BOSA LOAN PRODUCTS
- 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
- 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.
- 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
- 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%.
- 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
- 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
- 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
- Consistent contributions for 4 months.
- A fully filled application form signed by the officials.
- Group minutes authorizing for loan application.
- Purpose of the loan must be within the Group/Chamas constitution.
- Open to members who process their salary through FOSA
- Maximum loan Ksh. 45,000
- Repayment period 3 months
- Interest 10%
- Recoverable from FOSA account
- Open to all members
- Maximum loan Ksh 20,000. Beginning with Ksh. 5000 graduated after each repayment
- Repayment period 2 months
- Interest 10%
- Member to repay the loan through Paybill 850436