Saccos in Kenya are rather popular because they provide affordable loans, are easily accessed, and are more lenient regarding debt collection than banks. In addition, getting sanctioned in a Sacco is easier if one has overdue debts. Finding the best Sacco in Kenya for loans is not an easy task.
You must compare each Sacco’s interest rates, loan terms, easy access to credit, reputation, guarantee requirements, and SASRA compliance with other Saccos in the country. Additionally, you must evaluate how these factors affect the long-term goals that you have set. However, there is no need to go through this.

We have developed an extensive guide on the seven best Saccos in Kenya for loans and how to select the best one. Our free Savings and Investment Calculator projects how your monthly deposits will grow based on your target interest rate and investment term. This calculator can help you develop a savings plan to ensure you have enough money for a down payment or other loan requirements. Take a look!

Factors to consider when choosing the best Saccos in Kenya for loans

1. Interest Rates

Interest rates are critical and essential when deciding which Sacco to borrow from in Kenya. Lower interest rates result in cheaper loan repayments that help you clinch more savings. Comparing the interest rates offered by different Saccos is pertinent to identifying the one that provides the most competitive rates per your loan needs.

Note: Our free Savings and Investments Calculator can help you visualize how interest rates affect your long-term savings and loan repayments. For example, you can test the impact of various interest rates on your savings by putting several Sacco’s scenarios into the calculator. The tool is there to help you pick a Sacco with competitive interest rates, which are also in line with your borrowing needs to maximize your savings potential.

2. Loan Terms

The loan terms, such as repayment period and late fees, should be carefully considered. Align the Sacco’s loan terms with your financial capabilities and preferences. Plus, you should note that prolonged payment terms can lead to lower installments, but the total sum of interest is higher.

3. Ease of Access to Credit

Consider the simplicity of borrowing from Sacco. The eligibility criteria of some Saccos may be more stringent while for others, they are relatively lenient. Assess the admission process, paperwork necessities, and processing period to determine which Sacco offers the most convenient way of receiving credit.

4. SASRA Compliance

Having a Sacco that satisfies SASRA regulations is mandatory. SASRA ensures that the Sacco complies with the legal framework and provides security for members’ assets. Thus, a SASRA-compliant Sacco guarantees quality financial governance, control, and accountability.

5. Reputation

The good name of a Sacco is a significant factor in your selection choice. You must explore its performance history, member satisfaction level, and overall statistics. This information can be collected from the existing cooperative members, online reviews, and industry reports.

6. Guarantor Requirements

Most Saccos ask for guarantors before one applies for a loan. Consider the collateral requirements and the availability of the guarantors from your cooperative membership network. Getting into a Sacco with people you know is a plus to quickly getting guarantors.

Pro tip: You can utilize our free savings and investment calculator to achieve your financial objectives. Entering your initial balance, the monthly contribution, desired interest rate, and investment duration, the tool computes your final balance, the total contributions made, and the interest earned throughout the investment duration. By employing this tool, you can assess your savings’ growth likelihood and recognize the Sacco that best fits your long-term financial goals.

For example, suppose you are planning to buy a house or start a business. In that case, our calculator will project accumulation amounts over time, and you can use a Sacco that offers high-interest rates and loan terms that you can comfortably repay.

Top 7 Best Saccos in Kenya for Loans

Here are the seven best Saccos in Kenya for loans:

Harambee Sacco
Stima Sacco
Kenya Police Sacco
Mwalimu National Sacco
Kenya Bankers Sacco
Amica Sacco
Unaitas Sacco

1. Harambee Sacco

Harambee Sacco is the best-suited Sacco for loans in Kenya. It has shown steady growth, with its revenue increasing from KES 5.012 billion in 2022 to KES 5.686 billion for the financial year that ended December 31, 2023. Furthermore, the asset base increased by 4.2% from KES 37.01 Billion in 2022 to KES 38.6 Billion in 2023.

Through Harambee Sacco, members can access several kinds of loan products, including development loans, emergency loans, school fee loans, and many others, with a typical monthly interest rate of 1% on a reduced balance. Besides, you get a maximum loan term of as long as 25 years for a particular product, for example, home loans, with interest rates ranging from 8% to 9% per annum, according to the period.

