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.
- One off product for new members
- 1.08% interest rate per month
- 17% interest rate per annum
- 3 times of net pay
- Maximum of 200,000/=
- mode of payment checkoff and recovery period 12 months
- At least 3 qualified guarantors
- Karibu advance loanee cannot guarantee karibu advance loan application
- To qualify for another loan, one has to clear the outstanding balance or authorize recovery of the same.
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.
