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Below is the list of loans available at Teleposta Saco, how to apply for the loans and the loan amount awarded:

SHORT TERM LOANS

—-Wezesha Loan

FEATURES

  • Strictly for FOSA salary earners
  • Guarantors to be salary account holders
  • Maximum amount of Kshs.150,000
  • Repayment period of 9 months
  • Interest to be charged upfront
  • Processing Fee -1%

—–Overdraft

FEATURES

  • Accessible to only salary earners
  • Repayment period 1 month
  • Can also be accessed through mobile banking platform
  • Up to 85% of your salary
  • Recovered upon loan and salary disbursements whichever comes first
  • Expires upon salary payment or upon 1 month lapse.

—-Asset Financing Loan

FEATURES

  •  Maximum of 12 months repayment period
  • Flexible loan security – Deposits, guarantors, savings
  • Must be a member for atleast 6 months
  • Fully paid up share capital
  • Loan appraisal fee of 1% shall be charged
  • Insurance charge of 2% shall be charged for non-BBF

—-Jibambe Loan

FEATURES

  • Maximum amount of 60,000
  • Multiplier X2 of Jibambe holiday savings
  • 10% of the loan deposited to savings
  • Interest to be charged upfront
  • Repayment period of 6 months
  • Applicant Must be a member of holiday savings schemes
  • Must save for 3 consecutive times to qualify.

—-Instant Loan Advance

Granted to both salary and non salary account holders.

For non salary account holders a third rule is emphasized. The recovery period varies with the amount granted.

Features

  • Granted to both salary and non salaried account holders
  • Recovery period is a maximum of 15 months
  • Maximum amount is KSh. 300,000
  • Guaranteed by Sacco members
  • Waiting period within 48 hours subject to availability of funds
  • Member must have contributed shares for at least six months

—-Salary Advance

Granted only to Salary account holders.
Granted up to 75% of the net salary in FOSA account

Features

  • Available to Salary Account Holders
  • Member must retain a take-home of 25% of the net pay
  • Is given for a maximum period of six months
  • Member qualifies three times of the net pay after deductions (25%)
  • The salary must have been processed through FOSA for at least one month.

—–Karibu Loan

This loan targets new members who join the Sacco and would wish to access funds as they build their deposits

Karibu loan applicants to inject cash of Kshs.3,000 or more to share capital before being granted loan.

Capitalization of 10% of loan approved instead of enhancing member deposits

Features

  • Maximum amount applicable is Kshs 70,000
  • Applicant must channel salary through Fosa at least once to qualify
  • Waiting period is 48 hours
  • Maximum repayment period is 6 months
  • 10% of amount applied shall be retained as deposits
  • Minimum of three guarantors subject to amount applied

—–Reloaded Plus Loan

The facility will be available to all FOSA account holders except holders of children accounts.

Features

  • Granted to both salary and non salaried account holders
  • Recovery period is a maximum of 12 months
  • Maximum amount is KSh 150,000
  • Guaranteed by sacco members
  • Waiting period is 24hours subject to availability of funds

—–Pension Advance

  • Available to pension Account Holders
  • A 5% one off interest is recovered upfront
  • Is given for a maximum period of three months
  • The pension must have been processed through FOSA for at least three months
  • Pensioner must take home 25% of the net pay to qualify

—-ESS/School fees

School fee loans are short term loans for purposes of paying school or college fee for the member or the dependents. The loan has a maximum repayment period of 12 months.

The credit product is only available to those members who have joined the Education Savings Scheme.

FEATURES

  • This is given to members to enable them educate their children and to further their own education
  • Amount granted depends on the ability to pay
  • Maximum repayment period is 12 months
  • This loan is normally given any time in the year to both continuing students and new students
  • The loan requirement is that a member must attach the school fees structures and an invitation letter for new students
  • The member must also be a contributor of  ESS saving scheme
  • Guarantors must have ESS saving
  • Qualifying shares X4
  • Member must have contributed ESS shares for at least six months

Requirements

  • Preprinted application forms,
  • Copies of Identification Document used in the member registration,
  • Most current original pay slips for salaried members
  • Identification copies of the guarantors.
  • Guarantors’ original pay slips if any

—–Bidii Loan

Features

  • The loan is repayable within 24months
  • Interest is on reducing balance basis
  • The loan must be fully guaranteed and is pegged on one’s ability to pay.
  • Mainly available for FOSA salary account holders
  • The salary must be channeled through FOSA for at least three months
  • Member should not have a running Jijenge or Super loan
  • The Savings earn a yearly interest rate of 4% per anum
  • Waiting period within 48 hours subject to availability of funds
  • Member must have contributed shares for a period of six months
  • Member must retain 25% after all deductions at Fosa

—–Mobile Loan

Features

  • Maximum amount applicable is Kshs. 35,000 for FOSA salary earners and Kshs. 20,000 for non-FOSA earners
  • The product is available to all members who have contributed consecutively for six months
  • Initial loan limit is Ksh. 5,000 and incremental of the same amount after one month of successful repayment
  • Repayment is up to two months

—-Emergency Loans

Emergency loans are short term loans intended to cushion members of the unforeseen circumstances that may include sudden hospitalization, funeral expenses, and court fines. The loan has a maximum repayment period of Twelve (12) months and has an upper limit of 200,000.00 (Two hundred thousand shillings).

