BOSA LOANS

We are pleased to announce and update all our customers/members that we have revised our interest rates and terms on our BOSA and FOSA loan products, as indicated below :-

1. Development (Normal) Loan

This is a development loan repayable within 48 Months. Maximum amount granted is three times of the member’s savings. Interest calculation based on reducing balance per month. Effective interest rate of 6.1 % per annum.

2. Jitegemee Loan

This is a development loan repayable within 60 Months. Maximum amount granted is three times of the member’s savings. Interest calculation based on reducing balance per month. Effective interest rate of 7.3 % per annum.

3. Super Loan

This is a development loan repayable within 72 Months. Maximum amount granted is three times of the member’s savings. Interest calculation based on reducing balance per month. Effective interest rate of 7.3 % per annum.

4. Emergency Loan

This loan is granted to meet members’ emergency needs within the shortest time possible. It is repayable within 12 Months. Interest calculation based on reducing balance per month. Effective interest rate of 6.5 % per annum.

5. School Fees loan

The purpose of this product is mainly to assist members pay School/College or University fees. No supporting document from the school, college or university is required to obtain the loan. Repayable within 12 months. Interest calculation based on reducing balance per month. Effective interest rate of 6.5 % per annum.

6. Additional Loan

This is a long term loan available to all members in addition to any development loan for uncompleted project(s). Repayable within 30 months. Interest calculation based on reducing balance per month. Effective interest rate of 7.4 % per annum.

7. La Riba Advance

Loan granted to members who need to be Shariah Compliant. Repayable within 48 months. The loan is interest free but borrower earns no returns on deposit savings.

8. Chipukizi Loan

This is a suitable loan product for new members particularly newly employed staff in public service. At least one month’s check-off remittance or two months’ salary though Fosa for one to qualify for the loan. Repayable within 48 months. Only members from the public sector can access the loan irrespective of membership period provided it is the first loan from the Sacco by the member. Part of the loan funds are deducted and retained to the member’s deposit account to ensure deposit balance of at-least one third of the loan amount. Interest calculation based on reducing balance per month. Effective interest rate of 6.1 % per annum.

Benefits to the members

Savings through shares contribution

Affordable loan facilities with no negotiation fees

Payment of attractive dividends on your deposits

Banking facilities at our front offices, ATM, Mobile Banking

Education to Members

Benevolent Fund to assist in writing off outstanding loans and funeral expenses in case of death of a member, spouse or child.