BOSA

BOSA LOAN PRODUCTS

1.Normal /Development Loan

• Given at 4 times of a member’s deposits.
• Interest rate of 1% per month on reducing balance.
• Maximum repayment period of 72 months.

2. Top-Up /Normal Development Loan .

• Available to members who are servicing the Normal Loan.
• Maximum repayment period of 72 months.
• Interest rate of 1% per month on reducing balance.

3. School Fees and College Fees Loans

• School Fees and College Fees Loans shall be advanced subject to member's ability to pay without any limits
• Interest rate of 1% per month on reducing balance.
• Maximum repayment period of 12 months.
• No documentary evidence is required

4. Super Loan

• Given at 5 times of a member’s deposits.
• Maximum repayment period of 84 months.
• Interest rate of 1.15% per month on reducing balance.

5.Emergency Loan

• Given at 4 times of a member’s deposits.
• Maximum repayment period of 12 months.
• Interest rate of 1% per month on reducing balance.
• No documentary evidence is required

6. Top-Up Emergency Loan

• Maximum repayment period of 12 months.
• Interest rate of 1% per month on reducing balance.
• No documentary evidence is required

7. Requirements for Loan Application

• Members are required to be familiar with the Society’s current Loan Policy.
• Dully filled loan application form.
• Attach one original current pay-slip (not more than two months old to the date of application) A copy of National ID Card showing both sides. All loans must be secured by guarantors or collateral Private members to use own deposits for guarantor ship of up to 95%.

8. Chama Loan

• Advanced at 4 times Chama’s deposits
• Interest rate of 1% per month on reducing balance
• Maximum repayment period of 36 months.
• Maximum of Ksh. 30,000,000

9. Corporate Loan

• Advanced at 4 times Corporate’s deposits
• Interest rate of 1% per month on reducing balance
• Maximum repayment period of 36 months.
• Maximum of Ksh. 40,000,000

9. Dividend Advance

• Members may apply for advance dividends/ interest on deposits as may be approved by the Board of directors.
• Such payments will be made between 1st August  and January
• The amount payable will not exceed half of the dividends on shares/interest on deposits earned as at 30th June of the last financial year and will attract a 10% interest upfront.

10. Requirements for a Chama Loan

1. Consistent contributions for 4 months.
2. A fully filled application form signed by the officials.
3. Group minutes authorizing for loan application.
4. Purpose of the loan must be within the Group/Chamas constitution.

11. Mobi Loan

1. Open to members who process their salary through FOSA
2. Maximum loan Ksh. 45,000
3. Repayment period 3 months
4. Interest 10%
5. Recoverable from FOSA account

12. Flash Advance

1. Open to all members
2. Maximum loan Ksh 20,000. Beginning with Ksh. 5000 graduated after each repayment
3. Repayment period 2 months
4. Interest 10%
5. Member to repay the loan through Paybill 850436