Imarisha Sacco loans; Types, Requirements, Application, Interest Rates, and More

Imarisha Sacco is among the country's leading cooperative societies serving as financial institutions. Here's everything you need to know about Imarisha Sacco's loans.

Saccos have the edge over typical financial institutions in many ways. For starters, you can buy shares, save, and apply for loans. Once you begin saving, you won’t be able to access these funds unless you apply for a loan or terminate your membership and recover your savings. You also don’t pay any charges to save, and you stand to earn an annual dividend based on the Saccos profit margin.  

Imarisha Sacco is among the country’s fastest-growing savings and credit cooperative societies. Initially created to offer financial services to teachers, the Sacco has since opened its doors to entrepreneurs and professionals from all walks of life.

Read on to learn about Imarisha Sacco loans, from the different types of loans to application eligibility.

An Overview of Imarisha Sacco

Imarisha Credit and Savings Cooperative first opened its doors in 1978 as Kipsigis Teachers Sacco. It was supported by two teachers’ unions, KNUT (Kenya National Union of Teachers) and KUPPET (Kenya Union of Post Primary Education Teachers).

Imarisha’s initial membership was 100 teachers, satisfying the minimum threshold for Sacco membership in Kenya. It was primarily established to address the financial obligations of respective members using the mobilized funds.

Almost four decades later, in 2014, the Sacco rebranded and adopted its current name. Since then, it has expanded its membership beyond teachers.

Imarisha Sacco undertakes two activity categories: Front Office Service Activities (FOSA) and Back Office Service Activities (BOSA). The former entails banking services to members, while the latter primarily focuses on loans and savings.

The society’s shares of stock are privately owned, and intricate details regarding shareholder capital aren’t available to the public.  

Imarisha Sacco Slogan

“Unity is strength.”

Imarisha Sacco Vision

“A Sacco with customer-centric experience.”

Imarisha Sacco Mission

“Providing efficient financial service delivery to customers through continuous innovation.”

Imarisha Sacco Core Values

  • God first
  • Respect
  • Teamwork
  • Equality
  • Effectiveness and efficiency       
  • Integrity
  • Accountability and transparency
  • Creativity and innovation equity

How’s the Membership of Imarisha Sacco?

There are not many requirements to join Imarisha cooperative society. To participate as a Class A member, you must pay the following fees:

  • Entrance charges of Ksh. 360.
  • Buy a minimum of 500 nominal shares at Ksh. 20 per share (Ksh. 30,000)

Notably, these amounts may fluctuate from time to time. So be sure to contact Sacco for more details.

Once you’ve paid the amounts, you’ll be granted entry into the member register. You’ll then be issued a member number. 

The Sacco’s Board of Directors is responsible for admitting members.

What Imarisha Sacco Loan Options Do I Have?

Imarisha Sacco offers a wide range of products like any leading Sacco in the country. These include shares and deposits and corporate loans for organizations like companies and learning institutions.

You also get to enjoy a banking experience where salaried workers, entrepreneurs, and farmers can create a savings account with the Sacco.

Here’s an overview of the types of loans in Imarisha Sacco:

Fosa Loans 

Examples of Imarisha Sacco FOSA loans include:

Inua Loan 

Imarisha Sacco’s Inua loan is available for active BOSA members with a FOSA account. You must have channeled your income through this account for at least two months. The loan charges a one-percent recovery fee and a 14% annual interest rate.

Long-Term and Short-Term Salary Advance

Employed members who earn through the Sacco can apply for long-term and short-term loans from Imarisha Sacco.

Daraja Loan

This loan from Imarisha Sacco is for FOSA account holders who are also active BOSA members. You can borrow up to three times your investment deposits and you have up to 36 months to repay. The annual interest rate is 14 percent on the reduced balance.

Bosa Loan Products

Imarisha Sacco’s BOSA Loan comprises the following:

Normal or Development Loan

This loan is open to all members, and you can borrow three times the value of your shares. You have up to 48 months to repay what you owe, and the interest rate for this loan is a mere 1% on the reduced balance.

Emergency Loan

Imarisha Sacco’s emergency loan is meant to cushion members against unforeseen circumstances. Like the normal loan, you’re eligible to borrow up to three times the share value you hold, and the interest rate on your loan will be 1%. But it has a shorter repayment period of 12 months.

Notably, emergency loans are only available to members who don’t have pending loans.

Education Loan

Imarisha Sacco members can also get funding for school or college fees. Like most other loan products, you’re eligible for three times your share value. You have a 12-month repayment period, and Sacco will charge an interest rate of 1%.

Premium Loan

This loan shares similar attributes as the previously mentioned ones, but the only difference is that it has a repayment period of 60 months. You’ll also pay 1% interest on the reduced loan balance and an additional premium interest that will be recovered upfront.

Re-Finance Loan

This loan is for members seeking to re-finance their current loans. You can also borrow three times your share value, but you must repay it within 48 months at a one-percent interest rate on the reduced balance.  

Introductory Loan

You qualify for this loan if you’re a new member on the payroll. The maximum borrowing amount is Ksh 200,000 to be repaid within a year (12 months) at a 1% interest rate on the reduced balance. Note that Sacco will capitalize a third of your loan to shares.

Pepea Loan

Imarisha Sacco members who are anticipating pension payments can apply for this loan. You can borrow Ksh. 10,000 monthly for up to 12 months, and the interest and loan will be recovered from the ultimate pension payments.

Micro-Credit Loans

Imarisha Sacco micro-credit loan product comprises the following:

Chap Chap Loan

This savings-based product lets you access up to five times your deposits. The maximum period for this loan is a year, and it has a flat rate interest of 1.17% per month. Imarisha Sacco provides this loan to boda boda owners and operators.

Chama Loan

This is another savings-based product from Imarisha Sacco offering a loan multiplier of up to five times the member’s deposits. Only those who’ve graduated from Pamoja qualify for this loan, and the maximum repayment period is 12 months.

Notably, the loan attracts a monthly interest rate of 1.17% (flat rate). Chama loan is available to registered groups and younger Saccos.

Pamoja Loan

This savings-based product is almost similar to Chap Chap loans in terms of loan multiplier and monthly interest rate. But its payment period ranges between 12 and 48 months. To qualify for your first Pamoja Loan, you need a Ksh. 500 saving culture for eight weeks. The loans are available at the following levels:

  • Level One – Ksh. 20,000
  • Level Two – Ksh. 40,000
  • Level Three – Ksh. 60,000
  • Level Four – For members who’ve graduated from Chama or Binafsi loan

Pamoja loan is available to registered self-help groups, youth groups, and women groups. It also has a 5 to 15-member requirement.

Pamoja Plus Loan

You can apply for this as an additional or top-up loan. Like other products in this category, Pamoja Plus loans are savings-based. It also has a three-times multiplier, and charges a monthly interest rate of 1.17%.

Binafsi Loan

The final loan product in the savings-based category is Binafsi Loans, the ideal Imarisha Sacco business loan. The product has a multiplier of four times a member’s deposits, and you have between 12 to 48 months to repay the amount due. It charges a flat rate interest of 1.17%.

This loan product requires six months’ business statement, and the securities aren’t limited to log books and titles.

Imarisha Sacco Contact Details

  • Email:
  • Phone: 0709578000
  • Postal Address: P.O Box 682 – 20200, Kericho, Kenya.

Final Thoughts

Imarisha Sacco is among the leading cooperative societies in the country with an extensive history and remarkable reputation. Signing up is simple and relatively affordable, and you have numerous loan products to choose from. Reach out to Sacco using the above contact details if you still have unanswered questions.