This facility enables salary account holders to access long-term loans, repayable over a longer period of time.
➢ Flexible repayment periods of up-to 60 months
➢ Interest rate- 18%p.a on reducing balance
➢ Based on 80% of members’ net pay
➢ Payable through FOSA salary accounts.
➢ The Loan shall be secured by members' deposits, guarantors and other Sacco accepted securities
➢ The member signs irrevocable instructions to have their salary pass through FOSA
➢ Salary should have passed through FOSA for at least 3 months before applying for the loan.
➢ Disbursed same day of application
➢ Terms and Conditions apply