This is long-term loan product aimed at enabling you our member with salary
ability but have low shares to access more credit by boosting your shares. A
portion of the loan applied is retained as deposits enhancing your balance
multiplier.
Terms for the product
- Loan period 120 months
- Deposits multiplier by 5
- Interest rate at 14.5% p.a
- Share boosting fee 10% NB. Its MNS that does the boosting. If the member boosts by himself/herself then it will have to wait for the mandatory 6 months before applying
- Member can bridge and consolidate other loans
- Loan must be fully guaranteed
Recovery is done at a monthly flat rate combining principle repayment with interest
Requirement for the product
- Must be an active member
- Salary must pass through the Sacco FOSA
- The loan accounts must be up to date in terms of repayments
- Dully filled loan application form
- Copy of the necessary supporting documents including irrevocable instruction of no change of pay point until the loan is fully repaid.
