Advance/Loan Type
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
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
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.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
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 channeled 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 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 installments
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.Has 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.