info@ufanisisacco.co.ke | MPESA PAYBILL NO. 979150

FOSA Products

SALARY ADVANCE

An amount advanced to a member before salary for the month is earned.

Eligibility

  • Salary processed through FOSA
  • Members qualify for 1/2 of Net Salary
  • interest 5%
  • Recovered when salary  is received
  • Same day processing
  • A duly signed letter instructing non-withdrawal of the SACCO pay-point
  • Prompt salary payment
  • Guarantors- 2 active account holders.

PREMIUM FINANCING

Eligibility

  • Open to members only
  • For annual Insurance Premiums for motor, fire, life etc
  • Interest rate – 15% p.a. where the Sacco is an agent and 17% p.a. for others
  • Repayment period 12 months.

KARIBU ADVANCE

An amount advanced to new salaried members

Eligibility

  • Salary processed through FOSA
  • Active account for two months.
  • 17% interest rate per annum
  • 3 times of net pay
  • Maximum of 200,000/=

SCHOOL FEES ACCOUNT

FOSA savings to enable members borrow fees

Eligibility

  • Account holders only
  • Must have saved for a minimum of six months
  • 10% interest rate per annum
  • Maximum amount -2 times of savings
  • Savings to be part of security
  • Guarantors should be account holders
  • Recovery period 12 months
  • Same day processing.

BRIDGING FINANCE

Purpose for clearing Back Office loans or any other advances

Eligibility

  • Salary processed through FOSA
  • Purpose of clearing Back Office loans or other advances
  • Short term advance available in one day
  • Amount advanced to be recovered fully once the loan is granted
  • Irrevocable order to the FOSA Management  to recover the total amount from the loan applied for.
  • Processing fee – 5% interest rate on cleared loan
  • Collateral include monthly salary and Back Office loans once disbursed

CHEQUE CLEARANCE

Requirements

Applicable to Account holders only.
Instant access to cash on banked cheque from a reputable Company at a nominal fee.
Low clearance charges.

HOLIDAY ACCOUNT

Account opened by individual members going for holiday, Christmas shopping, graduation ceremony etc

Eligibility

  • Application form duly signed
  • Non-withdrawal until maturity season
  • Minimum monthly contribution Kshs.500/=
  • Attractive interest is given depending on period of saving
  • Period of saving from one year to four years.

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ONE MONTH ADVANCE

An amount advanced to a member to solve a rising emergency recoverable end month.

Eligibility

  • 75% of net salary
  • 10% interest rate per month
  • Over the counter instant processing
  • Mode of payment – cash/Msacco

3 MONTHS ADVANCE

An amount advanced to a member and recovered in three months.

Eligibility

  • 50% of net salary times three(x3)
  • Maximum of 60,000/=
  • 4% Interest per month
  • Mode of repayment-check off/Msacco
  • Same day processing
  • One should not have 1 month advance.

6 MONTHS ADVANCE

An amount advanced to a member and recovered in Six months.

Eligibility

  • 50% of net salary times six (×6)
  • Maximum of 100,000/=
  • 4% interest per month
  • Mode of repayment-check off/Msacco
  • Same day processing
  • One should not have 1 month advance

12 MONTHS ADVANCE

An amount advanced to a member and recovered in twelve months.

Eligibility

  • 50% of net salary times twelve (×12)
  • Maximum of kshs 150,000/=
  • 16% interest per annum
  • Mode of repayment-check off/Msacco
  • Same day processing
  • One should not have 1 (one) month advance.

FIXED DEPOSIT

Requirements

Open to members only.
Interest negotiable depending on market rates and the period.

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