Normal Loan

The loan shall be granted to members who are borrowing more than 300,000 and the loan is approved by credit committee. The loan form should be received one week before credit committee sitting.

 

LOAN FEATURES

 

  • Minimum loan amount is kshs 300,001 and Max mum loan advanced 3.5 times member deposit

  • Interest rate is 1% per month on reducing balance

  • appraisal fee of 0.5% of approved amount

  • Maximum loan repayment period is 48 months

  • Loan is secured by guarantors deposit and other acceptable collateral as may be defined by board of directors. The total loan advanced is fully secured by guarantors deposit

  • Other requirement include a credit report from CRB

  • Affidavit fee Kshs 200

  • Loan form that will come late and the member request to be forward in that month credit committee sitting will attract a levy of 1% on approved amount.

 

 


  1. NORMAL LOAN 2 (ASSET FINANCING)

Loan advanced to active Sacco members who intend to acquire assets like piece of land, motor vehicle, farm machinery or to develop already acquired asset.

 

LOAN FEATURES

 

  • Minimum loan amount is kshs 200,000 and Max mum loan advanced is Kshs 2.5 million subject to five (5) times member deposit.

  • Interest rate 1.5% pm on reducing balance.

  • Loan facilitation fee 0.5% of approved amount

  • Affidavit 200

  • Credit reference report

  • Max mum repayment period 60 month

  • Loan is secured by title deed ,motor vehicle or any other asset recommended by board of directors, members can also add guarantors if the asset used as security cannot fully cover the loan advanced

  • Cost of valuation and perfection of the security held to be catered by the borrower

 

 


Instant Loan

The loan is advanced to Sacco member who are borrowing amount kshs 300,000 or less and is processed instantly

 

LOAN FEATURES

 

  • Maximum loan advanced is 300,000 subject to 3.5 times member deposit.

  • Interest rate is 1% per month on reducing balance

  • Loan attract appraisal fee of 1%

  • Loan facilitation fee 1%

  • affidavit of kshs200 and CRB referencing of kshs 200

  • Maximum repayment period is 48 months

  • Loan should be fully secured by guarantors deposit and other securities as may be defined by board of directors

 


Re-Financing Loan

Loan advanced to active Sacco members who have other Bosa loan and are servicing them accordingly and their deposit can allow another loan to re-finance their current projects

 

LOAN FEATURES

  • Maximum loan advanced is determined by 3.5 time’s total deposit freed

  • Maximum repayment period is determined by number of BOSA loans one’s has with a maximum of:-

  1. First maximum of 48 months

  2. Second maximum of 36 months

  3. Third loan maximum 24 months

  4. Fourth loan maximum 12 months

 

  • Loan interest rate 1% pm on a reducing balance

  • Loan appraisal fee of 1%

  • Loan facilitation fee of 1%

  • Affidavit of kshs 200

  • CRB referencing kshs 200

 

 

 

 

Go to top