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Ideal Loan Salary MUST be channeled through FOSA A member can take maximum loan of 3X deposits Repayment period is 84 months Interest rate 1.083% P. m 5% of net loan is capitalized as FOSA deposits 1.5% interest recovered upfront on approved amount 0.05% processing fee.
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Superior Loan Salary MUST channeled through FOSA Shares MUST be 4X (times) BOSA deposits Repayment period is 96 months Interest rate 1.083% P. m 4.9% of net loan is capitalized as FOSA deposits 0.1% is capitalized as share capital 2% interest recovered upfront on approved amount 0.05% processing fee.
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BOSA PRODUCTS. Development/Normal loan A member can take maximum loan of 3X deposits Repayment period 48 months Interest rate 1 % Per month Premium loan A member can take maximum loan of 3X deposits Repayment period 60 months Interest rate 1 % per month on loan reducing balance 1.5% premium interest recovered upfront on approved amount.
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Re-finance loan This is open to members who wish to refinance their existing loans maximum loan of 3X deposits Repayment period 48 months Interest rate 1 % per month on loan reducing balance Education/School fees loan This is meant for secondary, college or university fees A member can take maximum loan of 3X deposits Repayment period 20 months Interest rate 1 % per month on loan reducing balance.
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Emergency loan This is meant for unforeseen circumstances like burials, natural calamities, court orders etc. A member can take maximum loan of 3X deposits Repayment period 12 months Interest rate 1 % per month on loan reducing balance Introductory loan This loan is available to new salaried members. A new member is eligible to a maximum of sh.200, 000 where a third (1/3) is taken to member’s deposits Repayment period 48 months Interest rate 1 % per month on loan reducing balance 1.5% premium interest recovered upfront.
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Take-off Loan This loan is meant for newly employed p&p staff. A new member is eligible so long as within 2/3 of salary ONLY minimum share capital is retained. Salary MUST be channeled through FOSA Repayment period is 84 months Interest rate 1.083% P.m 2% interest recovered upfront on approved amount 0.05% processing fee.