It is meant to facilitate members purchase Insurance Cover for motor and other assets.
- Members will obtain a premium quote from Shirika Insurance agency.
- Same day processing.
- Repayment period of up to 10 months
- Interest rate of 6% flat rate included in equal installments
- Minimum amount Ksh. 25,000 and maximum Ksh 300,000.
- Member to pay first installment before the commencement of the cover and second installment the subsequent month.
- In case of default, the insurance cover will be recalled and canceled within immediately.
- Repayments can be through payroll, cheques, standing order or FOSA remittance.
- Members on salary checkoff, 1/3 rule of salary applies to determine the installment.
Security shall be:
- An agreement with insurance companies for refund upon cancellation of the cover.
- One guarantor for loans above Ksh 100,000 (One hundred thousand Shilling)
- No guarantor is required for an amount below KShs. 100,000 but all other loan conditions will apply