Category: FOSA Loan Products
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It is meant to facilitate members purchase Insurance Cover for motor and other assets.

Product Features

    1. Members will obtain a premium quote from Shirika Insurance agency.
    2. Same day processing.
    3. Repayment period of up to 10 months
    4. Interest rate of 6% flat rate included in equal installments
    5. Minimum amount Ksh. 25,000 and maximum Ksh 300,000.
    6. Member to pay first installment before the commencement of the cover and second installment the subsequent month.
    7. In case of default, the insurance cover will be recalled and canceled within immediately.
    8. Repayments can be through payroll, cheques, standing order or FOSA remittance.
    9. Members on salary checkoff, 1/3 rule of salary applies to determine the installment.

Security shall be:

      1. An agreement with insurance companies for refund upon cancellation of the cover.
      2. One guarantor for loans above Ksh 100,000 (One hundred thousand Shilling)
      3. No guarantor is required for an amount below KShs. 100,000 but all other loan conditions will apply