Wednesday, 28 June 2017

Tel: 0202356669/70 | Mob:+254-721564136 | info@fundilimasacco.co.ke

Bosa Products

Clearance of Loans

After repaying any loan(s) for some time, a member may decide to clear an outstanding loan(s) at once, before the scheduled repayment period in order to allow the member to qualify for additional or more loan amount. The following conditions must be fulfilled:

  1. Clearance by self; one month interest chargeable.
  2. Clearance by a bank; 4% interest chargeable except Super Loan which is charged10% interest.
  3. Clearance by Fundilima SACCO through offset from the newly acquired loans is charged 10% interest.

The interest shall be paid either in cash or through offset from the newly acquired loan(s).

Special Loans

These types of loans include popularly known as Yellow and Pink Loans.

  1. Yellow Loan

This is a loan repayable within one (1) month at an interest rate of 5% per month. The requirement is thatit should guaranteed, a copy of the most current pay slip attached and ability to repay and is not pegged to deposits held by a member in the BOSA.

  1. Pink Loans

This is a loan repayable within five (5) months at an interest rate of 25% flat rate.The requirement is that it should guaranteed, a copy of the most current pay slip attached and ability to repay and is not pegged to deposits held by a member in the BOSA.

Refinance Loan

This is a loan granted to members who after receiving the development loans do not complete the intended project. This loan should be applied within a period of 6 (six) months after the previous development loan has been granted. The project being refinanced must be the same as development loan previously financed. The entire amount of loan being refinanced must be fully guaranteed by bona fide members, and must be repaid within the initial loan repayment period. The interest rate for refinancing is 1.25% per month.

Normal/Development Loan

A member is given 2.7 times his/her deposits or the ability to pay. These are loans repayable at a longer period from 36 months to 60 months. The interest rate is 15% per annum or 1.25% per month on reducing balance method. Its purpose is to cater for member’s economic development or advancement. Examples of such loan are for acquisition of land and construction of houses among others. The requirements for this loan is that a member must present two most recent employer’s pays lips which should not reflect any un-cleared loans [emergency] and full amount of loan requested must be fully guaranteed by bona fide members.

Emergency Loan

This is a loan payable within 12 months installments at an interest rate of 15% per annum or 1.25% per month on reducing balance. This loan is meant to cater for emergency cases or unforeseen circumstances such as court fines, hospital bills, funeral/burial, sudden sickness or any other case considered as emergency loan in the society’s by-laws. This type of loan must be supported by relevant documents. A member must present a current payslip and supporting documents. Interest rate is charged at 15% per annum or 1.25% per month on reducing balances. Repayment period is within 12 calendar months.

School Fees Loan

This is given to members to enable them educate their children and to further their own education. Amount granted depends on the ability to pay, payable within 12 months but within the calendar year. Interest rate is charged at 15% per annum or 1.25% per month on reducing balance. This loan is normally given late in the year for continuing students and early in the year for form one students. The loan requirement is that a member must attach the school fees structures and an invitation letter for new students.

Super Loan

The loan is repayable within 36 months at an interest rate of 2% per month, on reducing balance basis. The loan must be fully guaranteed and is pegged on onesability to pay and is not pegged to deposits held by a member in the BOSA.

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Mission Statement

To mobilize savings, formulate policies and apply prudent management that will enhance members/stakeholders economic development within the competitive environment

Vision

 “The best managed SACCO offering quality products and services to the satisfaction of members and stakeholders”.

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Contact Us

For more details about the products of the society:

FUNDILIMA SACCO LTD
P.O.Box 62000—00200, Nairobi.
Tel: 067-52311, 020-2356669 / 70
Mobile: 0721-564136

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