MICRO CREDIT PRODUCTS

TYPE OF MICRO CREDIT LOAN PRODUCTS AVAILABLE

1. JIJENGE LOAN

This is a Mobile based loan to an individual member of a Chama. A loan application form is however required if requested amount is beyond certain set limits.

2. TUJIJENGE LOAN

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This is a loan to the Chama as an entity.
Maximum loan amount is Kshs 5,000,000/- for 48 months depending on the set terms and conditions for various categories of corporates.
Interest - Monthly amortization at 1.3%
Tangible collaterals acceptable

3. WEZESHA LOAN

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Lending to an individual members directly or through their business entities i.e. T/A XYZ Enterprises.
Maximum loan amount is Kshs 5,000,000/- for 48 months depending on the set terms for various intended purposes of loan funds.
Interest - Monthly amortization at 1.3%
Loan accessible to all members whether in formal employment or self-employed with business incomes banked through Fosa.
Loan can be secured by either guarantors or tangible securities.

4. MORTGAGE LOAN

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Makao Halisi loan at 8.0% P.A, maximum loan limit of Ksh 4,000,000 for members earning an income not above Ksh 150,000
Makao Bora loan at 9.5% P.A, maximum loan limit of Ksh 8,000,000 for members earning an income above Ksh 150,000.

ACCEPTABLE TANGIBLE COLLATERALS
Below securities are only acceptable for Tujijenge Loan and Wezesha Loans

1) Land and buildings : 80% of forced sale value (FSV)
2) Cash Collaterals - FDRs etc : Upto 90 %
3) Motor vehicle log books - 60% of FSV.

CHAMA’S LAST EXPENSE PROGRAM
This is a self-insurance scheme for Chamas where individual member pays a premium of Kshs. 1,500 per annum or Kshs 125/- per month.
In the unforeseen circumstance that a member passes on or the member’s spouse, children, parents or parents-in- law the member will be entitled to burial benefit of Kshs 50,000/- as stipulated below;

PERSON	ENTITLEMENT IN KSHS.
Principal Member	50,000
Spouse	50,000
Own Children	50,000 ( up to a max of 4 children)
Own parents	50,000 ( max 2)
Parents in laws	50,000 ( max 2)