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OUR LOAN PRODUCTS

Development Loan

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Open to Class A Members
Should have saved with the Sacco continuously for a period of 6 months
Deposit is multiplied by 4
Repayment period is 60 months
Interest rates 2% per month on reducing balance
Appraisal fee 1% of the amount approved
Insurance 2% of the approved amount. 

Emergency Loan

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Repayment period 12 months
Deposit is multiplied by 4
Eligibility is on 1/3 rule
Should be guaranted
Interest rate 5% per month on reducing balance
 

Re-Finance Loan

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Open to members who have secured development Loan.
Eligibility is 1/3 rule
Repayment period is 60 months
Interest rate 2% per month on reducing balance
Should be guaranteed 

Hire Purchase Loan

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Loan given to secure house hold items in cash.
TERMS:
Should have saved with the SACCO for 3 months
Loan is given with 1/3 rule
Interest rate 9.5% per annum
Appraisal feee Kshs. 100
Should have supportive documents for the items intended to be bought or provide invoice or price list
Payment is done direct to where the item is being purchased from

School fees loan

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Repayment period 12 months
Deposit is multiplied by 4
Eligibility is on 1/3 rule
Should be granted
Interest rate 5% per month on reducing balance
Attaché fee structure  

Sacco Personal Loan

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This product is a loan given to members who have insufficient deposits. The SACCO works in partnership with Cooperative Bnk to fund this Product. 
Target: Individual whose salaries are channelled through FOSA Account.
Eligibility: Fill SACCO membership application form and at least one month contribution deposits
Three most currect payslips
Repayment period 72 months
Interest rate 12.5% per year
Insurance fee 2% payable up front
Appraisal fee 1.5% payable upfront
Un wirhdrawable deposit 20% deducted from the loan

Fosa Loans products
Advances

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It targets both salaried and non-salaried customers.
Individuals whose salaries are channeled through FOSA ACCOUNT
Eligibility 50% of the net salary
Repayment period 1 month
Interest rate 10%

Short Term Loans
 

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Individuals whose salaries are channeled through FOSA account
Eligibility:
Loaned up 0.66(2/3) of the net payee channeled through FOSA 
Repayment period 3 months
Interest rate 3% per Month
Insurance fee 2% payable up front
Appraisal fee 1% repayable upfront

Karo Loan

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Individuals whose salaries are channeled through Fosa account
Eligibility:
Loaned up to 0.66(2/3) of the net payee channeled through FOSA
Repayment period 6 months
Interest rate 4% per month
Insurance fee 2% payable upfront
Appraisal fee 1% repayable up front



Uchumi Loan

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Individual whose salaries are channeled through FOSA account
Eligibility:
Loaned up to 0.66(2/3) of the net payee channeled through FOSA
Repayment period 12 Months
Interest rate 5% per month
Insurance fee 1% payable up front
Appraisal fee 2% payable up front

Micro Credit Loan

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Loan given to small and large scale business enterprise
Target:
Individual who is involvd or engaged in any business for at least 3 years
Belong to a registered group
Should be a group of 5 or 6
Should purchase class B shares
Should have monthly contributions of un withdrawable deposits and open saving account
Repayment period - First loan 12 Months, Second Loan - 24 Months, Third loan - 36 Months
Interest Rate: 12.5% fixed on yearly outstanding balance
Insurance fee 2% payable up front
Appraisal fee 1% payable up front

SAVING ACCOUNTS

Mobirise

Normal Saving Account

Requirements:
ID card photocopy
2 coloured passport photos
Kshs. 650 for a/c activation
Interest bearing balance Kshs. 2,000 and above

Mobirise

Fixed Deposit Account
This account has high interest earning return

Requirements:
ID card Photocopy
2 coloured Passport photos
Minimum amount is KShs. 10,000 and above
Maturity  period is 3 months and above

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