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FOSA Loans

Front Office Service Activity (FOSA) for members

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.