Below is a list of loans offered by trans Nation Sacco, how to apply and requirements:

BOSA LOANS

—–Karibu Loan Tier 2

This is a loan product given to new members once the first check off has been received from the employer. The maximum repayment period is 96 months

  1. The member must channel their salary through FOSA
  2. The loan requires NO guarantor
  3. There is no share multiplier needed

—-Karibu Loan Tier 3

This is a loan for the newly employed TSC members who are yet to receive their first salary. The loan is meant to help the newly employed teachers settle in their new schools. The loan has a maximum repayment period of three (3) months

Qualifications

  1. The customer shall fill out the affidavit
  2. The member must channel their salary through FOSA
  3. The Head teacher/principal shall sign on the form acknowledging that the member is one of his/her teachers
  4. Two (2) guarantors are needed

—–Murahaba Development Loan

This is a product tailor made for our members who neither enjoy dividend on shares nor interest on deposits. The loan product is given three times the member deposits at no interest.

Terms and conditions
1. Must have filled our Murahaba membership form.
2.They also don’t earn interest in their savings account.
3. The member is given 3 times of his or her shares.
4. Maximum repayment period is 48 months.

—-TNS Premium Loan

This is a loan product designed by Trans Nation Sacco for their members in need of huge amount of development loans. This product has a maximum repayment period of 96 months

Qualification

Premium Loan Features

  1. Loan repaid in 96 months.
  2. Designed for check off members only.
  3. 2/3 policy to be fully adhered.
  4. Loan to be given *3 or *4 according to ones class of membership.
  5. One can be given x10 if he or she accepts his or her dividends to be capitalized for 4 consecutive years ie Premium Member.
  6. Guarantorship policy remains.

Benefit to the members

  1. Members can qualify more cash hence meeting their needs.
  2. Members with fewer shares can get big loans since they can go up to 10 times their shares.

—-Mkulima Loan

This is a loan product given to farmers who have an account with Trans Nation Sacco and in which they use this account to receive their farm payments, a farmer must also be saving a minimum Ksh.500 every month.

Requirement:
• Must have saved with the Sacco for at least 3 months.
• Must have an account with Trans Nation Sacco.
• Payment of farm produce channeled through Trans Nation Sacco. 

Loan Appraisal:
• The loan given to this member will be 4 times of one’s shares.
• The loan is repayable in 12 months at the interest rate of 1.209% per month on reducing balance.

NOTE:
In the event that this member has not been guaranteed by an employee of the National/County Governments, then two of his/her guarantors must not have a loan or their loan balance must be less by half the amount of their shares.

—-Rental Loan

This is a product targeting the members with houses for rentals. To qualify for this product one must ensure that the rental proceeds are channeled through an account at TRANS NATION SACCO LTD. The proceeds must be paid directly to TN account by the tenants, NB not the landlord.

Operations
1. Ones shares at BOSA will be used as a basis of determining how much one will qualify.
2. Loan will be paid on monthly basis for those houses which are paid per month and three times per year for those which are paid per semester. However, interest will be paid every month.
3. FOSA statement at Trans Nation Sacco ltd will be used when appraising the loan.
4. This loan will be paid at an interest of 1.208% per month on reducing balance basis.

 
Loan Appraisal:

  • The loan given to this member will be 5 times of one’s shares.
  • The loan is repayable in 60 months at the interest rate of 1.209% per month on reducing balance.

Qualification.
1. The loan will be three times your BOSA deposits. NB existing members can use their BOSA deposits if they are not fully committed by the current loan.
2. Half of monthly rent proceeds will be used in determining ability to pay the loan.
3. This loan will be supported by charged assets mostly land. The amount qualified must not exceed 70% of the value of the asset.
4. One must have operated the tenant’s account for at least 6 months.

—-Murahaba Emergency Loan

This is a product tailor made for our members who neither enjoy dividend on shares nor interest on deposits. The loan product is given two times the member deposits at no interest.

Terms and conditions

1. Must have filled our Murahaba membership form.
2.They also don’t earn interest in their savings account.
3. The member is given 2 times of his or her shares.
4. Maximum repayment period is 12 months.

—–Bima Loan

This is a loan given to a member who wants to acquire insurance of any kind through the agency of this Sacco.

Loan Appraisal:
1. This loan is based on 2 times of one’s shares.
2. The loan is repayable in six months at an interest rate of 1.2083% per month on reducing balance.
3. This loan can be given either through, the payslip considering 1/3 rule or the net salary for those channeling their salaries through the Sacco.
4. This loan is guaranteed by at least 2 individuals who have shares in the Sacco.
5. Once the Bima loan is given, the society pays for the member insurance directly to the insurer either through a cheque or any other acceptable method by the Sacco.
6. No cash is given to the member.

——Business / Personal Loan

This is a loan advanced to business people.

