FOSA Loans

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The FOSA products are given to only those members who earn through FOSA or must have applied for a loan in the case of loan advance.

Members who want to benefit from the FOSA facilities should channel their salary through FOSA.

CHEQUE Deposit Advance

Cheque deposit advance is given to members under the following  conditions :

  • The member must have  deposited a cheque in his/her account
  • The cheque should be free from any liabilities.
  • The maximum amount allowed shall be  kshs.10,000=
  • The amount advanced should not exceed 10% of the amount deposited, subject to maximum amount allowed.
  • All cheques shall take five days before clearance.
  • Upon clearance the advance amount shall be cleared automatically

FOSA Soft Loan

Given under the following conditions:

  • The member must be earning through FOSA.
  • The period shall not exceed 7 months.
  • The latest original pay slip should be attached.
  • Photocopy of Identification cards (ID) for the applicants and guarantors.
  • Guarantors must be earning through FOSA and have ability to pay as well as good paying records of his/her loans.
  • Guarantors must be at least three.
  • Any refinancing shall be granted if the member has the ability to pay.
  • The maximum amount shall be kshs.20,000= (twenty thousand only).
  • All applicants must be BOSA members 
  • Non BOSA members must save kshs.5000= on the first loan and save kshs. 500= every time he/she applys the loan.

FOSA Smart Loan

Given under the following conditions:

  • The member must be earning through FOSA.
  • The period shall not exceed 24 months.
  • The latest original pay slip should be attached.
  • Photocopy of Identification cards (ID) for the applicants and guarantors must be attached .
  • Guarantors must be earning through FOSA and have ability to pay as well as good paying records.
  • Guarantors must be at least four and shall be  BOSA members.
  • Any refinancing shall be granted if the member has ability to pay.
  • The member must be a BOSA (back office) member.
  • The securities shall be shares,salary,savings and guarantors’shares,savings and salary and any other monies as it may deem necessary .
  • The maximum amount shall be kshs. 60,000= (sixty thousand only)
  • Any excess of kshs.60,000=(sixty thousand only) shall be subject to the applicant’s ability where the minimum withdrawable amount shall be atleast kshs.5000=(five thousand only) 

Loan advance

Given under the following conditions:

  • The applicant must have applied for BOSA loan and he/she qualifies.
  • The application must be recommended by the loans manager.
  • The whole amount shall be recovered automatically when the loan is posted on the account.
  • The amount applied shall not exceed ¼ of the amount appraised.
  • Refinancing is not allowed.

Salary advance

Granted under the following conditions:

  • The member must be earning through FOSA.
  • The period shall not exceed one month.
  • The latest original pay slip should be attached.
  • Photocopy of Identification cards (ID) for the applicants and guarantors.
  • Guarantors must be earning through FOSA and have ability to pay as well as good paying records.
  • Guarantors must be at least two.
  • Any refinancing shall not be  allowed.
  • The amount granted must not exceed a half of the net amount after all other deductions are considered.
  • Amount advanced shall be recovered from salary of the same month.

KILIMO LOAN

Granted under the following conditions:

  • The latest original pay slip should be attached.
  • Photocopy of Identification cards (ID) for the applicants and guarantors.
  • Guarantors must be earning through FOSA and have ability to pay as well as good paying records.
  • Guarantors must be at least three.
  • The applicant shall be earning through fosa 
  • The applicant shall be a back office member.
  • The applicant shall be having farming related activities.
  • Maximum period shall be twelve months
  • The guarantors must be bosa members.

PENSIONER LOAN

Granted under the following conditions:

  • The member must be earning through FOSA.
  • The period shall not exceed 10 months.
  • Photocopy of Identification cards (ID) for the applicants and guarantors.
  • Guarantors must be earning through FOSA and have ability to pay as well as good paying records.
  • Guarantors must be at least three.
  • Any refinancing shall be granted if the member has the ability to pay.
  • The maximum amount shall be kshs.40,000= (Forty thousand only).
  • Non BOSA members must save kshs.5000= on the first loan and save kshs. 500= every time he/she applys the loan.
  • The applicants must save kshs.500= per month.
  • The savings shall be withdrawable on demand where the member shall be free from any liability.

CHRISTMAS SAVINGS SCHEME

  • Member shall save atleast kshs. 500= per month
  • Shall be withdrawable from 20th of December every year to enjoy Christmas holiday.
  • 1% interest shall be earned per year.

FOSA SMART PLUS  LOAN

  • One must channel the check off through the Sacco account
  • One must have irrevocable instruction to the instruction that remit check off not to change unless approval from the lending institution (Sacco).
  • Monthly savings shall be 1% of the check off (the minimum  amount expected to be in place  shall be kshs.200,000=)
  • The period shall be 12 months 
  • Minutes showing the approval of the loan by the borrowing institutions.
  • Where the check off is not applicable irrevocable standing order shall be put in place.
  • The maximum amount to be granted shall not exceed kshs.6,000,000= 
  • Amount saved shall act as security for the period of the loan and can offset any outstanding payments in case of delays in payments. And can only be withdrawn if the borrower does not need any future loan or offloaded above kshs.200,000= if the loan falls below the minimum expected amount (kshs. 200,000=)

 ECD KARIBU LOAN

This product is offered to ECD teachers earning through Nga'risha Sacco.Its payment is determined by the contractual period at the time of processing the loan.

The maximum amount ksh 50,000

KARIBU LOAN

This product is offered to newly employed teachers with their paypoints at Nga'risha sacco who have also started contributing shares.

Maximum amount is  ksh 100,000 with arepayment period of 24 months

 

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