Mhasibu Sacco Paybill number 540 700

Mhasibu Sacco was registered in 1986 with a membership of 37 and its registration was spearheaded by Institute of Certified Public Accountants of Kenya (ICPAK) which was driven by the wish to provide Savings and Credit facilities to its members. Mhasibu Sacco Paybill number 540 700

Mhasibu is a Swahili name meaning accountant.

Mhasibu Sacco boasts of a membership of over 10,000 members and share capital standing at more than Ksh 1.14 billion shillings with a loan portfolio of Ksh 1.01 billion.

Due to the diverse nature of its membership, it’s not possible to deduct loan repayment and Sacco savings through the payroll.In this regard Mhasibu Sacco came up with a simple way of making payments through the use of the Mpesa via pay bill number 540 700

How to use Mhasibu Sacco Paybill number 540 700

•      Go to Mpesa menu
•       Select Lipa na Mpesa
•       Select Paybill
•       Enter Paybill number 540 700
•       Select account number: P.S a/c number is your membership number.
•       Enter amount to send
•       Select ok.
•      Safaricom will send a confirmation message showing the amount has been sent to Mhasibu Sacco.

Mhasibu Sacco Loan Products.

     1.      Normal Loans

Features of normal loan include:

·        These are loans for development purposes and form the major portion of loan portilofio.

·        The deadline for submission of Normal Loan Application forms is the 10th of every month

·        Disbursement is within 15 days from the 10th of Every Month.

·        Repayment period is 48 months at an interest rate of 1% per month on a reducing balance.

·        Maximum Entitlement is 4 times the members’ deposits.

·        The Maximum limit is KES 30 million.

     2.      Loan Repurchase

Features include:

·        This Loan gives members access to a new, bigger loans on fresh terms, i.e. maximum repayment period of 48 months.

·        Repurchase Loan is applicable to members who wish to apply for a loan while still servicing a previous loan

·        A commission of 5% is charged on the balance proceeding the month following the application date.

·        The Repurchased loan falls under the normal terms applicable to all loans.

·        The deadline for submission of Repurchase Loan Application forms is the 10th of every month

·        Disbursement is within 15 days from the 10th of Every Month.

·        Repayment period is 48 months at an interest rate of 1% per month on a reducing balance.

·        Maximum Entitlement is 4 times the members deposits, less commission of 5%, Less Outstanding Loan balance

·        The Maximum limit is Kshs 30 million.

      3.      Loan Refinance

A Refinance Loan is an additional loan to an already existing normal loan

Features include:

·        This Loan is issued where a member is unable to finalize a project with the loan earlier taken, and needs a top up to finish his/her project.

·        The new/refinancing loan repayment period is determined by the previous loan repayment period.

·        Repayment of this loan should end at the same time with the loan earlier taken.

·        The loan shall be granted within a member’s entitlement.

·        Entitlement is four times the savings/deposit less any other loans.

·        The interest Charged is 1% per month, on a reducing balance

     4.      Asset Finance

·        Mhasibu will finance the value of a brand new Motor Vehicle, up to 90% and for used cars at 75%.

·        The interest rate chargeable is 0.96% p.m for new Vehicles and 0.125% p.m for used vehicles, all on a Reducing Balance Basis.

·        The Repayment Period is 48 Months.

·        The vehicle being purchased should not exceed 12 years from year of manufacture, while that to be used as collateral (if any) should not exceed 15 Years

      5.      Rahisi Loan

Rahisi is a new product for Sacco members that will make it convenient, fast and affordable for you to obtain or renew your motor insurance cover.

Benefits

·        Special rate of 3.5% for private & 4.5% for commercial vehicles.

·        Free valuation

·        Insurance financing is processed within 24 hours

·        Very convenient.

The premium will be financed using a short-term loan as per the terms and conditions below:-

·        The loan is repayable in 6 months, with a very low interest of 1.5% per month.

·        The minimum amount that can be disbursed is KES 3,000 and a maximum of 200,000.

·        Rahisi Loan is processed within 24 hours.

·        Short term loans can be accessed at any time of the month and on need basis.

     6.      Instant (Okoa) Loan

Features:

·        Maximum loan limit is KES 50,000

·        Application can be made anytime of the month

·        Interest applicable is 5% per month

·        Loan will be processed within six hours

·        Repayment period is two months

·        Financial appraisal will apply

      7.      School Fees Loan

This loan is taken to facilitate payment of school fees, could be university, starting or finishing an MBA, your child is Joining form 1, college fees e.t.c

Features:

·        A member is entitled to 4 times their total deposits at a maximum limit of KES 500,000.

·        This loan is normally disbursed within 24 working hours.

·        Interest rate is 1% per month on a reducing balance basis

·        School fees Loan is payable within 12 months

·        Only one school fees loan may be granted in one calendar year

·        No refunds on school fees paid shall be done except in exceptional cases

      8.      Emergency Loan

This Loan facilitates any unseen circumstances for example; sudden hospitalization, funeral expenses, court fines, and other unforeseen circumstances beyond our members’ control.

Features of this loan type include:

·        Emergency loans are given within a members entitlement, i.e. 4 times the members deposit at a maximum limit of KES 500,000.

