SPECIAL PRODUCTS
Fosa Personal Loans
- For members who channel their salary through the FOSA .
- Repayment period is 60 months with an interest of 1.25% per month on reducing balance.
- A minimum of Ksh 2500 must be left in the account after deductions.
- Top-up commission of 5% is charged.
Asset Financing Loans
The purpose of the product is to finance acquisition of property including Land, Buildings, private Motor Vehicles etc.
Features :
- Interest charged will be 1.5% per month on reducing balance
- Security is the asset to be purchased. It is owned by the Sacco and the member jointly through an agreement.
- Repayment period is 5 years.
- Sacco to finance up to 80% of the value.
- Maximum loan is Kshs. 3,000,000.
Senior Citizen Loans
- 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.
Requirements :
- Applicable to Sacco Members only.
- A duly completed loans application form.
- Business assessment report by a credit officer.
Burial Benevolent Fund
This is a risk management fund. The society members are the fund members.
They contribute Ksh. 300 per month.
The fund covers premiums for Loan Guard Insurance Policy with the CIC.
Benefits :
- Insurance pays to beneficiaries KSh.200,000 to cover the funeral expenses for Fund members who pass on.
- It clears outstanding loans of the member who has passed.
- Deposits Refunded in full to the next of kin of the deceased.
- Refund of half of Burial Benevolent Fund contributions in case a member withdraws voluntarily from the Society after at least five Years of contributing. Covers burial expenses for one spouse at (KSh.130,000), for each child at (Ksh. 100,000) . It is also important for members to keep this information updated.