses, Nyati Sacco has continuously evolved to meet the financial needs of its members. Regulated by the Sacco Societies Regulatory Authority (SASRA), the society ensures the proper use of credit and the security of its members' savings and investments through risk management programs and continuous member education.

This comprehensive article explores Nyati Sacco's various loan offerings, application requirements, forms, and the easy-to-use paybill number for repayments. Whether you're a potential member or an existing one looking to explore new loan options, this article will provide all the essential information you need.

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Nyati Sacco Loan Products

Nyati Sacco understands that different individuals have unique financial needs. Sacco offers a range of loan products to cater to this diversity, each tailored to specific requirements. Let's delve into the details of each loan:

1. Asset Finance

Nyati Sacco's Asset Finance loan empowers members with the financial capacity to acquire property in Kenya. With one of the lowest interest rates in asset financing at 1.25% per annum (on reducing balance), this loan allows members to pursue their dreams of property ownership.

Requirements

To apply for the Asset Finance loan, you will need to provide the following:

• Three current payslips
• At least two guarantors
• Guarantors' ID copies
• Copy of your ID
• A pro forma invoice

Loan Limit and Repayment Period

Once you've submitted the necessary documents and application forms, Nyati Sacco will contact you within 14 days. You can expect to receive the funds within a week if your application meets the loan threshold. Please note that, in some cases, there might be additional interviews with branch management. The loan must be serviced monthly, with a 1.25% interest rate based on the reduced value.

2. Cash Advance

Need money before your payday? Nyati Sacco's Cash Advance loan allows you to withdraw money in advance without facing high-interest rates. The loan comes with a reasonable interest rate and a relatively short repayment period of six months.

Requirements

To apply for the Cash Advance loan, you need to provide the following:

• Copy of your ID
• Three current payslips

Loan Limit and Repayment Period

The maximum loan amount available for Cash Advance is based on your deposits. Generally, you can get up to three times your deposit value, subject to the 1/3 rule. Nyati Sacco's efficient loan approval process takes just 12 hours. Once approved, you must repay the loan within 12 months, with an 8% interest rate on the reduced balance.

3. Fahari Loan

Nyati Sacco's Fahari Loan is a customized short-term credit service for society members. With a 1.3% interest rate on the reduced balance and a repayment period of 18 months, this loan allows members to access funds based on their savings.

Requirements

To qualify for the Fahari Loan, you must provide the following:

• Copy of your ID
• Three current payslips
• At least two guarantors
• Guarantors' ID copies

Loan Limit and Repayment Period

Nyati Sacco usually approves the loan within three working days, depending on the documentation provided. The loan amount is determined by multiplying your account balance by four. The repayment period for the Fahari Loan is 18 months, during which the Nyati Sacco loan calculator considers the loan principal plus 1.3% interest (on reducing balance).

4. Emergency Loan

In need of a loan with a flexible repayment plan for emergencies? The Emergency Loan from Nyati Sacco might be the perfect solution. The loan application process is simple; you can receive funds within three days.

Requirements

To apply for the Emergency Loan, you will need to provide the following:

• Copy of your ID
• Minimum of two guarantors and their ID copies
• Three recent payslips

Loan Limit and Repayment Period

Your savings determine the loan amount for the Emergency Loan. You can get up to three times your savings value with Ksh 20,000 in your account, translating to a maximum Emergency Loan of Ksh 60,000. The loan must be repaid within 12 months, with a 1.3% interest rate on the reduced balance.

5. Midterm Loan

The Midterm Loan is a financing option that offers low-interest rates and a flexible repayment period. You must be an active Nyati Sacco member to qualify for this loan.

Requirements

To apply for the Midterm Loan, you must provide the following:

• Three recent payslips
• At least three guarantors and their ID copies
• Your ID copy
• For non-checkoff loans, attach six months' bank or M-Pesa statement

Loan Limit and Repayment Period

Once you've submitted the required documentation, Nyati Sacco takes 48 hours to respond to your application. The maximum repayment period for the Midterm Loan is 36 months, with a 1.25% interest rate based on the reduced balance. The maximum eligibility is three times your deposits, subject to the 1/3 rule.

6. Normal Loan

The Normal Loan from Nyati Sacco offers one of the most flexible repayment periods among its loan products. To qualify for this loan, you need to demonstrate a steady source of income.

Requirements

To apply for the Normal Loan, you must provide the following:

• Three current payslips
• At least three guarantors and their ID copies
• Your ID copy
• Active deposit account

Loan Limit and Repayment Period

The loan approval process for the Normal Loan takes approximately 15 working days. Your documentation and available savings determine the loan amount in your account. The interest rate is 1.1% on the reduced balance, and the maximum eligibility is four times your deposits, subject to the 1/3 rule. For loans exceeding Ksh 400,000, collateral and four guarantors will be required.

