FOSA Loans
These are loan products offered at the Front Office Service Activity (FOSA) for members who are banking with the society.
MEDIUM-TERM LOANS
DEVELOPMENT LOAN (FORMERLY NORMAL LOAN)
- To be approved based on eligibility.
- The loan granted 2 times the members premium savings
- Minimum loan amount Ksh.100,000
- Repayment Period is as follows:
Loan from Ksh.100,000- Ksh.399,999- 36 Months
Loan from Ksh.400,000- Ksh.999,999- 48 Months
Loan over Ksh,1,000,000-60 Months
- Assessment is based purely on salary repayment ability/average monthly savings
- To be guaranteed
- Loan processing fee shall be as decided by the Board
- Loan disbured within one week of application
- Clearance from CRB (Credit Reference Bureau)
SCHOLAR PLUS LOAN
- To be approved based on eligibility. The loan to be granted plus the existing loans shall not exceed 2.5 times the members premium savings
- Salary must be passing through the FOSA account
- Repayment Period is 30 Months.
- Minimum allowable amount is Kshs. 41,000. Has no maximum ceiling.
- Assessment is based on salary ability/average monthly savings
UFANISI LOAN
- Available to all FOSA members with pay slips.
- Granted 3 times one’s share
- Repayment period is 48 months.
- Pay slip should be able to meet the loan deductions and be left with 1/3 requirement.
- Assessment based purely on salary repayment ability/ average monthly savings.
- Salary must be passing through the FOSA account
- Must be guaranteed
- Clearance from CRB (Credit Reference Bureau)
SHORT-TERM LOANS
EMERGENCY LOAN
- To be approved based on eligibility. Loan must not exceed 2 times a members premium savings
- Emergency Loans include all loans for taking care of all calamities e.g. hospital, settlement of civil cases etc.
- Repayment Period is 12 Months.
- Assessment is based purely on salary repayment ability/average monthly savings
- Must be guaranteed
SCHOOL FEES LOAN
- To be approved based on eligibility.
- Loan granted 2 times a members premium savings
- Repayment Period is 12 Months.
- Assessment is based purely on salary repayment ability/average monthly savings
IMARIKA VIJANA LOAN
For youth between 18-34 years. At Imarika Sacco, we care about growth of young people. Introducing the Imarika Vijana loan, for young people in youth groups, so that they can build their businesses together or individually.
- Open a Savings Account
- Save regularly
- Show us your business and business plan
- Borrow between Kshs. 40,000 (when having 10,000/= shares)and Kshs. 100,000 (when having 20,000/=)
- Repay in 24 months
- One month grace period
- Sacco Business Support to advice on the business
FOSA ADVANCES
PRESTIGE ADVANCE
- Applicant must be an active member of the society.
- Applicant salary must be passing through his/her SASA Account
- Applicant must have serviced in full any outstanding advance.
- Repayment period ranges from 7-10 months
- Advances are considered on the spot but subject to availability of funds
- Advances should be guaranteed by members of the society whose salary passes through the FOSA Account.
ORDINARY ADVANCE
- Applicant must be an active member of the society.
- Applicant salary must be passing through his/her FOSA Account
- Applicant must have serviced in full any outstanding advance.
- Repayment period ranges from 1-6 months
- Advances are considered on the spot but subject to availability of funds
- Advances should be guaranteed by members of the society whose salary passes through the FOSA Account.
ONE-MONTH ADVANCE
- Applicant must be an active member of the society.
- Maximum advance applied should not exceed 2/3 of net salary
- Applicant salary must be passing through his/her FOSA Account
- Applicant must not be servicing any advance.
- Advances are considered on the spot but subject to availability of funds
- The guarantor(s) must be receiving salary through the FOSA.
ADVANCE TOP-UP
The society allow members to benefit by topping up the existing advance
- Applicant should have an outstanding advance balance
- Maximum repayment period for the new advance balance is dependent on the advance type
- Other conditions of the type of advance being topped up apply.