Written by JUDITH MWONGELI
Category: FOSA Loan Products
- Qualifying amount is 2 times Junior Account(s)’ savings up to a maximum KShs. 1,000,000.00 subject to the one-sixth rule.
- Members operating several Junior Accounts have the option of consolidating the savings in all the accounts to apply for just one loan.
- Interest rate is 12% per annum on the reducing balance.
- Maximum Repayment period is 6 months subject to the current employment contract.
- Eligibility - Loan granted to members operating active and regular Junior Savings Accounts.
- A minimum of 2 guarantors required.
- The Loan Security is member’s own and guarantors’ deposits.
- After loan disbursement, monthly savings to Junior Account shall be increased to cater for the loan repayments.