7. Super Loan

The Super Loan is a long-term financing option with quick approval, making it ideal for employed Nyati Sacco members. With a 1.5% interest rate per month (on reducing balance) and a repayment period of 72 months, the Super Loan is an attractive option for those seeking extensive financial support.

Requirements

To apply for the Super Loan, you must provide the following:

• Three recent payslips
• Your ID copy
• At least three guarantors and their ID copies

Loan Limit and Repayment Period

Nyati Sacco's loan processing time for the Super Loan is 15 working days. The loan amount is determined based on your documentation and available savings, with maximum eligibility of four times your deposits, subject to the 1/3 rule. For loan amounts exceeding Ksh 400,000, collateral and four guarantors are required.

8. Premier Loan

The Premier Loan was introduced to bridge the gap between short-term and development loans. It offers a repayment period of up to 24 months and a 1.5% interest rate on the reduced balance.

Requirements

To apply for the Premier Loan, you must provide the following:

• Copy of your ID card
• Three current payslips
• ID copies of at least two guarantors

Loan Limit and Repayment Period

Nyati Sacco usually takes 15 working days to process the Premier Loan application. The loan amount is determined based on your account balance, with the standard policy multiplying your account balance by four.

9. Mobile Loans

For members with a Nyati Sacco FOSA account, the Mobile Loans service provides a convenient mobile money solution for urgent needs. You can access the service anytime and anywhere by dialing 3467# from your mobile phone.

Loan Limit and Repayment Period

The Mobile Loans service offers different interest rates based on the repayment period:

• 2% per month for a 12-month repayment period plan
• 2.25% for an 18-month repayment period plan
• 2.5% for a 24-month repayment period plan

Requirements

To apply for Mobile Loans, you need the following:

• Two guarantors for loan amounts below Ksh 100,000
• Three guarantors for loan amounts above Ksh 150,000

The loan application is processed within 10 minutes, making it an excellent option for quick financial assistance.

How to Apply for Nyati Sacco Loans

Applying for Nyati Sacco loans is a straightforward process. You can download the specific loan application form from their official website or visit any Nyati Sacco office to pick it up in person. Once you have filled out the form and gathered the required documentation, apply to the nearest Nyati Sacco office or through their online platforms. The loan approval process is efficient, with most loans being approved within a few days.

Nyati Sacco Loan Repayment

Repaying your Nyati Sacco loans is equally convenient. You have several options to choose from:

1. Repay in cash at any Nyati Sacco branch.
2. Make a bank transfer to Nyati Sacco's designated account.
3. Use the M-Pesa tool kit on your mobile phone with the paybill number 906100 and your ID number as the account number.

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Conclusion

Nyati Savings and Credit Cooperative Society offers a diverse array of loan products to meet the financial needs of its members. Whether you require funds for asset financing, cash advances, short-term emergencies, or long-term goals, Nyati Sacco has a loan product tailored for you. The easy application process, flexible repayment terms, and reasonable interest rates make Nyati Sacco a top choice for individuals seeking financial support.

FAQs

1. Can anyone apply for Nyati Sacco loans? Yes, anyone can apply for Nyati Sacco loans, provided they meet the eligibility criteria for the specific loan type.

2. How long does it take to get loan approval from Nyati Sacco? The loan approval process usually takes between 12 hours to 15 working days, depending on the loan type and the completeness of your documentation.

3. What are the interest rates for Nyati Sacco loans? The interest rates vary depending on the loan type. The rates are generally competitive and attractive compared to traditional banking institutions.

4. Can I repay Nyati Sacco loans through mobile money? Yes, Nyati Sacco provides a convenient mobile money solution for loan repayments. You can use the M-Pesa tool kit with the paybill number 906100 and your ID number as the account number.

5. Is collateral required for all Nyati Sacco loans? Collateral is required for loans exceeding Ksh 400,000. Loans below this threshold generally do not require collateral but may need guarantors.

6. Can I have multiple Nyati Sacco loans simultaneously? You can have multiple loans from Nyati Sacco simultaneously, provided you meet the eligibility criteria for each loan type.

Short Disclaimer

The information provided in this article is based on Nyati Savings and Credit Cooperative Society Ltd's publicly available information and is intended for informational purposes only. While we strive to ensure the accuracy and currency of the information presented, readers are encouraged to verify details with Nyati Sacco directly or through their official website.

Note: This article is for informational purposes only and does not constitute financial advice. Readers should consult with financial experts or advisors for personalized financial guidance.