Harambee Sacco offers members the option to borrow up to three times as their savings, and they have a maximum repayment period of four years, which makes the loans manageable for borrowers. Besides that, the cooperative also supports SMEs and opens opportunities for members to learn and gain additional training through scholarships and encouragement of self-development.

2. Stima Sacco

Stima Sacco is the second-best sacco in Kenya for loans, owing to their excellent and reliable services, strong financial performance, stability, attractive loan offers, and low-interest rates charged on loans. Among the enterprise’s most remarkable credit products is a payroll loan, which provides up to KES 3 million with a 24-hour processing period. In the same way, Stima SACCO has M-Pawa loans, which are 5 times your member deposit or a maximum of KES 120,000 repayable within six months with an annual interest rate of between 6-12 %. They also offer short-term and long-term loans, including land purchases or home construction.

Besides the credit issuance, Stima Sacco is also financially stable, increasing 9.4% in the consolidated deposits of KES 43.13 billion in 2023 from KES 39.43 billion in 2022. The cooperative balance sheet grew by 10%, from KES 53.8 billion in 2022 to KES 59.15 billion in 2023.
Another great advantage of Stima Sacco is its ability to share profits with members through dividend payments. The Sacco was ranked among the best dividend-paying cooperatives in Kenya in 2023, with a rate of 15%, because of its well-established system and the board’s determination. This attribute makes Stima Sacco an attractive option for people who want to grow their money with a reliable and stable Sacco.

Stima Sacco provides loans, investment programs, and other services such as insurance, credit life insurance, healthcare insurance, and loan protection insurance. The cooperative also has services designed for its diaspora community, including banking and credit products offering attractive dividends.

3. Kenya National Police Sacco

Kenya National Police DT SACCO stands out as the third-best Sacco in Kenya for loans, offering competitive financial services tailored to the needs of its members. With a strong focus on affordability and accessibility, this Sacco has become a preferred choice for individuals seeking reliable loan products and attractive investment returns.
One of the standout features of Kenya Police Sacco is its diverse range of loan options, catering to various financial needs. From emergency loans to school fees loans and even specialized products like the Muslim Loan, this Sacco ensures its members can access credit solutions that align with their unique circumstances.

Kenya Police Sacco’s commitment to providing low-interest rates on loans is particularly noteworthy. For instance, its Normal Loan product offers a repayment period of up to 48 months with an attractive interest rate of 12% on the reduced balance, making it an affordable option for members seeking long-term financing.
In addition to its loan offerings, Kenya Police Sacco has demonstrated impressive financial performance and stability. In 2023, the cooperative’s total revenue soared to Ksh 8.7 billion, representing a remarkable 10.1% increase from the previous year. This growth can be attributed to improved business operations and a strong demand for credit, which grew by 11.9% to Ksh 7.65 billion in 2023.

The cooperative is also known for its efficient management practices and wide range of products and services. Members can access loans quickly and easily, with some loans disbursed within 2 hours. Kenya National Police Sacco also offers a share boost of 50% of member deposits for customers who can repay big loans but have fewer deposits.
Beyond its core financial services, Kenya Police Sacco offers its members a range of additional benefits. These include insurance products, healthcare coverage, personalized loans, business development loans, and loan protection insurance, further enhancing the overall value proposition for those who partner with this reputable Sacco.

4. Mwalimu National Sacco

Mwalimu National Sacco is the continent’s biggest cooperative society (by assets) and Kenya’s fourth-best Sacco for loans. It is renowned for its commitment to providing affordable and accessible loan products tailored to the needs of teachers and education sector professionals. With over 130,000 members and an impressive asset base exceeding KES 64.06 billion, this cooperative has established itself as a trusted partner for educators nationwide.

One of the standout features of Mwalimu National Sacco is its diverse range of loan offerings, designed to cater to the unique financial requirements of its members. From regular loans with competitive interest rates ranging from 1.25% to 1.5% per month to emergency and school fees loans, this Sacco ensures that teachers can access reliable and affordable credit solutions.
Notably, Mwalimu National Sacco offers the Super Loan, a long-term financing option designed for investment purposes. With an interest rate of 1.17% per month on a reducing balance system, members can access up to 4 times their deposits, subject to the one-third salary rule, ensuring manageable repayment terms.