·        This Loan is granted to a member even though he/she has an outstanding loan.

·        This is payable within 12 months at an interest rate of 1% per month on a reducing balance

·        Emergency Loans are disbursed within 24 working hours.

      9.      Short Term

Short Term Loans are taken to take care of unexpected events. Short term loans can be at any time of the month and on need basis.

Features:

·        It is repayable in 6 months.

·        Interest charged is 1.5 % per month, on a straight line basis.

·        The minimum that can be borrowed is KES 3, 000 While the Maximum is KES 200,000.

·        Disbursed within 24 working hours.

Mhasibu Sacco Savings Schemes

     1.      Children’ Saving SchemeThese are Sub-accounts of the principle members and have the following features:

·        Registration/ Entrance fee is KES 500

·        Minimum monthly deposit is KES 500

·        Deposits can be used as Security for principle members loan but, not used to compute the upper loan limit

·        On attainment of 18 yrs this account assumes full membership rights

·        Child Account will earn interest like all other members deposits

·        Six months notice is required for withdrawal by principle member

     2.      Fixed Deposit Account

Key management features of the product include:

·        Minimum earning balances is KES 50, 000

·        Members cannot convert their current deposits in the Sacco

·        Interest is accrued daily.

·        Mhasibu Zao Scheme is operated biannually at an interest return rate of 10% p.a.

·        Mhasibu Zao Investors can withdraw twice in a year which will be at the end of the contract period.

·        The Fixed Deposit Account can be used to secure loans at 100%

Mhasibu Sacco loan security policy

All loans advanced by Mhasibu Sacco are supposed to be fully secured and members can use any of the following or a combination thereof to secure a loan.

      1)      Your Own Deposits – You can guarantee yourself a loan based on the much you have saved.

      2)      Guarantors, other Mhasibu members – You can ask other members of Mhasibu to guarantee you. You can get to know mhasibu members through AGM, SGMs, and Twitter – @mhasibuofficial and Facebook – facebook.com/mhasibu and other forums where members come together.

     3)      Mhasibu Investment Company Limited Shares (100% of cost)

     4)      Title deeds for plots bought through Mhasibu Housing Company Limited (75% of Market Valuation)

     5)      Completion Certificate for Plots bought through Mhasibu Housing Company Limited (100% cost of the land)

    6)      Log Books (50% of valuation) – The car should be less than 15 Years from year of Manufacture and valuation done through AA or Reagent

    7)      Unit Trust Deposits (100%)

   8)      Money Market Investments (100%)

   9)      Life Insurance Policies (Surrender Value)

   10)   Stocks listed in Nairobi Securities Exchange (50% of Valuation)

   11)   Vehicles Asset Financing loan (75% or 90% of car valuation for used and new cars respectively)

Mhasibu Sacco Loan application requirements.

In order for loans to be processed, members are supposed to meet the following requirements:

1.      FOR SALARIED MEMBERS

a)      A copy of Applicant’s ID

b)      A copy of the referee’s ID

c)      A copy of Applicant’s PIN certificate

d)      All guarantors’ ID copies

e)      3 months’ certified pay slips

f)       3 months’ bank statements

g)      Utility bill (not more than 3 months old)

2. FOR SELF EMPLOYED MEMBERS

           a)      Certified 6 month’s bank statements

           b)      Personal financial/ Income statement with

·        average gross/ Income per month

·        Less expenditure

·        Net income

3. USE OF LOGBOOK AS SECURITY

          a)      Original log book

          b)      Transfer form

          c)      Valuation report from AA Kenya

          d)      Original certificate of insurance

4. EMERGENCY LOANS

          a)      Supporting Documents

Mhasibu Sacco Invest

Mhasibu Housing Company Limited (MHCL)

The government regulations through Sacco Regulatory Act prohibit, Saccos from investing members’ funds in non-core activities.

Core activities here are defined as the purpose for which the Sacco was formed. If it was savings and credit, it can only invest in activities that will enhance credit and savings.

Mhasibu Sacco incorporated a special purpose vehicle, Mhasibu Housing Company Limited (MHCL), through which it could mobilize resources to deliver housing solutions to its members through purchase of large pieces of land and subdividing among members. 

Currently Mhasibu Housing has projects in the following areas;

       1.      Plots For Sale in Isiolo and Kisumu

       2.      Runda Residential Unit Proposals – Flora Villas

       3.      Nyeri Residential Unit Proposals – Twinmount Estate

       4.      Runda Residential Unit Proposals – Fahari Villas

The properties are sold at slightly lower prices to members unlike to non-members.

Mhasibu Sacco Contacts.

P.O. Box: 31295 00600,

Nairobi, Kenya.

Head Office

View Park Towers, 6th Floor

Along Uhuru Highway

Tel: +254-020 2346388/ 2468877

Kisumu

Mavji Esmail building, along Odinga Oginga Sreet

Kisumu Branch Tel: 0728 116999

Mombasa

Kabundu building, Moi Avenue

Mombasa Branch Tel: 0720269040

Loans queries: 0716 861977

Credit Officer/ Loan recovery: 0716 861979

Finance queries: 0716 861982

Fax: +254-020-311871

Email: [email protected]