BOSA Products

Bosa products

ELIGIBLE BOSA MEMBERS

  • All Government/County employees
  • All Government Employed Teachers
  • University / College staff /KNUT employees
  • TN Sacco staff members
  • Nurses, clinical officers and doctors
  • TSC secretariat
  • General public through micro credit
  • Business people

 

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 thirty six (36) months. Part of the loan amount is transferred to the customer deposits to ensure the member deposits are a third of the loan applied.

Terms and conditions
1. Given instantly to qualifying members.
2. Interest rate of 1% per month on reducing balance.
3. Minimum of three guarantors is required.
4. 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 3 or 4 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.

 

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

 

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.
• One must have been deducted at least three deduction through check off.

  • 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 48 months at interest rate of 1.5% per month on amortized basis.
    • Given instantly to the qualifying members.

 

 

 

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 72 months.

 

Emergency Loans

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

 

School fees Loan

School Fees Type A

This is the school fee for the ongoing students mainly in primary or secondary schools. This facility is applied when the schools close and the applicant must produce a fee Proforma for their students. The loan is issued instantly.

School Fee Type B (Universities and Colleges)

This fee application has no specific time set for its application since college intakes are not defined. The applications are approved as they are received and disbursed through a cheque to the institution.

Terms and conditions (school fees loans)

  1. Maximum Repayment period is 12 months.
    2. Interest rate of 1% per month on reducing balance
    3. We only write a cheque for that particular term or semester, otherwise the rest of the money is posted to member’s Tusomeni account so opened.

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 24 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.

 

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 72 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.

 

Business 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.

 

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 3 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.

 

Murabaha 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.

  1. 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 48 months.

 

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.

 

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.

 

 

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.
• Farm payment to the farmer through Trans Nation Sacco will also be used to determine one’s ability to pay loan.
• This loan will be secured by four guarantors who have shares and channeling their farm payments through Trans Nation Sacco or guarantors who are employees of the county government or national government and have shares with Trans Nation Sacco.

 

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.