- Granted to FOSA account holders whose salary passes through FOSA or with regular savings.
- Repaid through standing order from savings account, direct payment or salary.
- Maximum repayment period of 48 months.
- Interest rate of 1.2% per month on reducing balance.
- Member can top-up Karibu loan after 6 months repayment of the current loan.
- Interest rate of 1.2% per month on reducing balance.
- Maximum repayment period of 12 months.
- Maximum loan amount Ksh. 250,000.
- Guaranteed by at least two FOSA account holders.
- Interest rate of 1.2% per month on reducing balance.
- Maximum repayment period of 24 months.
- Maximum loan amount Ksh. 400,000
- Guaranteed by at least two FOSA account holders
- This is a credit facility to boost deposits for loaning purposes
- An interest of 5% is charged
- The interest as well as the Hisa Loan will be recovered from the Loan issued
NOTE:
In case of default, guarantors are attached without any given notice
- REQUIREMENTS FOR FOSA LOAN APPLICATIONS
Guaranteed by at least 2 members who are FOSA account holders or Collateral security as per policy M.O.U with the employer for an irrevocable change of pay point for salaried employees Other FOSA account holder requires irrevocable standing order from savings account Members’ own Deposits without loans in BOSA will be used for security in both FOSA loans & advances
About FOSA