Bosa | Ubora Sacco Ltd

BOSA

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BOSA PRODUCTS | IESA PRODUCTS

UBORA-BOSA

Back Office Service Activity(BOSA) deals with non-withdraw able savings where Loans are given against member’s savings (shares), at very competitive interest rates, subject to a maximum of 3 times amount of shares.
Loans must be fully guaranteed by active Sacco members.
Minimum monthly deposits (shares) contribution is 3% of basic salary or Ksh. 1,500 whichever is higher.
Interest is paid at the end of year based on net earnings and subject to approval in the Annual General Meeting (AGM).
The following products are available:

BOSA Loan Products

NORMAL/DEVELOPMENT LOAN

  1.   o Maximum loan amount is Ksh.6,000,000.00
  2.   o Maximum repayment period is 84months
  3.   o Interest is charged at 12% p.a or 1 % p.m on reducing balance

Emergency Loan

  1.   o Maximum loan amount is Ksh. 100,000
  2.   o Maximum repayment period is 12 months
  3.   o Interest is charged at 14.4% p.a or 1.2 % pm on reducing balance

School Fees Loan

  1.   o Maximum loan amount is pegged to ability to repay
  2.   o Maximum repayment period is one calender year
  3.   o Interest is charged at 14.4% p.a or 1.2 % pm on reducing balance

College Fee Loan

  1.   o Maximum loan amount is pegged to ability to repay
  2.   o Maximum repayment period is 24 months
  3.   o Interest is charged at 14.4% p.a or 1.2 % pm on reducing balance

Musharaka Normal Loan

  1.   o Maximum loan amount is Ksh.5 million
  2.   o Maximum repayment period is 48 months
  3.   o No interest is charged on the loan.
  4.   o One-off commission of 5% of the approved amount is charged.
  5.   o Monthly account maintenance fee of ksh.400.00

Musharaka Emergency Loan

  1.   o Maximum loan amount is Ksh. 100,000
  2.   o Maximum repayment period is 12 months
  3.   o No interest is charged on the loan.
  4.   o One-off commission of 5% of the approved amount is charged.
  5.   o Monthly account maintenance fee of ksh.400.00

TOP UP Normal/development loan

  1.   o Maximum loan amount is Ksh.6 million
  2.   o Maximum repayment period is 84 months
  3.   o Interest is charged at 12% p.a or 1 % p.m on reducing balance
  4.   o One-off interest is charged on outstanding loan at 5%. 
  5.   o One-off processing fee is charged at ksh.500.00

Top Up Emergency Loan

  1.   o Maximum loan amount is Ksh. 200,000
  2.   o Maximum repayment period is 18 months
  3.   o Interest is charged at 14.4% p.a or 1.2 % pm on reducing balance
  4.   o One-off interest is charged on outstanding loan at 5%.
  5.   o One-off processing fees is charged at ksh.500.00

Top Up College Loan

  1.   o Maximum loan amount is pegged to ability to repay
  2.   o Maximum repayment period is 24 months
  3.   o Interest is charged at 14.4% p.a or 1.2 % pm on reducing balance
  4.   o One-off interest is charged on outstanding loan at 2.5%.
  5.   o One-off processing fees is charged at ksh.500.00

Makaribisho Loan

  1.   o Maximum loan amount is ksh 300,000.
  2.   o Maximum repayment period is 60 Months.
  3.   o Interest charged at 1% monthly on reducing balance method.
  4.   o Available to members immediately and upto 12 months after confirmation by employer
  5.   o Members allowed to use part of the loan to boost its deposits to a maximum of 60% of the required member deposits to qualify for the loan applied.

BUSINESS LOAN

  1.  o Maximum loan amount is Ksh.1,000,000.00
  2.  o Maximum repayment period is 48months
  3.  o Interest of 1.2% p.m. on reducing balance
  4.  o Maximum loan granted Must not exceed 70% of the total member deposits subject to a maximum of 1 million.
  5.  o Applicant must provide a duly executed and signed Bank Standing order
    endorsed by the authorized Bank officials (This should be done upon approval of the loan by the Sacco’s credit committee, before a cheque is issued to the member)
  6.  o Must provide at least 3 months’ member statement of an active bank
    account.
  8.  o Defaulters in any of the other Sacco loan products are ineligible to
    access Business loan product.
  10.  o Any defaulter in Business loan will be subjected to a 4- year (48 months) suspension before being allowed to re-borrow.

How to apply

Duly fill and sign the loan Application Form

Send to HR for Approval

Confirm guarantors and guaranteed amount

Attach your current pay slip

Incase of top up fill bridging form

Download Loan Application form  Download Bridging form