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. FOSA Daima loan
Loan granted to members whose salaries are remitted through the FOSA Account. It is based on net salary as per the pay slip. Loan term is 60 Months. Interest calculation based on monthly amortization. Effective interest rate of 8.2 % per annum.
2. FOSA Flex Loan
Loan granted to members whose salaries are remitted through the FOSA Account. It is based on net salary as per the pay slip. Loan term is 48 Months. Interest calculation based on monthly amortization. Effective interest rate of 8.0 % per annum.
3. FOSA Fahari Loan
Loan granted to members whose salaries are remitted through Fosa. It is based on the net salary as per the pay slip. Loan term is 36 Months. Interest calculation based on monthly amortization. Effective interest rate of 7.9 % per annum.
4. Mahitaji Loan
A one-month advance based on net salary recoverable once at 1.7 % payable once.
5. BIMA Loan
This is a loan to finance members pay for their insurance premiums. Loan term is 12 months. Interest calculation based on monthly amortization. Effective interest rate of 11.3 % per annum.
6. Shares Investments Loan
This loan is to finance members who wish to buy shares at the NSE. Loan term is 12 months. Interest calculation based on monthly amortization. Effective interest rate of 11.3 % per annum.
7. Dividend Advance
An advance based on a member’s projected dividends. Recoverable once upon dividend payment at interest rate of 10% on amount granted.
NB:All FOSA Branches can process any of the BOSA Loans upto a maximum of Kshs 100,000/-.
TYPE OF SAVINGS ACCOUNTS AVAILABLE IN FOSA
|1. FOSA Savings Account||Savings facility|
|This is a Members’ transaction account|
|No ledger fees|
|Competitive interest rate on savings|
|Reliable Visa branded ATM services|
|Free Internal Standing Orders|
|No limitations on cash withdrawals|
|No monthly charges|
|Opening/minimum balance Kshs. 1000/=|
|2. Fixed Deposits Account||Minimum deposit Kshs. 50,000/=|
|Minimum period 3 Months|
|Interest rates determined from time to time in line with prevailing market forces|
|3. Junior Savings Account||Savings Account for Sacco members’ children|
|Interest rates determined from time to time|
|ID/Passport of Parents/Guardian is required|
|Birth certificate/notification of the child|
|Minimum Balance kshs. 500/=|
|4. Holiday Savings Account||Enables Members to save for their holidays|
|Interest will be determined from time to time|
|5. Elimu Savings Account||Enables members to save for educational need|
|Free college bankers cheque|
|Interest determined from time to time|
|6. Pamoja Savings Account||This is a group account to enable members save jointly.|
|Registration Certificate of the Group|
|Minutes resolving opening of the account|
|Photocopies of ID of Signatories & two passport size photos|
|Competitive interest (determined from time to time).|
|7. Corporate/business account|
|8. Diaspora Savings account|
OTHER SERVICES AT FOSA
- 1. ATM Services
- 2. Mobile Banking Services
- 3. Mpesa Services
- 4. Salary processing
- 5. Bankers Cheques
- 6. Standing orders
OTHER SERVICES APPLICABLE TO BOSA & FOSA LOANS
- Loan Top-up (Daraja Loan)
- This refers to any new loan meant to clear any other outstanding loan balance(s).
- Commission of 5% is charged on the amount cleared.
- Deposit Boosting Purchase (Hisa Loan)
- Granted to boost Bosa deposits for purposes of accessing Bosa or Fosa loan.
- Granted to a maximum of 100% of a member’s deposits but not exceeding Kshs 750,000/=
- Commission of 15% is charged on the deposits amount purchased.
- One off recovery upon loan disbursement.
OTHER APPRAISAL REQUIREMENTS FOR BOSA & FOSA LOANS
- 1. The loan applicant must complete loan form in full. Incomplete forms are returned unconsidered.
- 2. Non-salaried members applying for Bosa Loans are required to attach the most recent 4 months’ Fosa account statement.
- 3. Only members remitting their salary through Fosa are eligible for Fosa loans.
- 4. New members need to be active contributors for at least 6 months to be eligible for loans with exemption of Chipukizi Loan only.
- 5. Maximum ceiling on Fosa Loan Amount - An individual member’s total borrowings at Fosa is limited to Kshs 3,000,000/- subject to not more than 6 times Bosa deposits.
- 6. Maximum ceiling on Bosa Loan Amount - An individual member’s total borrowings at Bosa is only limited 3 times Bosa deposits.
- 7. Cash or cheque amounts deposited (over and above the average monthly contribution) to boost deposits shall require 6 months to qualify for loan purposes.
- 8. Loan Guarantors - The total deposits of applicant together with that of the guarantors must be equal to or more than the loan being applied for.
- 9. Loan Guarantors - A loan application MUST have at least 3 guarantors unless it is self-guaranteed.
- 10. Loans are granted in accordance with the loan policy existing at the time of loan processing.
- 11. Alterations are not allowed on the loan application forms.
- 12. Loans are not granted to defaulting members.
FOSA BRANCH NETWORK
- 1. Nairobi Branch, Ukulima House, Haille Selasie Avenue
- 2. Kisumu Branch, United Mall, Ground floor, Wing A
- 3. Mombasa Branch, Bahman Trust Building, Mikindani street
- 4. Eldoret Branch, Sirikwa Hotel Building
- 5. Embu Branch, Eastern Emporium Building
- 6. Nakuru Branch, KFA Building, Geoffrey Kamau Way
- 7. Kisii Branch, Mocha Hotel Building
COMING SOON - NEW LOAN PRODUCTS
- 1. Biashara Loan - Group based loan product secured by either group assets (collaterals) or group members’ deposits.
- 2. Biashara Plus Loan - Loan for individual members secured by collaterals. Repayment ability assessed based on either employment or business income.