These loans are only granted to members whose salaries are remitted through their FOSA Savings Accounts. Below are the various loan products available;

1. FOSA DAIMA LOAN

• Loan is a long term loan granted for investment and development purposes.
• Maximum loan term of 72 Months.
• Amortized Loan Repayments - Equal Monthly Repayment Installment which consists of Principal and Interest.
• Interest - Monthly amortization at 1.2%.
• It is based on net salary as per the pay slip.
• One off processing fee and insurance fee of 0.5% and 0.6% respectively on approved loan amount.

2. FOSA FLEX LOAN

• Loan is a long term loan granted for investment and development purposes.
• Maximum loan term of 60 Months.
• Amortized Loan Repayments - Equal Monthly Repayment Installment which consists of Principal and Interest.
• Interest - Monthly amortization at 1.2%.
• It is based on net salary as per the pay slip.
• One off processing fee and insurance fee of 0.5% and 0.6% respectively on approved loan amount.

3. FOSA FAHARI LOAN

• Loan is a long term loan granted for investment and development purposes.
• Maximum loan term of 48 Months.
• Amortized Loan Repayments - Equal Monthly Repayment Installment which consists of Principal and Interest.
• Interest - Monthly amortization at 1.0%..
• It is based on net salary as per the pay slip.
• One off processing fee and insurance fee of 0.5% and 0.6% respectively on approved loan amount.

4. MAHITAJI LOAN

• A one month advance based on net salary recoverable once at 1.7 % interest. One off processing fee and insurance fee of 0.5% and 0.6% respectively on approved loan amount.

5. MAHITAJI MOBILE LOAN

• Mobile based Loan of upto Kshs 50,000/- advanced to members who remit their salary through Fosa and is based on member’s net salary. Loan recovered from subsequent salary through Fosa. Active members with non-salaried Fosa Accounts can also access the loan upto a restricted maximum of Kshs 10,000/- based on gradual scoring and repayable within one month.
• 6.5% upfront Interest.

6. BIMA LOAN

• This is a loan to finance members pay for their insurance premiums.
• Loan term is 12 months. Interest calculation based on monthly amortization.
• Interest is amortized at 1.2% per month.

7. SHARES INVESTMENTS LOAN

• This loan is to finance members who wish to buy shares at the Nairobi Securities Exchange.
• Loan term is 12 months.
• Interest calculation based on monthly amortization.
• Interest rate is 1.75% on reducing balance per month.

8. DIVIDEND ADVANCE

• An advance based on a member’s projected dividends.
• Recoverable once upon dividend payment.
• 10% One off upfront Interest

NB: All FOSA Branches can also process any of the BOSA Loans upto a maximum of Kshs 700,000/-.

OTHER SERVICES APPLICABLE TO ALL LOANS
Loan Top-up Service (Daraja Loan)

• This refers to any new loan meant to clear any other outstanding loan balance(s).
• Commission of 3% is charged on the amount cleared.

Deposit Boosting Service (Hisa Loan)

• Granted to boost Bosa deposits for purposes of accessing any loan.
• Granted to a maximum of 100% of a member’s deposits but not exceeding Kshs 750,000/=;
• Commission of 15% is charged on the deposits amount purchased.
• One off recovery upon loan disbursement.