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 Million.
- Qualifying amount is 2 times Junior Account(s)’ savings up to a maximum KShs. 1,000,000.00 subject to the one-sixth rule.
- Members operating several Junior Accounts have the option of consolidating the savings in all the accounts to apply for just one loan.
- Interest rate is 12% per annum on the reducing balance.
- Maximum Repayment period is 6 months subject to the current employment contract.
- Eligibility - Loan granted to members operating active and regular Junior Savings Accounts.
- A minimum of 2 guarantors required.
- The Loan Security is member’s own and guarantors’ deposits.
- After loan disbursement, monthly savings to Junior Account shall be increased to cater for the loan repayments.
- Minimum Qualifying amount is KShs. 5000.00 while the maximum amount is KShs. 60,000.00 subject to member’s individual scoring.
- An interest rate of 5% is recovered upfront from the amount borrowed.
- Maximum repayment period is 30 days from the day of disbursement.
- A member must be registered for mobile banking services to access this product.
- A member can borrow as many times as possible so long as s/he does not have an outstanding QC loan.
- Repayments of the QC loan are done by direct deposit to FOSA or mobile deposits followed by self-initiated transfer to the loan.
- A penalty of 1% is recovered and loaded on to the loan in case of default.
Eligibility for this product is a continuous membership period of at least 6 months with consistent regular monthly contributions.
- The maximum amount is Ksh. 1 Million.
- The interest charged will be 14.5 % per annum on a reducing balance
- The loan shall be repayable within 12 months from the time of issue
- A member must remit their salary through the Sacco or have a direct debit agreement to qualify for this loan.