FOSA Loans

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Advance/Loan Type

FOSA LOANS (ADVANCES)

Loan sub-category

Bonus Advance

Characteristics

1.Available to all members who are eligible

2.Issued before bonus payout

3.Interest rate 6% straight line

4.based on cumulative production-crop based

5.Form fee of sh.50

6.Transfer fee of sh. 50

7.Maximum of 70% of projected bonus income

Requirements

Requirements

1. Cumulative slip indicating production per year

2. Original slip for the crop product processors

3.Maximum Six (6) guarantors

4.Dully filled advance application form

5. Available to all farmers

Cheque Advance

Characteristics

1. Based on the cheque received or salary cheque

2. Interest rate 5% straight line

3. Repayable upon Maturity of the cheque

4.Not more than 70% cheque face Value

Requirements

1.Cheque Deposit slip for cheques from reputable organizations/firms
2.Maximum Six (6) guarantors
3.Dully filled application form

Salary Advance

Characteristics

1.Available only for salaried employees
2.Interest of 5% p.m
3.Repayable in 1 month(one installment)
4.Available for members operating fosa
accounts
5.Form fee of Ksh. 50
6.Maximum 2/3 of income

Requirements

1.Maximum Six (6) guarantors
2.Salary must be channeled through FOSA Account for at least 3 months
3.Dully filled application form

Crop Advance

Characteristics

1.Available only for member who meet

requirements

2.Interest of 5% p.m for an amount above Ksh.

5000

3.Repayable in 1 month(one installment)

4.Available for members with fosa accounts

5. Available to members who want to pay

salaries to employees/farmers .100% utilized

internally.

6.Form fee of Ksh. 50

7.Maximum 80% of income

8. Maximum limit 10 million

Requirements

  1. Maximum six(6) guarantors
  2. Crop proceeds must be channelled through FOSA Account for at least 3 months
  3. Dully filled application form

Special Crop/Salary Advance

Characteristics

1.Interest of 2% per month
2.Available for members-salaried and farmers
3.Repayable in 6 months
4.Kes 200 risk Management Fee for loans less than Kes 20,000 and 1% for loans above Kes 20,000
5. form fee of Ksh. 50
6.max 2/3 of Net pay x 6 months

Requirements

1.Maximum Six (6) 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 payslip & ID copy
5.Dully filled application form

Super salary Advance

Characteristics

1. Interest of 3.3% P.M straight line
2. Available to customers with regular income business, farming, and salaried
3. Repayable in three equal instalments

Requirements

1.Maximum Six (6) 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 for salaried
4. Attached payslip & ID copy
5.Fully filled application form

Booster Loan

Characteristics

1.Issued to offset loans so that a member can get a new higher loan

2.Interest of 2%

3. Transfer fee Ksh. 50.00

4. To be cleared once the new loan issued

5. Given to members

6. Within the repayment period & should apply for a booster.

Requirements

1. For a member to offset existing normal loans he/she must have repaid 75% of the existing loan

2. Dully filled booster loan form

3. Attached to the main loan form

Msingi Loan

Characteristics

1. Available to a person with business

2.Repayment period 12 to 36 months depending on the amount involved

4. Loan below Ksh. 100,000 may be guaranteed by an individual while amount above Ksh. 100,000 must provide collateral which should be registered in the applicant’s name or attached with 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% reducing balance

10.maximum 5 million

Requirements

1. Existing business –trade license

2. Financial statement of the borrower required

3. Dully filled form

4. If trading in a business name registration certificate for the business name is required

Fanikisha/Jipange crop

Characteristics

1. Available for both business and farmers

2. Interest rate 18% reducing balance

3. Risk fund 1%

4. Appraisal fee 1%

5. Form fee Ksh. 100.

6. Repayment period 24 to 36 months

7.Max: 5 million

Requirements

1. Dully filled application form

2. Pay slip/6 months statement for business members

3. Both requires the area chief to endorse

4.Above 1 million requires collateral to be attached

5.Maximum six(6) guarantors

Inua biashara advance

Characteristics

1. Available to business customers

2.Repayable within 2-30 days

3.Interest rate of 5% p.m for loans exceeding ksh 4000 and a flat rate of ksh 200 for loans below ksh 4,000

