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B.O.S.A (Back Office Services and Activities)
B.O.S.A (Back Office Services and Activities)
Back Office Services Activity (BOSA) enables a member to make deposits and access credit services.To qualify for credit facilities in the Sacco one must fulfill the following conditions:-
- Must be above 18 years and avail copy of identification card.
- Must be in cell group of five (5) members and maximum of (20) members as a guarantors.
- Must be a person of high integrity, honest and trustworthy.
- Must have been a member for continuous 3 months and must have paid entrance fees.
- Must have accumulated the prescribed minimum deposits-Must have no delinquent loan.
- Must be committed to save while meeting the loan obligation.
- Must attach copy of identification card.
B.O.S.A LOAN PRODUCTS:
1. Development Loan / Normal Loan
- Loan granted after 6 months of savings.
- Maximum repayment period is 72 months.
For members in groups and cell groups:
- For cell groups minimum membership is 5 and maximum 20.
- Interest rate is 1% per month on reducing balance.
- All loans shall be guaranteed by all members of the group/cell groups.
NOTE: Any loan above ksh.1 million shall be secured with a title deed/logbook.
For members with BOSA accounts who wish to borrow individually:
- Interest rate is 1.35% per month on reducing balance.
- All loans must be fully secured with logbook/title deed.
NOTE: Cell groups, Groups/Churches and BOSA individual loans multiplier is 3 times of savings 1st loan and 4 times subsequent loans.
2. Short-term loan
- Loan granted to BOSA members but must be within multiplier and fully secured.
- Maximum loan amount is Ksh.300,000.
- Maximum repayment period is 24 months.
- Interest rate is 1% per month on reducing balance.
- Can run concurrently with BOSA Development/Normal loan.
3. Ownshare loan
- An Individual will be granted 80% of his/her share deposits.
- Granted after 3 months of saving.
- Maximum repayment period is 24 months.
- Interest rate is 1% per month on reducing balance.
Loan categories
- 10,000 to 300,000 payable within 12 months
- 300,000 to 1,000,000 payable within 24months
- 1,000,000 to 3,000,000 payable within 36 months
- 3,000,000 to 4,000,000 payable within 48 months
- 4,000,000 to 8,000,000 payable within 72 months
- All at affordable interest of 1% reducing balance.
BOSA deals with groups i.e. Group Accounts, Cell Groups & Own Shares Loan
All loans below Ksh. 300,000.00 are paid via FOSA