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 non-withdrawable deposits of 20% for land and buildings, for vehicles (25% for trucks, tractors, pickups, personal car and 35% for matatus).
• Repayable within for land 72 months for land and buildings, trucks & tractors is 60 months and 36 months for vehicles.
• 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.

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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 favor of the supplier.
• Maximum amount is Kshs.150,000.
• Repayable within 36 months.
• Competitive interest rate

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Mortgage

This is a product developed to give you and your family shelter and security. The product enables you to acquire property, acquire and develop or develop already acquired property. This product eases the burden of acquiring your dream home and frees you from tenancy and easily transforms you into a landlord. All you require is save with us for at least six months.

Features

• Long and flexible repayment period of up to 15 years
• Competitive interest rates on a reducing balance
• Swift processing of application.

Requirements

• Duly signed application form
• Copy of Customer ID/PIN
• Copy of Sale Agreement/Offer leer
• Valid valuation report
• Customer to raise 20% of value of property
• Certified ownership documents to be submitted to the Sacco
• Property to be charged to Tower Sacco for the duration of the loan period ¯ Terms and conditions apply

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Fosa Loan

• For salaried Employees
• Loan granted should be 6 times the member’s deposits.
• Secured by guarantors
• The maximum repayment period is 96 months (Civil Servants) 36 Months for privately employed.
• Competitive interest rate

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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

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Okoa Advance

Eligible Customers

• 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.

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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 (Negotiable)

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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 non withdraw able 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.

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Emergency Loans

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

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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

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Boda Boda Group Loan

This is a product developed with an eye on giving our youth an opportunity to develop and become financially independent. For desired impact, we encourage them to form groups, save and apply for loans to buy boda boda for their business.  The group should open and run account with the Sacco for at least three months.

Features

• Loan granted to organized youth groups to buy new motor bikes
• Flexible repayment period
• Competitive interest rate on reducing balance per month
• Group co-guaranteeing applies in the loan group benefits from financial management training from the Sacco

Requirements

• The members identify motor cycle of their choice
• Member qualifies for a loan 3 mes their deposits
• Log book to be registered in the name of Tower Sacco and will only be transferred once the loan is repaid in full
• The motor cycle will be comprehensively insured

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

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Fosa Flex Loan

• For salaried employees
• Loan granted should be 6 times the member’s deposits.
• Secured by guarantors
• The maximum repayment period is 96 months (Civil servants) 36 Months for privately employed.
• Competitive interest rate on reducing balance

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Salary Advance

• Maximum amount is Kshs.50,000
• No guarantors required for amounts below 20,000
• Competitive interest rate
• Maximum repayment period 12 months.

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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

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Farm Produce Advance

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

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Dividend Advance

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

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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

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Makao Bora

This is a product developed to give you and your family shelter and security. The product enables you to acquire property, acquire and develop or develop already acquired property. This product eases the burden of acquiring your dream home, frees you from tenancy, and easily transforms you into a property owner. All you require is save with us for at least six months.

Features

• Long and flexible repayment period of up to 15 years
• Competitive interest rates on a reducing balance
• Swift processing of application.

Requirements

• Duly signed application form
• Copy of Customer ID/PIN
• Copy of Sale Agreement/Offer leer
• Valid valuation report
• Customer to raise 20% of value of property
• Certified ownership documents to be submitted to the Sacco
• Property to be charged to Tower Sacco for the duration of the loan period ¯ Terms and conditions apply

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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

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Vuka Loan

Target Members

This is a loan that will be available to all employees whose employers have signed an agreement to process and remit the monthly installments directly to the bank. They Include:

• TSC employees.
• County Government employees
• National Government employees.
• Mainstream Parastatal employees i.e. KFS, KWS, KARI, KARLO and KEFRI amongst Others.

Features:-

• The check off/MOU arrangements must be in place.
• Maximum loan repayments period of 84 Month depending with age to retire.
• Maximum loan amount of ksh 3,500,000
• Loan must be fully booked before disbursements.
• Age limit is 58 years.

Benefits:

• Your salary and the MOU act as the security.
• Faster and friendly processing.

Requirements:

• Member to open account and Buy shares of Ksh 10,000 and raise a Non withdrawable deposit of ksh 20,000.
• Check off loan application forms duly completed in triplicate.
• A 1/3 rule must be observed.
• Three (3) latest certified pay slips.
• Certified Account statements for the last (3) months.

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Karibu Loan

• For salaried people
• 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

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Salary In Advance

• Maximum amount equivalent to one month’s salary
• No guarantors required for amounts below 20,000
• Recovered immediately salary is received.
• Competitive interest rate.

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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

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Trade Finance

This a facility that supports trade in goods and services both locally and internationally. This financing facility is anchored on trade documents. We give you trade finance instruments that facilitate movement of goods from one point to another both locally and internationally .

• Bank Guarantees
• Bid Bonds
• Performance Bonds
• Invoice Discounting
• LPO Financing

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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
  

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Mortgage

For any member who needs to acquire land or construct a commercial residence, Mortgage loan allows you to own a commercial home and pay it in affordable installments.

Requirements

• Duly signed application form
• Copy of Customer ID/PIN
• Copy of Sale Agreement/Offer leer
  
• Valid valuation report
  
• Customer to raise 20% of value of property
• Certified ownership documents to be submitted to the Sacco
• Property to be charged to Tower Sacco for the duration of the loan period ¯ Terms and conditions apply

Features

• Long and flexible repayment period of up to 15 years
• Competitive interest rates on a reducing balance
• Swift processing of application.

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