FOSA LOANS

The Society has opened a FOSA office at all country branches as a way of deepening its financial service delivery to membership. Despite having little savings, a member can automatically increase his/her loan borrowing powers by utilizing the Share Boost Loan Product. This product is suitable for members who have sufficient income/salary but are limited because of less deposits at the Sacco.

1. Shares Boost Advance​

Despite having little savings, a member can automatically increase his/her loan borrowing powers by utilizing the Share Boost Loan Product. This product is suitable for members who have sufficient income/salary but are limited because of less deposits at the Sacco.

How Share boost Advance works:-

Maximum shares boost facility amount is 50% of a member’s deposits

  • Maximum shares boost facility amount is 50% of a member’s deposits:
  •   A member qualifies for half the amount of their desposits e.g. with Kshs. 500,000 deposits, a member can qualify for up to 50% of deposits which is Kshs. 250,000. With deposits of Kshs. 750,000 a member can take a loan of up to Kshs. 4,000,000 as opposed to Kshs. 2,000,000 that he/she would qualify for without a share boost.
  • Member is eligible for only 1 shares-boost loan per year
  • Maximum shares boost amount per year is Kshs 500,000/-
  • New deposits as a result of shares-boost qualify for dividends earnings
  • Can apply for only one shares-boost loan in one calendar year
  • 20% commission charged on shares-boost granted
  • Shares-boost loan is recovered up-front from the loan granted

How to apply:

This facility is integrated in the current Loan Application Process. All you do is indicate on the Loan Application Form for consideration.

Apply

2. Salary Advance

This unique product is a medium term financing solution for members whose salaries pass through FOSA

Features:-

  • Available to customers who receive their salaries through FOSA for at least 2 months
  • Maximum repayment period is 24 Months
  • Interest rate – 14 % Per Annum
  • Repaid using the customer’s net pay (Up to 80 % of net pay can be used)
  • Maximum Advance Amount – Kshs 1,000,000
  • Up to Kes. 500,000 can be availed online via mobile phone
  • Processing fees of 1%
  • Must be fully guaranteed (at least 4 guarantors)
  • Attach latest payslip
  • Use of facilitative allowance considered for KDF members
  • Advances processed and paid daily
  • Can TOP UP ALL SACCO LOANS after paying for 6 months
  • Bridging commission of 0 % is charged on the topped-up loan balance.
  • No change of pay point until salary advance is cleared

How to apply:

Download and fill a physical form and physically deliver to SACCO FOSA offices or send via EMS.

Members can apply for Salary Advance via mobile phone of up to Kshs 500,000/- and get approval immediately by following these instructions.

Dial *357#, Enter PIN, Select Option 3 (Loans), Select Option 1 (Loan Request), Select Loan Purpose, Select Option 2 (Salary Advance), Select Repayment Period, Enter Amount, Enter 4 guarantors, (After 4 Guarantors get SMS messages, they will be required to login to M-Sacco and confirm that they have agreed to guarantee the borrower before the salary advance can be fully processed and disbursed. Member gets funds in their FOSA account.

Apply

3. Salary-In-Advance

Sometimes a situation arises that call for an immediate financial decision. With little options for access to funds, Salary-In-Advance comes in handy to sort you out. This is a short term financing solution for members who pass salaries through FOSA.

Features:-

  • Available via mobile phone to all customers whose salary is processed through FOSA
  • Maximum advance of Advance is 80% of the net salary processed through FOSA
  • To be recovered in one instalment from the subsequent salary
  • Salary must have passed through FOSA for at least three (3) months
  • Interest payable is 10 % of the amount (Deducted upfront)
  • No guarantors required
  • Processed daily
  • Facilitative allowance considered for members from KDF

Requirements:

  • Salary must be processed through FOSA for at least three consecutive months
  • Two (2) Current pay slips (If applying manually)
  • Must have been a member for at least two (2) months
  • No change of pay point until advance is fully cleared.

How to apply:-

Members apply for Salary-In-Advance of up to 80% net salary via mobile phone

Dial *357#, Enter PIN, Select Option 3 (Loans), Select Option 1 (Loan Request), Select Loan Purpose, Select Option 1 (Salary-In-Advance), Enter Amount and Confirm.

Apply

4. M-Boosta

This is a mobile telephone based product given to members. It is one of the most convenient solution as members can access this facility anytime anywhere through their mobile phones. Members of the SACCO are therefore encouraged to register for M-SACCO to enable them access this facility.

How to apply

Dial *357#, enter PIN, Select 7(M-Boosta Loan), Enter amount to borrow, Click Yes to Confirm

Apply

5.Jisort Advance

  • Kshs. 10,000 – Max Kshs. 200,000
  • 2 Guarantors
  • Salary MUST pass through FOSA for 2 consecutive months
  • 1% Processing fees
  • 10% interest of the advanced amount recovered upfront
  • 6 months repayment Period
  • 60% of lowest of the recent 3 consecutive net salaries
  • Available Online(Dial *357#)
Apply

6.Finje Chapchap

  • Minimum Kshs. 5,000 – Max Kshs. 50,000
  • 1 Guarantor
  • Salary MUST pass through FOSA for 2 consecutive months
  • 12% interest of the advanced amount recovered upfront
  • 4 months – max repayment period
  • 60% of lowest of the recent 3 consecutive net salaries
  • Facilitative allowance considered for KDF members
  • Available online(Dial *357#)

Apply
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Fosa Loans

  • Property Conveyancing
  • Environmental Law
  • Corporate Law
  • Insurance
  • Intellectual Property
  • Litigation
  • Employment & Labour Law

Fosa Loans

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