Requirements:

  • Monthly contribution is Kshs. 1500/- and 200/- risk fund.
  • Must bank their business proceeds with TN Sacco.
  • Should have consistently saved deposits with the Sacco for at least six months.
  • Loan interest is 1.2083 % per month on reducing balance.
  • Maximum repayment period is 36 months.

—–Stabilizer Loan

This loan product given to members who want to consolidate their various credit products into a single product. The maximum repayment period is 120 months.

Terms and conditions
1. Given instantly to qualifying members.
2. Interest rate of 1.2083% per month on amortized basis.
3. Minimum of three guarantors are required.
4. The deposits contribution of both the borrower and the guarantors shall be equal or more than the loan so given.

—-TNT Pride Loan

This is a product designed by TNT to cater for members whose pay slips can accommodate a new or another loan.

Terms and conditions
1. Maximum repayment period is 30 months.
2. Interest rate of 1.2083% per month on amortized basis.
3. Loan is based on 1/3 rule of the basic pay.
4. Loan is issued instantly to qualifying members.
5. No guarantors needed for TSC and National Government employees

—–Emergency / School Fees Loan

This is a loan product given to members in which the maximum repayment period is twelve (12) months.

Terms and conditions.
1. Minimum of two guarantors are required.
2. Interest rate of 1% per month on reducing balance
3. No guarantors needed for TSC and National Government employees

—–Self-Guaranteed Loan

This loan is given to members who wish to apply for a loan that is less than their total BOSA deposits. Member can also offset this loan any time as far as the loan does not exceed 80% of his/her total shares deposit. It can also be given to members whose payslip cannot meet a third (1/3) rule as required by the employer.

Terms and conditions
1. Given on instantly to qualifying members.
2. Interest rate of 1% per month on reducing balance
3. Maximum repayment period is 84 months.

—–Prestige Loan

This is the loan given to TN members who don’t wish to get guarantors.

Terms and conditions

  • Strictly must be permanent employees of TSC and National Government employees.
  • One must have been deducted at least three deductions through check off.
  • A member must channel their salary through FOSA.
  • The loan will be 3 times of one’s shares/deposits or 4 times in case of preferential member.
  • The loan will be repaid in a maximum period of 96 months at interest rate of 1.2083% per month on amortized basis.
  • Given instantly to the qualifying members.
  • The loan requires NO guarantor

—-Special loans

This is a loan product given to members who are in need of huge amount of loan yet their pay- slip cannot allow repayment of loan and interest done separately.i.e the principal repayment and interest are deducted as one lump sum figure in the pay slip.

Terms and conditions.
1. Maximum repayment period is seventy two (72) months.
2. Given instantly to the qualifying members.
3. Interest rate of 1.2083% per month on amortized basis.
4. Loaning limitation is 3 or 4 times of one’s deposits plus shares depending on type of membership
5. The repayment is added to interest and paid as a constant figure.
6. Minimum of three guarantors are required.
7. The deposits contribution of both the borrower and the guarantors shall be equal or more than the loan so given

—–Normal/Development Loans

We make your development plans a reality.

Terms and Conditions

  1. The maximum repayment period is forty eight months (48).
  2. The loan is issued instantly to qualifying members.
  3. Interest rate of 1% per month on reducing balance
  4. Loaning limitation is 10 times of one’s deposits plus shares depending on type of membership.
  5. Minimum of three guarantors are required.
  6. The deposits contribution of both the borrower and the guarantors shall be equal or more than the loan so given.

—-Karibu Loan

This is a loan product given to new members once the first check off has been received from the employer. The maximum repayment period is forty-eight (48) months.
Terms and conditions
1. Given instantly to qualifying members.
2. Minimum of three guarantors is required.
3. The deposits contribution of both the borrower and the guarantors shall be equal or more than the loan so given.

FOSA LOANS

—-TN Overdraft Facility

It is a credit agreement made with TN SACCO that permits private and public institutions who have collection account in the Sacco to access more than they have in their account, without exceeding a specified overdraft limit.
The overdraft facility offered by TN Sacco can help institutions with short term cash flow problems. It is repayable in 4 months.

Conditions
• It must be an institution, private or public.
• The account to be considered must be a collection account.
• The signatories of the account must be not less than two people.
• To be considered for the facility the institution must have operated that account actively for at least one year.
• Properly filled application form.
• Minutes from the institution approving use of overdraft facility with TN Sacco.

Appraisal
1. 10% of customers total deposits for the last one year.
2. Maximum amount of Ksh. 250,000.
3. 2% appraisal fee changeable on yearly basis upon renewal.
4. 18% per annum.

Security
Overdraft facility must be secured adequately through pledged securities that may be acceptable by the society. Such pledged securities must be commensurate with the Overdraft approved in terms of value.
• Private institution must provide charged collateral with both the name of the institution and the Sacco.
• For public institution the overdraft facility form must be certified by education County director.

