Maisha Bora Sacco Loans,how to apply and interest rate

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Below is a list of loans offered by Maisha Bora Sacco:

—–FOSA LOAN 

Features

  • Interest 1.25% on the reducing balance
  • 1.5% for insurance
  • 1.0% for processing
  • 3.5% for refinancing pegged on the loan amount refinanced.
  • Maximum loan period 48 months
  • One loan at a time
  • Amount determined by the ability to pay and security.

—–BORESHA MAKAO

Features

  • 1.25% on the reducing balance
  • 2.5% for Loan Processing Fee
  • Maximum Loan Repayment period 24 Months
  • At least 5 loans at a time
  • Instalment = 2/3rds of monthly net income

—–SHARE REINSTATEMENT

Features

  • To restore deducted deposits
  • Interest rate of 1% on the reducing balance
  • 0.85 % of the loan for loan processing.
  • 0.5% of the loan amount for insurance.
  • Ksh. 500 for appraisal.
  • Maximum loan repayment period of 72 months
  • Atleast one loan at a time
  • Loan Amount determined by deducted amount to pay guarantors.
  • Atleast 6 months membership

—–KARIBU NYUMBANI

Features

  • Bank loans buy-back
  • Interest rate of 1.16% on the reducing balance
  • 0.85 % of the loan for loan processing.
  • 0.5% of the loan amount for insurance.
  • Ksh. 500 for appraisal.
  • Maximum repayment period of 72 months
  • Atleast one loan at a time
  • Membership at least 6 months for salaried and 12 months for SME
  • Installment should be equal or less than 2/3 net pay or business income.

—–SHAMBA LOAN

Features

  • For purchase of Sacco plots
  • Interest rate of 1.25% on the reducing balance
  • Maximum loan repayment period of 84 Months
  • Atleast three loan at a time
  • Membership at least one month
  • Amount determined by ability to pay and security

—–DEVELOPMENT LOAN

Features

  • Interest rate of 1% on the reducing balance
  • 0.5% of the loan amount for insurance
  • 0.85% of the loan amount for processing fees (Max 10,000)
  • Maximum loan repayment period of 72 months
  • At least 5 loans at a time
  • Membership for at least three months
  • 3 times deposits fewer outstanding loans

—–EMERGENCY LOAN

Features

  • Interest of 1% p.m of the loan amount on the reducing balance
  • 0.85 % of the loan for loan processing.
  • 0.5% of the loan amount for insurance.
  • Ksh. 500 for appraisal.
  • Maximum loan repayment period is 12 months.
  • Atleast three loans at a time
  • Membership for three months before loan uptake.
  • 3 times deposits fewer outstanding loans

—-MOTOR VEHICLE FINANCING

Features

  • Interest rate of 1.25% on the reducing balance
  • 0.85 % of the loan for loan processing.
  • 0.5% of the loan amount for insurance.
  • Ksh. 500 for appraisal.
  • Maximum loan repayment period of 48 months
  • Atleast one loan at a time
  • Membership of three months
  • Up to 90% of Forced Sale value for Toyota models
  • Up to 80% of Forced sale value for other models.

—-SCHOOL FEE LOAN

Features

  • Interest of 1% of the loan on the reducing balance
  • 0.85 % of the loan for loan processing.
  • 0.5% of the loan amount for insurance.
  • Ksh. 500 for appraisal.
  • Maximum loan repayment period of 12 months
  • At least three loans at a time
  • Membership of three months.
  • 3 times deposits fewer outstanding loans

—-MAISHA FLEXI LOAN

Features

  • Interest rate of 1.125% of the loan amount
  • 1% of the loan amount for loan processing fee
  • Maximum repayment period of 60 months
  • Atleast one loan at a time
  • Membership for three months

—–Bima Loan

This loan is available to all members to enable them pay for insurance premiums

Features

  • Maximum amount is the actual amount of the insurance premium
    •    Interest rate is 0%
    •    Maximum repayment period of 6 months
    •    Security options: Member deposits, Fixed deposits
    •    Quick loan processing: 1 day maximum
    •    One-off processing fee:3.5%
    •    Evidence of ability to pay
    •    Approval by CIC insurance provider

—-Boma Imara

Want to Buy or Build? Boma Imara Mortgage Loan is finally here!!

