Fosa Products

FOSA PRODUCTS

FOSA Loan


Maximum of Ksh.100, 000 subject to ability to repay
Repayment period is within 10 months
One must be a FOSA salary earner for at least 1 month
At least Ksh.1, 000 must remain after servicing of loan as member’s net pay

FOSA plus Loan


One must be a member in BOSA
Maximum of Ksh.400, 000 subject to ability to repay
Repayment period is within 24 months
One must be a FOSA salary earner for at least 1 month
At least Ksh.1,000 must remain after servicing of loan as member’s net pay

Instant Loan


Maximum of Ksh.50, 000 subject to entitlement
Repayment period is within 4 months
Available in both FOSA and BOSA

Instant Plus Loan


Maximum of Ksh.100, 000 subject to ability to repay
Repayment period is within 5 months
Available in both FOSA and BOSA

Salary Advance


For FOSA salary earners
One must have earned through FOSA for at least 1 month
Recovered summarily at the end of the month
At least a net pay of Ksh.1, 000 must remain for a member

BOSA Advance


Advance on loans and deposits applied and qualified for but yet to be disbursed
Given up to 50% of the amount of loan or deposits yet to be disbursed

FOSA Savings Account


For those members who are not BOSA members
Deducted by way of the standing orders
Monthly contributions of Ksh.500 only
Free account opening
It’s collateral for accessing loan products
Non-refundable unless on cessation of membership

Fixed Deposit Account


Minimum of 3 months
Account earns 8%per annum
Minimum amount to be fixed Ksh.20, 000
N/B All FOSA Loans given are subject to employer’s ratification (salaries section)

Joint Savings Account


Suitable for groups, organizations, etc
Account opening is free
Minimum account balance is Ksh.1, 000
All signatories must sign during account opening
Withdrawal mechanism must be well outlined by account holders

ATM services


For FOSA Account holders only
ATM cards are applied for at the Sacco at applicable FOSA rates
Maximum withdrawal per day Ksh.40, 000
Withdrawal charges Ksh.110

Salary processing


For FOSA salary earners only Salary processing fee is Ksh.150

Loan processing


Form fee is Ksh.200 for long term and Ksh.100 for short term loans
Appraisal fee is 0.5% of the amount applied subject to minimum of Ksh.450

M-Banking


This is mobile banking
For account balance enquiries
Mini statements
Password change
SMS alerts
Utility bills payment
Deposits and withdrawals
Charges are pocket friendly

Standing orders


Suitable for both members who earn and those who don’t earn through FOSA but would like to make loan or other payments to the Sacco in addition to the check off system
May be de-activated upon written request by the member subject to approval of the C.E.O

Overdraft


An overdrawn account shall attract an interest of 10% per month

Personal/Ordinary savings A/C


Account opening is free
Statement of account is issued after every six months or upon request at a fee of Ksh.100
Minimum account balance is Ksh.500
A half of this minimum is refunded on closure of the account on withdrawal