FOSA Loan Products

This facility boosts your finances through provision of credit with a maximum repayment period of 72 months and maximum loan amount of 3 million. You will need to  channel your salary through our F.O.S.A . What  determines the amount of loan you qualify is the net salary. From the net salary, we negotiate with you how much you are willing to commit to secure the loan. This is because, the policy does not allow you to commit all your net for purposes of loan during application. As a result, we let you have a minimum of Ksh. 2500 as your take home from your net salary. The interest rate charged is 13% per annum on reducing balance or amortization. Top-up commission of 4% is charged.

The facility is designed for our members who channel their salary through the FOSA to enable them access quick short term financing to enable them meet their emergency needs. A minimum of Ksh.2,500 must be left in the account after deductions. Repayment period is 6 months with an interest rate of  5%  on reducing balance.

For members who channel their salary through the FOSA. Maximum of 60 % of salary channeled through FOSA is given as advance. A member must be left with at least ksh 2500 in the account as take home after all deductions. An interest rate of 5% is charged one-off upon posting of salary.

Loan accessible to all active members

Maximum loan amount of 10,000.

Repayment period is within 30 days.

Incase of default the amount to be automatically from deposits.

Incase of default member will be barred from the product for 6 months.

Accessible via USSD and Shirika App.

Interest rate is 6% one off recovered upfront.

Repayment is member driven  via Paybill, Bank transfer or FOSA Transfer

Guarantor problem? Do not worry, this facility helps remove the stress of looking for guarantors as you can use your asset, (Land-commercial) to secure the loan. The product also enables you to access more than what your savings can give you as the loan you apply is 80% of the value of your property. Repayment period is 5 years with an interest of 1.5% per month on reducing balance .You will need  to meet processing fees.

You can now be a proud owner of your dream asset through our Shirika Sacco asset financing. You will identify the asset, (Land) and we will finance you upto 80% and a repayment period 5 years at an interest rate of 1.5% per month on reducing balance. The asset is jointly owned by the member and the Sacco through an agreement.   You will meet the  processing expenses.

You can now plan early using your dividend advance.  You do not have to worry about your  December holiday  and January- back to school stress.  You can access upto 50% of previous interest on deposit. Application of the loan begins on  1st  December  to January  yearly. Interest is 5% one off without guarantors.

The product is designed for members who received interest on deposit in the previous  year and have channeled their salary through the FOSA. A member can access upto 50% of previous interest on deposit. Application of the loan is between July and November yearly. Interest is 1% straight line. No guarantors needed. Repayment period 5months depending on the month you apply.

For registered groups; Maximum loan 2 million, repayment period, 24 months:interest rate 1.5%. per month on reducing balance; additional collateral other than deposit required: 1st loan will be one and a half times the group’s savings; second loan will be twice the group’s savings.