Bosa Products

Normal/Development Loan

• Availalble to bonifide members only
• One must have been an active member for at least 6 months
• A minimum of 4 guarantors
• Three times deposit with the society but subject to Ability to repay
• Loan repayment period of 36 months
• Bears an Interest of 1.5% monthly on a reducing balance ratio.
• Deposit savings and the loan guarantors form the security of the loan

Emergency Loan

• Availalble to bonifide members only
• One must have been an active member for at least 6 months
• A minimum of 2 guarantors
• Three times deposit with the society but subject to Ability to repay
• Loan repayment period of 12 months
• Bears an Interest of 1.5% monthly on a reducing balance ratio.
• Deposit savings and the loan guarantors form the security of the loan
• Issued with 36 hours from the time of loan application

School Fees Loan

• Availalble to bonifide members only
• One must have been an active member for at least 6 months
• A minimum of 2 guarantors
• Three times deposit with the society but subject to Ability to repay
• Loan repayment period of 12 months
• Bears an Interest of 1.5% monthly on a reducing balance ratio.
• Deposit savings and the loan guarantors form the security of the loan
• Issued with 36 hours from the time of loan application
• School Fees structure must be attached to the loan application form

Karibu loan

• One can qualify for the facility before becoming a member but can apply for a loan of a maximum of 50,000 and use the same facility to pay the members deposit, share capital and registration fees.
• Loan Clculation
  • Share deposit 25% of the approved amount deducted upfront
  • Share Capital 16% of the approve amount deducted upfront
  • Registation Fees 1% of the approved amount deducted upfront
  • Loan Processing fees 2% of the approved amount
  • Net Paid shall be 56% of the approved amount

Other BOSA Products;

1. X-Mass Savings account

The society runs an Xmass savings account allowing members to save for their Christmass holiday celebrations. Savings shall run for a period of 12 months and are fully paid out end the end of the year before the Christmass celebration dates. 

Members can request for early withdrawal that attracts an early withdral fees of Ksh. 250

2. School Fees Savings account

Members with school going Children are allowed to open a school savings account that allows one to save for the child's school fees. 

3. Medical Savings account

The medical account allows a member to save for the unforseen sickness. 

4. Funeral Sustainance Fund

The FSF account was designed to offer members support during the times of berevement. Members pay a flat rate of Ksh. 400. 

Requirements:

1. ID photocopy of the beneficiaries,
2. Birth certificate of own children,
3. Passport photos of the beneficiaries.

Claims upon death

1. Member - 40,000
2. Spouse - 30,000
3. Children - 20,000 - (Age limit 23 Years)
4. Parents - 20,000
5. Parent in-laws - 20,000

For payments, one must provide the following documents: -

• Burial permit
• A letter from the area chief confirming the death

Refund upon retirement: -

• Refund of 25% of the total savings in case of no claim while in service.
• After claim, only 5% of the total savings will be refunded.