Interest Rate is 5.5% per month straight line, charged and capitalized upfront
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.
- 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