—–Mkulima Advance

Mkulima advance is a product given to farmers who channel their monthly farm produce payment through TN FOSA. These include;
• Dairy farmers
• Tea farmers
• Coffee farmers

Requirements
1. Channel ones farm produce payments through TN Sacco
2. Fill a form which should be guaranteed by the society and TN Sacco members.
3. The account should have been active for at least six months

Appraisal
1. 2/3 of the latest 3 months payments average.
2. Maximum repayment period is 12 months at an interest rate of 14.5 per annum.

—-Institutions Loan

This is a credit facility given to private and public institutions which have collection account with the TN Sacco.

Conditions
• It must be institution, private or public.
• The account to be considered must be a collection account.
• The signatories of the account must be not less than 2.
• To be considered for the facility the institution must have actively operated that account for at least one year.
• Properly filled application form.

Appraisal
• Qualification 20% of customers total deposits for the last one year.
• Maximum amount of Ksh. 2,000,000.
• 15% interest per annum amortized.
• Repayable in 2 years (maximum).
• Fully signed affidavit.

Security
Charged collateral and other pledged securities that may be acceptable by the society. Such pledged securities must be commensurate with the Institution loan approved in terms of value. Valuation must be done for the collateral and loan approved must not exceed 70% of the collateral value.

——Okoa Salary Advance

This is a credit facility available to SACCO members whose salary passes through the FOSA and it is given on demand. It is paid through the salary by recovering from the FOSA account when the salary is processed. It can also be paid through cash if the customer wishes or if the salary fails.

Conditions
1. Attractive interest
2. Repayable in one month.
3. Amount given together with interest shall be equal or less than one monthly withdrawable amount.
4. For those with BOSA deposits, no need of guarantors but those without BOSA deposits shall have at least one guarantor with deposits in BOSA.
5. A maximum of Kshs 40,000.

—–Dividends In Advance

This is a product given to all members who qualify for dividend/interest on deposits for that particular year.

Conditions.

  1. Attractive Interest on amount given.
    2. To be given from the month of September based on the determined rate but total amount given shall not exceed 70% of the total eligible amount.
    3. Processing fee to be Ksh. 200.

The rate of determining dividend in advance shall be determined by management from time to time. This policy will be reviewed on annual basis.

—–Jitegemee FOSA Loan

This is the product given to members with special accounts in FOSA Such as Tusomeni account, Teens account, Mstaharabu account and Fixed deposit account.

The amount given as a loan should not exceed 70% of the amount in the special account.

Other attributes

  • No processing fee will be charged on the loan.
  • Loan interest shall be 5% of amount approved recovered upfront.
  • Maximum period shall be 12 months.

—–FOSA Loan

This is a credit facility available to SACCO members whose salary passes through the FOSA and it is given on demand. It is paid through the salary by recovering from the FOSA account when the salary is processed. It can also be paid through cash if the customer wishes or if the salary fails. The minimum FOSA Loan is Kshs 5,000 and the maximum is Kshs 300,000.

FOSA Loan qualifications.

  1. One must be a member of the SACCO.
  2. Salary must be passing through the FOSA.
  3. The member can only commit up to 2/3 of the net salary
  4. Applicant must provide a copy of recent pay slip (at least the latest one month)
  5. Photocopy of Identity card of the applicant and ID photocopy of the guarantors (All must be certified by signing).
  6. The number of guarantors varies depending on the amount being applied as follows;
    1. Ksh. 50,000 and below – 2 Guarantors
    2. Ksh. 50,001- Ksh. 100,000 – 3 Guarantors.
    3. Ksh. 100,001 and above – 4 Guarantors
  7. Offsetting is always allowed as long as the member qualifies.

Note: This product can also be applied from the customer member portal.

Security for FOSA Loan.

  1. Salary.
  2. Deposits.
  3. Guarantors.

—–Salary Advance

Salary advance is a credit facility available to SACCO members whose salary passes through the FOSA and it is given on demand. It is paid through the salary by recovering from the FOSA account when the salary is processed. It can also be paid through cash if the customer wishes or if the salary fails. The minimum salary advance is Kshs 5000 and the maximum is Kshs 200,000.

Salary advance qualifications.

  1. One must be a member of the SACCO.
  2. Salary must be passing through the FOSA.
  3. Applicant must provide a copy of recent pay slip (at least the latest one month)
  4. Photocopy of Identity card of the applicant and ID photocopy of the guarantors (All must be certified by signing).
  5. The number of guarantors varies depending on the amount being applied as follows;
    • Members with share deposits do not need guarantors
    • Ksh. 50,000 and below – 2 Guarantors
    • Ksh. 50,001- Ksh. 100,000 – 3 Guarantors.
    • Ksh. 100,001 and above – 4 Guarantors
  6. Offsetting is always allowed as long as the member qualifies.

Note: This product can also be applied from the customer member portal.
Security for salary advance.

  1. Salary.
  2. Deposits.
  3. Guarantors.



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February 22, 2024

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