The product is designed for members who have exhausted their deposits borrowing ability but have capacity to repay through payroll.

Features

• 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.

Features

• 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.