There are many types of loans available with Steadfin, including term loans, general loans, emergency loans, instant loans, real estate loans, and retirement loans.
With over 600 active members, SteadFin is a recognized savings and credit cooperative. Its active members are primarily employees, retirees, children, spouses, and associates of the U.S. Mission Agency in Uganda.
By offering accessible credit, financial education, and sustainable investment possibilities, they strive to improve the lives of their members.
The Co-operative Societies Act of 1991, Cap. 112, and the SACCO’s By-laws give it authority. A competent management team oversees the organization’s business, reporting to the Annual General Assembly under the direction of the Board by the bylaws (AGM).
With this standing, it can offer its members more than just credit and savings. Below we explain more about the services and products offered by Steadfin.
What is Steadfin Loans?
This loan is made available to members who need money for a variety of reasons. Steadfin offers a variety of loans such as term loans, general loans, emergency loans, instant loans real estate loans, and retirement loans.
- They give up to 100,000 to 1 million UGX in loans. Payable with 10% interest for one month.
- Mobile Money is used to disburse funds.
- Payment options include cash deposits to the SteadFin Bank Account and allocations.
Benefits of Steadfin Instant Loans
- Favourable interest rates
- Quick processing
- Flexible terms for repayment
Requirements for Steadfin Instant Loans
- Evidence of income sources, such as company streams and pay slips, is required (other income sources).
- Filled-out loan application
- A different allocation (if required)
- Postdated Cheque for Balloon Payments (loan plus interest)
Steadfin Savings
Members can choose from a range of different savings platforms with Steadfin such as Free savings, Premium Savings, Retirement savings, Target savings, Youngster (TOTO) Savings accounts, Spouse Savings Accounts, and Executorship savings.
Of these, one must have free savings account with them. It’s a required transaction account accessible to members and offers a prompt and effective way to get cash when needed.
Features of the Steadfin Free Savings Account
- This account is available for members who are registered and approved associates of the SACCO
- All dividends are payable on this account because it serves as the member’s primary savings account.
- Receives a 7.5% yearly interest rate, which is calculated using the quarterly minimum balance and the average period balance.
- Minimum 5% of net pay saved.
- Minimum 3,000,000 UGX in savings.
- Allows withdrawals at any moment with a 2,000 fee added to the amount requested.
- Not burdened by any loans, unless a member has specifically requested it (e.g., to repay an emergency loan) or the risk weighting of the total loans is significant.
Benefits of the Steadfin Free Savings Account
- Payroll deductions and direct banking make it simple to save money.
- It is used as a loan qualification requirement, and savings are employed as a loan guarantee.
- Interest is included in the savings amount and has competitive interest rates of 7.5 percent.
- There are no ledger charges
- Upon request by the member, may be utilized to settle final Loan Pay Off or Net Off Loans.
- Members can open a joint account.
- On-demand, daily balance, and brief statements are accessible.
- Members to access larger loans without having to raise additional funding.
- Access to your savings is unrestricted, barring unforeseen circumstances.
Steadfin Investments
There are two types of investments that you can subscribe to and they are, individual investments or Sacco investments with Steadfin. Members can grow up their wealth through them.
For SACCO investments, the company provides different products or investment plans such as real estate, property development, financial markets, financial literacy clinics, members of a group, and agricultural and sub-leasing.
For individual investments, Steadfin provides capital at competitive rates and creates opportunities for members to advertise or promote their investments to other members and wider audiences.
This is achieved through different income-generating ventures in both the production and service industries. They include; Land sale, rental premises, Manufacturing, agro-business, and services provision.
Conclusion
So, if you’re looking to get a term loan at low interest rates or maybe you just want an emergency loan, Steadfin has you covered because they can provide that and more. All you have to do is create a savings account with them and they can take you through the rest.
SteadFin Uganda SACCO Limited is located on Plot 1001, Susie House Ggaba Road, Nsambya. Their official contact is 0392-002-559. You can send them an email on Email: info@steadfin.com and they’ll be sure to reply.
