FOSA Loans

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Advance/Loan Type

Salary Advance

Characteristics

1.Available only for salaried employees

2.Interest of 5% p.m for amount above Ksh. 5000 & Ksh 200 for amount below Ksh. 5000

3.Repayable in 1 month(one installment)

4.Available for members operating accounts

5.Form fee of Ksh. 50

6.Maximum 80% of income

Requirements

1.Three (3) guarantors

2.Salary must be channeled through FOSA Account for at least 3 months

Special Salary Advance

Characteristics

1.Interest of 2% per month
2.Available for members and FOSA customers
3.Repayable in 6 months
4.Risk Management Fee of 1% subject to a minimum of ksh. 200 and transfer fee of ksh.50
5. form fee of Ksh. 50
6.max 2/3 of Net pay x 6 months

Requirements

1.Four(4) guarantors
2.Salary must be channeled through FOSA Account for at least 3 months
3.The advance application form must be endorsed by the employer
4. attached pay slip & ID copy

Farm produce Advance

Characteristics

1.Available to all members as individuals & institutions operating fosa accounts.
2.Interest of 5% p.m for amount above Ksh. 4000 & Ksh 200 for amount below Ksh. 5000
3.Repayable in 1 month(one instalment)
4. Form fee ksh. 50
5. Max. 80 % of monthly income

Requirements

1.Three (3) guarantors
2.Tea payments must be channeled through FOSA Account for at least 3 months
3.The Advance is based on anticipated income less other commitments.

Special farm produce Advance

Characteristics

1.Available for members operating fosa accounts.
2.Interest of 2% per month
3.Repayable in 6 months
4. transfer fee of Ksh 50
5.Risk Management Fee of 1% subject to minimum of ksh. 200
6. form fee of Ksh. 100
7. Maximum 80% of monthly income x 6

Requirements

1.Four(4) guarantors
2. Proceed/payments must be channelled through FOSA
Account for at least 3 months
3. Attach ID copy and recent pay slip

Salary Loan

Characteristics

1.Interest of 18% p.a straight line
2.Repayable in 12 months
3.Appraisal fee of 1%
4. Risk Management Fee of 1%
5. Transfer fee of Ksh. 50
6. form fee of Ksh. 100
7. Maximum subject to 2/3 of net salary

Requirements

1.Must be a permanent employee
2.Five guarantors (2 tea grower members and 3 workmates who have an account with the Sacco).
3.Given based on average income for 12 months

Normal Salary loan

Characteristics

1.interest 16% on reducing balance
2. 3 times shares max. 2/3 salary

Requirements

1.Must be a permanent employee
2.Five guarantors (2 tea grower members and 3 workmates who have an account with the Sacco).
3.Given based on average income for 12 months
4.salary 2 months

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