BOSA LOAN PRODUCTS
Smart Loan:
All loans should be within 3 times members deposits repayable within 108 months. Interest rate is 1% per month on reducing balance.
School Fees Loan:
Repayable in one calendar year at 1% interest per month on reducing balance or amortized option.
Masomo/College Fees Loan:
Repayable in 30 months at 1% Interest per month on reducing balance or amortized option.
Emergency Loan:
Repayable in 18 months on reducing balance or amortized option. . Interest at 1% per month . Only one Emergency loan is allowed at a time.
Super Savers Loan:
Long term loan repayable in 120 months for members with deposit of 1,000.000 and above. Interest at 1% per month on reducing balance or amortized option..
Debooster Loan
The loan is applicable to new members who are 12 months and below as follows:
- 50% of the loan is used to boost the deposit at a commission of 6%.
- Maximum loan is Ksh 1,000,000.
- Maximum repayment period of 60 months at 1% reducing balance.
- Loan is issued to check-off members
- Minimum of KShs 25,ooo share capital is recovered fully from the loan
The loan is applicable to all members who are 13 months and above who would wish qualify FOSA product but are limited by deposits as follows:
- Maximum loan is Ksh 1,000,000.
- Maximum repayment period of depend on loan type being applied.
- A commission of 6% is applicable to the boosted amount which is transferred to deposits.
- Loan is issued to check-off members
- Minimum of KShs 25,ooo share capital is recovered fully from the loan
Senior Citizen Loan :
- This is a product for retired society members who process their pension through the FOSA or place an irrevocable standing order with the bank.
- Security for the loan is title deed for commercial property or fully guaranteed by members in check off system if the loan applied is more that current deposit.
- Deposit multiplier three times the deposit. Interest rate 1% per month with repayment period 48 months.
Mega Loan :
- Repayment period is 120 months.
- Interest of 1% per month on reducing balance or amortized option.
- Deposit multiplier of four.
- Member must processing salary through FOSA.
- Member must have deposit of 1 million and above.
Nguvu Loan:
- Repayment period is 108 months.
- Interest rate of 1% per month on reducing balance or amortized option .
- Deposit multiplier of four.
- Member must processing salary through FOSA to qualify for 108 months repayment.
Business Loan:
- Repayment period is 48 months.
- Interest rate of 1% per month on reducing balance or amortized option .
- Deposit multiplier of three.
- Member must be depositing with FOSA.
- Member must provide six month statement
- Maximum loan set at KShs. 1,500,000
- Loan granted to continuing business
- Loan may be secured by guarantors and/or collateral
Special Loan:
- Repayment period is 96 months.
- Amortized interest rate of 1.05% per month onreducing balance or amortized option .
- Member deposit must be at least 1,500,000.
- Member must processing salary through FOSA to qualify for 90 months repayment.
Mortgage Loan:
- Repayment period is 240 months.
- Interest rate of 9% per year on reducing balance or amortized option.
- Maximum loan is 5,000,000.
- Applicable to ready built houses
Senior Citizen Loan:
- This is a product for retired society members who process their pension through the FOSA or place an irrevocable standing order with the bank.
- Security for the loan is title deed for commercial property or fully guaranteed by members in check off system. Deposit multiplier three times the deposit. Interest rate 1% per month ,repayment period 48 months.
Nguvu Loan:
- Repayment period is 108 months.
- Interest rate of 1% per month on reducing balance or amortized option .
- Deposit multiplier of four.
- Member must processing salary through FOSA to qualify for 108 months repayment.