The product is designed for members who have exhausted their deposits borrowing ability but have capacity to repay through payroll.
- Loan is repayable within a maximum of 3 years
- Interest rate of 14.5% per year on a reducing balance
- Proof of ability to pay through payroll.
- Maximum aggregate amount of loan outstanding for all Fosa loans at any one time must not to exceed Ksh.1.0 million.
- The maximum amount is Ksh. 1 Million.
- The interest charged will be 1.5 % p.m on a reducing balance
- The loan shall be repayable within 12 months from the time of issue
- Must remit salary through the Sacco or direct debit agreement.