Features

  • 13.5% p.a interest on reducing balance.
  • 0.5% processing fee.
  • 7 times deposit multiplier
  • 3% on deposit top-up and active membership for three months
  • Min amount- Ksh 500,000
  • Max amount- Ksh 20,000,000
  • Repayment of 72 – 180 months

—–Fosa Express Loan (Salary Advance)

Features

  • 5% interest upfront paid once.
  • 2.5% processing fee.
  • Pegged on the ability to pay 2/3rds rule for salaried members.
  • Maximum repayment of 6 months

—-FOSA REFINANCE LOAN

Features

  • Interest rate of 1% p.m on the reducing balance
  • Insurance fee of 0.5%
  • Maximum repayment period of 72 months
  • Full Sacco membership for at least 6 months.
  • Not pegged on deposits
  • Evidence of loan distress
  • At least one loan at a time

—–Maisha Golden Loan

Maisha Golden loans address the development needs of members such as acquiring property and other assets, starting or boosting businesses, undertaking large-scale farming, and motor vehicle purchases among others.

Features

  • Qualifying loan is 4 times the member’s deposits.
  • Interest rate is 1.125% per month on reducing balance.
  • Insurance fee of 0.5% and 1.5% processing fee
  • 0.5% for refinancing pegged on the loan amount refinanced.
  • Maximum repayment period of 84 months
  • Full Sacco membership of at least 3 months.

—-FOSA SPECIAL COLLATERAL

Features

  • 1% interest on the reducing balance
  • 0.5% insurance fee
  • 1% processing fee
  • 1% consolidation fee
  • 1% provisioning fee
  • Maximum loan repayment period of 72 months.

—-INVESTMENT LOAN

The Investment Loan aims to assist members who have a keen interest in investing in government securities.

Features

  • Qualifying loan is 5 times the member’s deposits.
  • Interest rate is 1% per month on reducing balance.
  • 0.5% insurance fee
  • 0.2% Management fee
  • Maximum repayment period of 60 months
  • Maximum amount 20 Million
  • Full Sacco membership of at least 3 months.

How to qualify for a loan

  • Non-FOSA loans accessible after 3 months from the time of joining the Sacco
  • FOSA loans and services are accessible without any waiting period subject to set terms and conditions
  • No waiting period for members transferring directly from another Sacco

Who qualify to be guarantor

  • An active member with deposits and;
  • Whose current guarantees do not exceed 3 times of the deposits
  • Is not a defaulter

Loan security options

  • Non-withdrawable deposits
  • Fixed deposits-Mip / Junior account
  • Qualifying guarantors
  • Immovable property with clean ownership title e.g. title deeds, certificates of lease
  • Movable property subject to set terms and conditions e.g. motor vehicle log books
  • Quoted equities subject to terms and conditions
  • Maisha Bora Ventures shares
  • Title deeds issued by Maisha Bora Ventures

Loan policy – due dates interest

  • The 1st installment of loans disbursed up to 10th of the month is due at the end of the same month
  • The 1st installment of loans disbursed after 10th of the month is due at the end of the following month
  • Interest on loans disbursed up to 10th of the month is charged for the full month and due the same month
  • Interest on loans disbursed after  10th of the month is charged on a prorated basis and due the following month

Loan policy – default

  • Due loan that remain unpaid after the last day of the month incurs a penalty of 5% on the principle installment (s) not received
    1st month of default – you receive a notification through an sms and email
    2nd month of default – you & guarantors receive a notification through an sms and email
    3rd month of default – you & guarantors receive a notification through an sms and email
    3rd month of default – you receive a notification for listing with the credit reference bureau
  • After the 3rd month of default;
    The loan is recovered from your deposits and the balance from guarantors deposits
    Your name is forwarded to the credit reference bureau for listing which mean you will be unable to get credit in the Republic
    We start the recovery of the pledged collateral
    Recovery instructions are given to our lawyers, debt collectors and auctioneers

Payment Options

  • Cooperative bank, enterprise road branch a/c 01120000568600
  • Equity bank, enterprise road branch a/c 0800292523510
  • All Cooperative & Equity bank agents
  • Mpesa paybill number 600110 a/c Number(Member Number)
  • FOSA banking at the Sacco office
  • Msacco

When does a member become eligible for a loan?

