Back Office Activity Services (BOSA)

To qualify for credit facilities in the Sacco one must fulfill the following conditions:-
-Must be above 18 years.
-Must be a person of high integrity, honest and trustworthy
-Must have been a member for continuous 6 months and must have paid entrance fees
-Must have accumulated the prescribed minimum savings/deposits account or any such minimum amount as may be set by the board of Directors from time to time
-Must have no delinquent loan
-Must be committed to save while meeting the loan obligation
-Shall have guarantors
-Must attach copy of identification card
LOAN APPLICATION
(a). All loan applications shall be made by completing in writing on standard forms provided by the Sacco.
(b). The loan form must indicate amount applied for, the purpose of loan, repayment period and security offered.
(c). Loan application form must be supported by relevant documents such as pay slip, business record, etc confirming applicant's ability to repay the loan.
(d). The loan form must be forwarded and received at the society office
(e). Loans with incomplete information or lacking supporting documents are not processed

LOAN APPRAISAL
(a). The society staff in loans office peruse application and supporting documents
(b). The application is appraised using formula based qualification parameters which take into account factors such as salary, deposits, guarantorship, repayment period and compliance with society policy.
(c). Member must retain a third of basic salary after loan deduction
(d). The Sacco Credit Committee approves or rejects all loan applications.
(e). Emergency loans are approved by the office staff at the discretion and approval by the Board of Directors.

LOAN DISBURSEMENT
Loans approved are paid to members through Electronic Funds Transfer (EFT), deposit to FOSA account, cheques, or Mpesa .

LOAN REPAYMENT/RECOVERY

  1. Member is expected to start monthly loan repayment immediately after it is advanced
  2. Loan is paid monthly by recoveries through employer payroll, by bankers standing order, cash deposits to Society bank account or any other mode as agreed with the Society.
  3. Member must take initiative to ensure loan advanced is paid.

LOAN DEFAULT

  1. Failure to pay loan as per loan agreement/schedule is regarded as loan default.
  2. Loan default may lead to attachment of salary or deposits of guarantors for the loan defaulted

CREDIT/LOAN ADMINISTRATION  FOSA

  1. Must be above 18 years.
  2. Must be a person of high integrity, honest and trustworthy
  3. Must have active Salary account for atleast 3or active savings account of 6 months
  4. Must have an active savings account in the FOSA
  5. Must have no delinquent loan
  6. Loan must be fully guaranteed.