BOSA Loans

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LOAN TYPE

Normal/Development Loan

Characteristics

1.Available to all members who meet the
requirements
2.Three times the deposit with the Society but
subject to repayment ability
3.Interest rate of 13% p.a on reducing balance
4.Repayable within 24-36 months
5.Kes 200 risk ManagementFee for loans less than Kes
20,000 and 1% for loans above Kes 20,001
6.Appraisal fee 1% on the loan amount
7. Transfer fee Ksh. 50
8.Maximum loan is ksh.20
million

Requirements

1. Must have been a member of the Society for at least 4 months
2. Maximum Six (6) guarantors subject to deposit pledged
3. Three times the deposit with the Society
4. The loan application form must be endorsed by the delegate/Chief or his/her representative
5.2/3 rule shall apply
6. Dully-filled application form

Salary Development Loan

Characteristics

1.Available only to salaried employees who meet the
requirements
2.Interest of 14% p.a on straight-line basis
3.Repayable in 48-60 months
4.The employer to effect and remit deductions to the Society (Checkoff)
promptly
5.Risk Management Fee of  1%
6. Transfer fee Ksh. 50
7.Appraisal fee 1%
8.Maximum loan  Ksh.5,000,000

Requirements

1.six (6) guarantors required subject to deposits pledged
2.Based on one year’s income
3.The loan application form must be endorsed by the
employer
4.attach current payslip and  copy of identity card
5.Any loan above 2 million requires collateral
6.dully filled application form

Normal Salary Loan

Characteristics

1.Available only to salaried employees who meet the
requirements
2.Three times the deposit with the Society
3.Interest rate of 14.5% p.a on reducing balance
4.Repayable period is 12-36 months
5.Risk Management Fee of 1%
6.Maximum loan ksh.10,000,000
7.Any loan above ksh 1 million one must provide additional collateral

Requirements

1.six (6) guarantors subject to deposits pledged
2.The loan application form must be endorsed by the
employer
3. 2/3 rule shall apply
4.Three current payslips and a copy of identity card are
required
5.Dully filled application form

Micro Credit Loan

Characteristics

1. Available to Group members who meet the requirements
2. Four(4) times the savings with the Society but subject to the ability to repay
3. Interest of 13 % p.a reducing balance
4. Repayable within 12months
5. 1% appraisal fee
6. Kes 200 risk Management Fee for loans less than Kes 20,000 and 1%for loans above Kes 20,001
7.Loan repaid monthly
8.One month grace period
9.Minimum for the first loan is ksh 20,000
10. Maximum amount of  ksh.100,000

Requirements

1.Groups of 10-20 members
2.Group must save for atleast2 months
3.All group members savings guarantee the individual members loan
4.Additional Monthly savings of 5% of the amount of loan issued to be deducted on loan given
5.Dully filled application form

School fees

Characteristics

1.Available to all members who meet the requirements
2.Three times the deposit with the Society but
subject to the ability to repay
3.interest rate of 13% on
reducing balance.
4.repayable in 12 months
5.Ksh 200 risk Management Fee for loans less than Kes 20,000 and 1% for loans above Kes20,000
6.Transfer fee ksh 50
7.Appraisal fee 1%
8.Maximum loan is ksh 10
million

Requirements

1.Must have been a member of the Society for at least 4 months
2.Six (6) guarantors required subject to deposits pledged
3.Three times the deposit with the Society
4.The loan application form must be endorsed by the society delegate/Chief or his /her representative
5.2/3 rule will apply
6.Dully filled application form

Msingi Loan

Characteristics

1. Available to members with a registered business
who meet the requirements
2. Minimum amount available Ksh. 10,000.
3.repayment period 12 months to 36 months depending on the loan amount
4. Loan below Ksh.100,000 may be guaranteed by an individual while an amount above Ksh.100,000 must provide collateral that should be registered in the applicant’s name or attached with a transfer form dully filled.
5. appraisal fee 1%
6.Risk fund fee 1%
7. transfer fee 50
8. Loan form fee Ksh. 100
9. Interest 14.5% p.a. on
reducing balance
10. maximum 5 million

Requirements

1. existing business –trade license
2. financial statement of the borrower
3. Dully filled application form
4. If trading in a business name- registration certificate for the business name

Boresha loan

Characteristics

1.loan given three times business deposits
2.First loan is up to a maximum of ksh100,000 and the subsequent loan is up to
ksh700,000
3.Repayable in 6-24 months
4.repayment frequency is daily, weekly and monthly
5.two(2) weeks grace period
6.interest charged 16%  straight-line Business deposit mature for a loan after a period of 4months

Requirements

1.must have a business account for daily collection
2.business license required for formal business
3.valid collateral for loans
exceeding 100,000
4.dully filled application form
5.maximum six(6) guarantors
6.bank,mpesa,sacco statement
required

Micro loans

Micro Credit Loan

Requirements

  1. Groups of 10-20 members
  2. Group must save for at least 2 months
  3. All group members savings guarantee the individual members loan
  4. Additional Monthly savings of 5% of the amount of loan issued to be deducted on loan given
  5. dully filled application form
  6. repayment period 12months

Business loans

Msingi Loan

Requirements

  1. existing business –trade license
  2. financial statement of the borrower
  3. dully filled application form
  4. If trading in a business name- registration certificate for the business name
  5. Repayment period is 36 months

Boresha loan

Requirements

  1. must have business account for daily collection
  2. business license required for formal business
  3. Valid collateral for loans exceeding 100,000
  4. Dully filled application form
  5. Maximum six(6) guarantors
  6. Bank, mpesa, Sacco statement required
  7. Based on 3times deposits

Asset finance loan

Product Finance loan

Reqiurement

  1. The member shall be required to sign a formal agreement by way of instrument of charge, thereby giving the society first lien on the subject asset.
  2. A member shall not dispose of the product under an instrument of charge unless written consent granted by the society.
  3. Member must complete the loan application form.
  4. must have good credit rating with CRB.
  5. Repayable in 36 months

Asset Finance loan

Requirements

  1. The asset must be comprehensively insured and if movable property, be put on a tracking device at applicant cost.
  2. The asset must be presented in the office for physical inspection or at the approved Sacco agent.
  3. Anti-theft devices are to be installed.
  4. The member shall be required to sign a formal agreement by way of instrument of charge, thereby giving the society first lien on the subject asset.
  5. A member shall not dispose of the asset under an instrument of charge unless written consent granted by the society.
  6. Member must complete the loan application form.
  7. must have good credit rating with CRB.

NB: The Society will review its loan product portfolio from time to time in an endeavor to meet the members’ changing demand for different products and match the market.The Sacco encourages members to borrow and utilize borrowed funds wisely. It is further encouraged that funds borrowed be utilized for the purpose stated in the application forms.

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