Features

  • This is a loan payable within 12 months installments
  • This loan is meant to cater for emergency cases or unforeseen circumstances such as court fines, hospital bills, funeral/burial, sudden sickness or any other case considered as emergency loan in the society’s by-laws
  • This type of loan must be supported by relevant documents. A member must present a current pay slip and supporting documents
  • Qualifying shares X3
  • Maximum amount applicable is Kshs 200,000
  • Minimum of three guarantors subject to amount applied

—–Golden Age Advantage

  • Granted to pensioners who channel their pension through Fosa
  • The members must have channeled his or her pension for at least three months
  • Recovery period is a maximum of 24 months
  • Maximum amount is KSh 150,000
  • No guarantor required

LONG TERM LOANS

—Normal Loan

The loan is meant to assist members who need to undertake development projects

This is a major loan for purposes such as land purchasing, house purchase/building, car purchase etc

The loan facility is processed and disbursed once monthly

Features

  • A member is given 3 times his/her deposits or the ability to pay
  • These are loans repayable at a longer period from 36 months
  • Member must have contributed shares for at least six months
  • Waiting period not less than 30 working days subject to availability of funds
  • Not less than three guarantors subject to amount

Requirements

  • Pre-printed application forms
  • Copies of Identification Document used in the member registration,
  • Most current original pay slips for salaried members
  • Identification copies of the guarantors
  • Guarantors’ original pay slips if any

—–Jijenge Loan

The loan is meant to assist members who need to undertake medium term development projects.

Features

  • The loan is repayable within 60 months
  • Minimum amount applied is ksh500,000
  • The loan must be fully guaranteed and is pegged on one’s ability to pay and the deposits held by a member in the BOSA
  • Member should not have a running Super or Normal Loan
  • Minimum monthly contribution for applicants should be Kshs 5,000
  • Waiting period is one month subject to availability of funds.
  • Qualifying shares X4
  • Minimum of three guarantors subject to amount applied

Requirements

  • Preprinted application forms,
  • Copies of Identification Document used in the member registration,
  • Most current original pay slips for salaried members
  • Identification copies of the guarantors.
  • Guarantors’ original pay slips if any

—–Super Loan

The loan is meant to assist members who need to undertake medium – long term development projects. The loan has a maximum repayment period of 60 months.

Features

  • The loan is repayable within 48 months
  • Minimum amount applied is ksh 300,000
  • Qualifying shares X3
  • Minimum of three guarantors subject to amount applied
  • Waiting period is one month subject to availability of funds
  • Member should not have a running Jijenge or Normal loan
  • Minimum monthly contribution for applicants should be Kshs 4,000

Requirements

  • Preprinted application forms,
  • Copies of Identification Document used in the member registration,
  • Most current original pay slips for salaried members
  • Identification copies of the guarantors.
  • Guarantors’ original pay slips if any

——Biashara Loan

Available to common bond members and outside the common bond. 

Features

  • Member must contribute shares for 6 months
  • Income must be channeled through Fosa for 6 months
  • Loan recovery will be through Fosa Standing Order
  • Maximum amount applicable is Kshs 1,000,000 repayable in 24months
  • Qualification shall be 2 times of members shares
  • Waiting period is 1 month subject to availability of funds
  • Not less than 5 guarantors subject to amount
  • Self guarantee will be up to 80% of the members untied shares
  • Collateral shall also be used as loan security

—–Chamaa Business Loan

FEATURES

  • Loans up to to Kshs. 5,000,000 repayable within 36 years
  • Multiplier of 2 times of savings
  • Loan guaranteed by the savings and/or collateral
  • Individuals can access loans against Chama savings as minuted in the chama meetings
  • Loan’s appraisal fees of 1% shall be charged
  • Insurance charge of 2% shall be charged
  • All legal fees/costs shall be borne by the group

—-Restructuring Loan

The Loan Restructure is a product that seeks to help members repay their loans by reducing their monthly loan repayment amounts and increasing their loan term. This will help members who have genuine challenges repaying their loan

Features

  • Loan Restructure has no cash benefits
  • The applications must be accessed and approved by the Credit Committee
  • Repayment must be through checkoff
  • Not less than 5 guarantors subject to amount applied
  • The maximum limit that members can restructure is Kes. 800,000
  • Repayment period on restructure of loans is up to 60 months
  • Loan entitlement is four times of member’s savings
  • Commission for the existing loan is 10%

—Golden Age Advance

  • Granted to pensioners who channel their pension through Fosa
  • The members must have channeled his or her pension for at least three months
  • Recovery period is a maximum of 36 months
  • Maximum amount is KSh 250,000
  • No guarantor required
  • The pensioners must make a contribution of Ksh 300

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February 22, 2024

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