After saving with us for a minimum period of 3 months. The waiting period has been waived for members purchasing pieces of land from Maisha Bora Ventures.

How to apply for a loan

Duly completed loan applicable form available at our office. Membership of three months downloaded from our website; Attach the following documents; Latest three months certified pay slips or 6 months certified bank statements Copy of PIN for the borrower Copy of ID for the borrower Collateral titles if not using guarantors SMEs & businesses to add; Current operating license Business registration documents Map of residence or business premises Utility bill (electricity, water bill or rent) for residence & business premise

What do I need when applying for a loan?

    • Fully completed loan form.
    • Most current & certified three months’ payslips or 6 months Mpesa/bank statements for SMEs.
    • A copy of ID/passport and KRA PIN Certificate.
    • Qualifying guarantors who must be active members (or collateral).

How to access mobile loan?

  • First Register on Msacco and follow these steps to apply for mobile loan:
  • Dial USSD code *346#
  • Enter your Msacco pin number
  • Select Loans (Option 2)
  • Select Request Loan (Option 1)
  • Select which mobile loan you will would like to apply: https://maishaborasacco.com/our-products/mobile-loans-products
  • Enter the amount you want
  • You will receive a notification
  • Once the loan is approved. It will be deposited to your FOSA savings account.

What are the applicable terms for development loans?

  • After saving with us for a minimum period of 3 months.
  • Upon acquiring a minimum share capital of Ksh 1,000.
  • The waiting period has been waived for members transferring directly from another Sacco and those purchasing pieces of land from Maisha Bora Ventures.

MOBILE LOAN PRODUCTS

—–MCASH

mCASH loan

mCASH loan is a mobile loan product which allows member to borrow through the phone.

Features

  • Maximum limit is kshs 70,000/=.
  • Minimum limit is kshs 1,000=.
  • Qualifying loan is up to 50% member’s share deposit.
  • Interest rate is 0%.
  • One-off facility fee of 5% (upfront).
  • Payable within 1 month with a rollover option for up to 2 months.
  • You can access 3 loans at the same time within the limit.
  • Full Sacco membership of at least 3 months.
  • You must be registered with M-Sacco (Mobile banking platform).

—–INSTANT LOAN

Instant on Mobile Loan

Instant on mobile loan is a mobile loan product which allows member to borrow through the phone.

Features

  • Maximum limit is kshs 100,000/=.
  • Minimum limit is kshs 3,000/=.
  • Qualifying loan is up to 25% member’s share deposit.
  • Interest rate is 5% monthly on reducing balance.
  • The Maximum repayment period is 3 months.
  • You can access 3 loans at the same time within the limit.
  • Full Sacco membership of at least 3 months.
  • You must be registered on M-Sacco (Mobile banking platform).

—-THIBITI LOAN

Thibiti loan

Thibiti loan is a mobile loan product which allows member to borrow through the phone.

Features

  • Maximum limit is kshs 200,000/=.
  • Minimum limit is kshs 1,000/=.
  • Qualifying loan within self-guarantee is up to 50% of member’s share deposit.
  • Qualifying loan within guarantor is up to 100% member’s share deposit.
  • Interest rate is 2 % monthly on a reducing balance.
  • The Maximum repayment period is 12 months.
  • You can access 3 loans at the same time within the limit.
  • Full Sacco membership of at least 3 months.
  • You must be registered on M-Sacco (Mobile banking platform).

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