Fosa Personal Loans
- For members who channel their salary through the FOSA .
- Repayment period is 72 months with an interest of 1.08% 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.
- Loan accesible to all active members
- Maximum loan amount of 5,000.
- 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
Asset Financing Loans
The purpose of the product is to finance acquisition of property including Land, Buildings, private Motor Vehicles etc.
- 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.
- 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.
- 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.
- 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.