4.Minimum of ksh 1,000 to a maximum ksh 100,000

5.Processing fee ksh 50

Requirements

1. Fully filled application form

2.Maximum Six (6) guarantors

3. Must be contributing regular deposits for at least 2 weeks

4.Must have business deposits a/c for daily collection

E-credit/m-pepe advance

Characteristics

1.Available to all members

2.Repayable within 30 days

3. Interest rate 5% straight line

4.Available up to a maximum of ksh 5,000

5.Online and ledger fee is charged

Requirements

1.Must have registered mpesa safaricom line

2.Must be registered with m-banking services with the Sacco

3.Must have an available balance of ksh 500

4.Must have not defaulted other loans in Sacco

Other advance

Characteristics

1.Available for members operating fosa accounts

2.Interest of 5% p.m

3.Repayable in 1 month(one installment)

4.Form fee of Ksh. 50

5.Maximum 2/3 of income

6.based on other sources of income

Requirements

1.Maximum six(6) guarantors

2.Must have channeled payout through FOSA Account for at least 3 months

3.Dully filled application form

Special Cane loan

Characteristics

1.Available for cane farmers only

2.Interest of 2% straight line

3.Repayable within 6 months

4.Must have fosa current account

5.Site visit fee-ksh 500

Requirements

1.Sacco official must visit the site

2.Dully filled application form

3.Must have an available balance of ksh500

4.Maximum Six (6) guarantors

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 a 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 channeled through FOSA
Account for at least 3 months
3. Attach ID copy and a recent payslip

Salary loan

Characteristics

1.Available for salaried customers only who

meet requirements

2. Repayable in 12 equal monthly installments

3.Interest rate of 14.5% straight line

4.1% risk fund & appraisal fee

5.Form fee of ksh.100

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.

Farm produce Advance

Characteristics

1.Available to all members as individuals & institutions operating fosa accounts.
2.Interest of 5% p.m for an amount above Ksh. 4000 & Ksh 200 for an amount below Ksh. 5000
3.Repayable in 1 month(one installment)
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.

Maziwa Advance

 

Requirements

  1. For individual members, the co-operative society will provide the milk deliveries records.
  2. society will provide the milk deliveries records and sign a commitment letter
  3. The client will fill the relevant form
  4. Attach a copy of an identity card.
  5. Minimum of four guarantors

Dividend  Advance

 

Requirements

  1. Cumulative slip indicating production per year
  2. Original slip for the crop product processors
  3. Maximum Six (6) guarantors
  4. Dully filled advance application form

Special advances

Maziwa Special Advance

 

Requirements

  1. For individual members, 4 monthly incomes will be considered and the primary co-operative society will a sign commitment letter
  2. The client will fill the relevant form
  3. Attach a copy of identity card.
  4. In case of the co-operative society, they should provide authority letter to borrow from the co-operative officer
  5. Minimum of four guarantors

Special Crop Advance

 

Requirements

  1. maximum Six (6) guarantors
  2. Salary must be channelled through FOSA Account for at least 3 months
  3. The advance application form must be endorsed by the employer
  4. attached payslip & ID copy
  5. dully-filled application form

Special Cane loan

 

Requirements

  1. Sacco officials must visit the site
  2. dully-filled application form
  3. must have an available balance of ksh 500
  4. maximum Six (6) guarantors
  5. society officials to endorse
  6. application form

Special Salary Advance

 

Requirements

  1. maximum Six (6) guarantors
  2. Salary must be channelled 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
  5. dully-filled application form

Special advances

Salary loan

 

Requirements

  1. maximum six(6) guarantors
  2. Salary must be channelled through FOSA Account for at least 4 months
  3. The advance application form must be endorsed by the employer
  4. attached payslip & ID copy
  5. dully-filled application form

Farm Loan

 

Requirements

  1. dully-filled application form
  2. attach payslip & copy of the ID card
  3. Three months statement
  4. maximum Six (6) guarantors

Fanikisha Salary

 

Requirements

  1. dully-filled application form
  2. pay slip/6 months statement
  3. employer to must endorse the application form
  4. Above 1 million requires collateral
  5. maximum six(6) guarantors

Maziwa Loan

 

Requirements

  1. For individual members, 4 monthly income will consider and the primary co-operative society will  sign a commitment letter
  2. For societies, an MOU is to be signed between the two organizations,
  3. The client will fill the relevant form
  4. In case of the co-operative society, they should provide authority letter to borrow from the co-operative officer
  5. Minimum of four guarantors
  6. Attach a copy of identity card.

Maisha Bora Bima Loan

 

Requirements

  1. A member fills the form attached pay slip and photo copy of identity card.
  2. Minimum of three guarantors
  3. Copy of NHIF CARD
  4. Incase of other policy cover the logbook must be presented as well as the physical asset for inspection and valuation.
  5. repayable in 12 months
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