Loans

Loans offered in bosa

NORMAL LOANS

  • Loan granted should be 3 times the member’s deposits.
  • Secured by guarantors
  • The maximum repayment period is 60 months.
  • Competitive interest rate

EMERGENCY LOAN

  • Loan granted should be 3 times the member’s deposits.
  • Loan is repayable within 12months.
  • Competitive interest rate
  • Secured by guarantors

SCHOOL FEES LOAN

  • Supporting documents required (fees proforma)
  • Loan granted should be 3 times the member’s deposits.
  • Secured by guarantors
  • The maximum repayment period is 12 months.
  • Competitive interest rate

SPECIAL LOAN

  • Granted to purchase products e.g. motor bikes, lap tops, water tanks, etc.
  • Member can identify the products and supplier, the cheque is drawn in favour of the supplier.
  • Maximum amount is Kshs.150,000.
  • Repayable within 36 months.
  • Competitive interest rate

 

Loans offered in FOSA- the salary has to pass through the SACCO

FOSA LOAN

  • Loan granted should be 5 times the member’s deposits.
  • Secured by guarantors
  • The maximum repayment period is 84 months.
  • Competitive interest rate

FOSA FLEX LOAN

  • Loan granted should be 5 times the member’s deposits.
  • Secured by guarantors
  • The maximum repayment period is 84 months.
  • Competitive interest rate on reducing balance

KARIBU LOAN

  • Loan is granted to new members and 20% of the loan is deducted to raise ones deposits
  • Repayable in 36 months
  • Competitive interest rate
  • Secured by guarantors

FOSA EMERGENCY 24:

  • Loan granted should be 5 times the member’s deposits.
  • Secured by guarantors
  • The maximum repayment period is 24 months.
  • Competitive interest rate

ADVANCE

SALARY ADVANCE:

  • Maximum amount is Kshs.50,000
  • Competitive interest rate.
  • Maximum repayment period 12 months.

SALARY IN ADVANCE:

  • Maximum amount equivalent to one month’s salary
  • Recovered immediately salary is received.
  • Competitive interest rate.

OKOA ADVANCE:

ELIGIBLE CUSTOMERS-:

  • Those who have applied for FOSA or normal loan awaiting maturity.
  • Those who have deposited cheques awaiting clearance.
  • Retirees who have received their pension’s letters awaiting their pension.
  • On application of withdrawal from the society’s membership or from premium scheme.
  • Competitive interest rate
  • The whole advance amount plus interest is recovered when the above aforesaid mature.
  • No guarantors are required.

PREMIUM SCHEME LOAN:

  • Loan granted should be 3 times the member’s deposits.
  • Secured by guarantors
  • The maximum repayment period is 36 months.
  • Competitive interest rate

PREMIUM EMERGENCY LOAN

  • Loan granted should be 3 times the member’s deposits.
  • Secured by guarantors
  • The maximum repayment period is 12 months.
  • Competitive interest rate

GROUP PREMIUM LOAN

  • Loan is granted to groups to purchase land
  • The land should have free hold title deed
  • Group members must be 6 and above
  • Loan is granted 3 times each member deposits
  • Secured by group deposits and title deed
  • Competitive interest rate
  • Repayable in 36 months

FARM PRODUCE ADVANCE

  • Granted to members whose farm produce pass through FOSA
  • Competitive interest rate
  • Repayment period is 6 months
  • Secured by guarantors

DIVIDEND ADVANCE

  • Repayable by dividends
  • Open to all members when board passes resolution to offer them.

MAPATO LOAN

  • This is a loan granted but is payable by dividends
  • Repayable in 36 months
  • Interest of 1% per month flat rate
  • Secured by 3 guarantors

 ASSET FINANCING

This a facility that enable our customers to own assets like vehicles, building both commercial and residential, land and other properties.  Finance both new and used property and vehicles.

  • A member is required to raise 20% but for vehicles 25% of nonwithdrawable deposits.
  • Repayable within for land 72 months and 36 months for vehicles.
  • Competitive interest rates
  • Security for the loan is the asset being purchased.
  • The property purchased must be insured.
  • Assets remain the property of Tower Sacco for the duration of the loan period. Ownership is transferred to you once the last payment has been made.
  • Financing of second hand vehicles subject to meeting the society’s guidelines and condition.
  • For vehicle purchase it should not be more than 12 yrs from manufacture.

BIMA LOAN IN PARTNERSHIP WITH CIC

Premium financing provides a short term loan for businesses and individuals to use specifically to pay for asset insurance coverage.

  • A member is required to have deposits. 
  • Loan is 3 times the deposits.
  • Competitive interest rates
  • Flexible financing terms for a period of up to 12 months

MKOPO MASHINANI

  • The loan is granted to members who are organized into duly registered groups.
  • Loan is based on a 5 times ones deposits
  • Competitive interest rates
  • Repayment period of 18 months
  • Secured by guarantors and chattel mortgage

 

Our Partners

Contact Us

HEAD OFFICE:

OL'KALOU FOSA Building,

OL’Kalou/Nyahururu Road:

P.O Box 259-20303,OL’KALOU

TEL: 051-8000822, Fax 020-2071205

CELL: 0723-836421;0733-416492, Hotline: 0731638930

E-mail: info@towersacco.co.ke

Website: www.towersacco.co.ke.