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 50,000 and the maximum is Kshs 250,000.
FOSA Loan qualifications.
- One must be a member of the SACCO.
- Salary must be passing through the FOSA.
- The member can only commit up to 2/3 of the net salary
- Applicant must provide a copy of recent pay slip (at least the latest one month)
- Photocopy of Identity card of the applicant and ID photocopy of the guarantors (All must be certified by signing).
- The number of guarantors varies depending on the amount being applied as follows;
- Ksh. 50,000 and below – 2 Guarantors
- Ksh. 50,001- Ksh. 100,000 – 3 Guarantors.
- Ksh. 100,001 and above – 4 Guarantors
- 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.