Members admitted in accordance with the membership policy.
A member becomes eligible after a minimum membership period of six (6) months and on fulfilling all requirements of a specific loan product. Members who transfer their deposits from another Sacco are exempted from the waiting period.
A loan application must be done in writing on prescribed forms which must be fully filled. The applicant must attach all relevant documents. Alteration will not be allowed.
|Normal/Development Loan||Maximum 60 months - Interest 13% p.a-reducing balance|
|Additional Loan||Maximum 60 months - Interest rate 13% p.a-reducing balance|
|Emergency Loan||Maximum 12 months - Interest rate 13% p.a-reducing balance|
|Salary Advance||One (1) month - Interest rate 6.5% p.a.|
PLEASE NOTE: All our loans are formulated on a reducing balance and every loanee meets 1.5% of the insurance cost of their loan. Normal and additional loans will be paid within 30 days, Emergency Loan is processed every week and Jipange loan is processed within few minutes of online application.
FOSA salary advance(online application) will be processed within 5 - 10 minutes.
No. Any amendments on interest will affect new applications only.
Interests on loans are reviewed from time to time by the BOD on recommendation of Management.
Yes by communicating the same in writing.
Any active member in good standing is allowed to be a guarantor provided that one has not over guaranteed. A guarantor must be willing and able to repay the loan guaranteed if the person who took the loan fails to pay.
Guarantors are jointly (together) and severally (individually) liable for the repayment of a loan in the event of the borrower’s default.
Yes, that is allowed and does not attract early clearance charge.