5. Kenya Bankers Sacco

Kenya Bankers Sacco is one of Kenya’s leading financial cooperatives. The cooperative society is keen on providing its members with affordable and convenient services. It is thus a dependable partner for members countrywide searching for loan products that offer competitive financial services.
The diversity of Kenya Bankers Sacco products is one of its most salient features in meeting the members’ financial needs. From emergency loans and school fees to development loans, this Sacco enables its members to receive unique credit solutions with competitive interest rates and flexible repayment terms.

Kenya Bankers Sacco stands out by offering cheap credit products, and the interest rate on emergency loans, school fees, and regular loans is between 12 percent and 14 percent annually. These rates are usually lower than many commercial banks offer. For example, a mobile loan facility is available, attracting an annual interest rate of 7% for loan repayment within 30 days. The other component of the cooperative’s financial services is the development loans, which bear an annual interest rate of 15%, a continued reiteration of its mission to offer the most competitive financial products.

Even better, Kenya Bankers Sacco conforms to the one-third salary rule, which states that members can receive credit within their innate capacity. Thus, it allows the members to get up to a third of their net salary or S.A.Y.E savings. This helps the borrowers borrow responsibly and have manageable repayment schedules.
Nevertheless, to be eligible for a loan from Kenya Bankers Sacco, one has to be a member with up to six recent monthly contributions, except for the Karibu Loan, which requires three consecutive monthly commitments. Furthermore, in your application, you must attach your mode of repayment, current payslip, or the financial records of your business transactions.

6. Amica Sacco

As one of the largest Saccos in Kenya by membership, Amica Sacco has built an enviable reputation as a provider of finance services at an affordable cost. It has diversified loan products that can meet members’ demands at competitive prices and with attractive repayment terms.

Firstly, the Ordinary Loan offered to members with an interest rate of 12% per annum enables borrowing at least four times the member deposits, generally suited for short-term financial needs. Development Loan provides its members a 13% interest rate, ensuring they can borrow up to 5 times their deposits. The resilience of Amica Sacco can be seen in the solid asset base of KES 6.45 billion and 130,000+ members.
In addition, members enjoy an 8% dividend and 6-10% interest on their deposits. Through proper administrative measures such as swift loan distribution, Amica Sacco is the best in Kenya due to its comprehensive loan products, reasonable rates, accessibility, and member satisfaction.

7. Unaitas Sacco

Unaitas Sacco, one of Kenya’s leading savings and credit cooperative societies (SACCO), is devoted to providing their members with inexpensive financial services. This Sacco has a variety of lending products designed to cater to members’ needs, which have competitive interest rates and flexible payment terms, thus further making it stand out from the crowd.

For instance, Unaitas Sacco offers an Ordinary Loan with an annual interest rate of 12%, which is the best option for short-term financial needs since it permits one to borrow up to four times the total of the deposits. In addition, if you have a long-term investment goal, the Development Loan has a 13.5% interest rate and allows borrowing up to 5 times the deposits.

Unaitas Sacco’s financial power is demonstrated by its Ksh 3.27 billion record earnings in 2023, which were driven by increased demand for credit. Members earn an 8% dividend and (6-11.5)% interest on deposits because of the cooperative’s stability.
The solid performance of Unaitas Sacco, owing to efficient management practices and timely loan disbursement, places the institution among preferred lending options and promising investment avenues for individuals.

Final Words: Best Saccos in Kenya for Loans

Sifting through Saccos to find the best Saccos in Kenya for loan options can be confusing and might become difficult for you. While this can be daunting, acquiring the proper knowledge and tools will help you navigate and make decisions that align with your financial goals. Our one-stop-shop guide on the best Saccos in Kenya considers the importance of interest rates, loan tenure, accessibility, compliance, reputation, and assurance.

Use our free tools, such as the Savings and Investments Calculator, to contribute even more to your personalized financial path. This magnificent tool allows you to visualize the growth of your savings along the way, helping you decide on a Sacco that aligns with your long-term targets. Furthermore, our Life Insurance Calculator, Mortgage Calculator, and other available tools will guide you in making intelligent financial decisions.

Feel the pressure of making a loan or investment decision? Take advantage of our tools and knowledge; let us propel you toward a future where these worries do not exist. From now on, take the first step, the only right step in confidence towards your prosperity. Remember that well-planned and rational decisions are the keys to a profitable strategy.
Take financial matters into your own hands and take charge of your life’s course. Try our free tools and resources now and see how to make your financial dreams come true!

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