Product features and Eligibility Member must be registered with our Mobile Banking Platform Product is accessible to ONLY FOSA Salaried Members on permanent employment terms and defined contract terms. Salary must be passing through Fosa account for a minimum period of 3 months Loan application will be accessed through USSD Short Code *879# or mobile […]
Product features and Eligibility
- Member must be registered with our Mobile Banking Platform
- Product is accessible to ONLY FOSA Salaried Members on permanent employment terms and defined contract terms.
- Salary must be passing through Fosa account for a minimum period of 3 months
- Loan application will be accessed through USSD Short Code *879# or mobile application.
- Must NOT have any loan in arrears
- Must be Fully Secured with long term deposits
- NO Loan Processing fee
- NO guarantors will be required
- NO Grace period
- Minimum Loan Amount 5,000
- Maximum Loan Kshs.100,000
- Credit score will be 75% of the minimum net salary after all deductions (for the last three months).
- Credit score to check Long Term deposit where by amount applied should not exceed 75% of long-term deposit available.
- Interest Rate is 5.5% pm straight line, charged and capitalized upfront
- Minimum repayment period is 2 months
- Maximum repayment period is 6 months
- Top-up is allowed within the maximum credit score ability by offset existing advance
- M-salary advance will be disbursed to applicant’s savings Account