Bosa Products and Services
This is the core Sacco function that enables members to save and be able to access credit facilities. We encourage our members to save for the future. Adherence to the 1/3 government basic salary rule applies to all loan products. A member can only qualify for one loan product at a time. All loans are disbursed through the members' FOSA accounts. The following are our Bosa products and services:
Super Loan
- Minimum loan amount is Ksh.300,000
- Maximum repayment period is 60 months
- Interest rate is 1.17% pm on amortization
Supersaver Loan
- Granted at four times the member's deposit
- Applies to members with deposits 200,000/- and above
- Maximum repayment period is 48 months
- Interest rate is 1% p.m on reducing balance
Normal loan
- Granted at three times the member's deposit
- Maximum repayment period is 36 months
- Interest rate is 1% p.m on reducing balance
Msingi Loan
- Granted for newly recruited members
- Maximum repayment period is 48 months
- Payable interest of 1% p.m on reducing balance
- Processing fee of Ksh.500 is applicable
- Loan is granted once in membership life
Branch Loans
- It caters for emergency needs
- Maximum repayment period is 18 months
- Interest rate is 1% p.m on reducing balance
Express Loan
- Tailored for members with urgent financial needs
- Maximum processing period is 2 days
- Interest rate is 1% p.m on reducing balance
Golden Loan
- Minimum loan amount is Ksh.400,000
- Maximum repayment period is 72 months (6 years)
- Minimum deposit is Ksh. 250,000
- Interest rate is 1.25% p.m (15% p.a) on amortization
- Monthly deposit will be 10% of basic salary granted at 4 times member's deposits
Benevolent Fund
- The Society operates a sinking fund account which was formed with the view to assist the Sacco to write off unpaid loans as a result of member's death and assisting the next of kin with immediate support after the loss. The monthly contribution is 200/=
Dividend Advance
- To qualify the advance should not exceed 4% of total deposit as at 31st Dec 2021.
- The interest of 10% of the advance plus the full advance will be recovered upon the payment of the final dividend for 2021.