Mwalimu Sacco Approves Ufanisi Loans Under Bosa - Teachers Updates Blog

Mwalimu Sacco Approves Ufanisi Loans Under Bosa

Mwalimu Sacco Approves Ufanisi Loans Under Bosa

In line with the society’s Corporate Strategy for the period 2019-2023, the board of Directors vide MIN/BOD/52/2021 has approved the rolling out of a new product called Ufanisi under BOSA. 

This product will allow members to apply for a loan by boosting deposits immediately with the shortfall required, for one to qualify for the desired amount of credit applied and approved. 

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The terms for the product will be as below. 

(i) Minimum deposits prior to the application Kshs 200,000.00 

(ii) Loan period 72 months. 

(iii) Deposit’s multiplier by 4. 

(iv) Interest rate at 14.5% p.a 

(v) Share boosting fee 10%. 

(vi) The member can bridge and consolidate other loans. 

(vii) Loan must be fully guaranteed. 

(viii) The pro-rata policy applies. 

Requirements for the product 

(i) Must be an active member. 

(ii) Salary must pass through the Sacco FOSA. 

(iii) The loan accounts must be Up to date in terms of repayments. 

(iv) Duly filled loan application form. 

(v) Copy of the necessary supporting documents including irrevocable instruction of no change of pay point until the loan is fully repaid. 

The new product is effective 01St August 2021 hence members are advised to advantage in patronizing it to access higher credit facilities as well as boosting their deposits. 

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Mwalimu Sacco Approves Ufanisi Loans Under Bosa

Mwalimu Sacco Approves Ufanisi Loans Under Bosa

2 thoughts on “Mwalimu Sacco Approves Ufanisi Loans Under Bosa

  • July 31, 2021 at 8:15 pm
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    Can mns try to give emergency loans through digital platform-phone to make it easily available?

    Reply
  • August 3, 2021 at 6:40 am
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    Does ufanisi loan base on payslip ability of the applicant? If not, how is the loan recovered?

    Reply

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