C KENVERSITY

FOSA Loans Information

FOSA Loans include

Type Limits Repayment Rates Guarantors
Overdraft 20,000 - 150,000 10 Months 6% 2
Advance 5,000 - 60,000 5 Months 6% 2
Short Period Advance 20,000 3 Months 6% 1
Karibu 100,000 6 Months 5% 2
Jiinue 60,000 6 Months 5% 2
Utility Nil 12 Months 2% 2
Share Booster up to 100% of your deposit Once upon loan approval 10% Nil

Common Conditions

1. The loans are granted based on the ability to pay.
2. The current pay slip (Not a run) is a requirement.
3. Guarantorship by diamond members is not allowed.
4. Top-up is acceptable except for Utility and share-booster.

N/B: Fosa products are processed within eight (8) hours least for utility loan.

Two guarantors for Fosa loans

Overdraft - It is repayable in 10 months. Minimum kshs. 20,000 and Maximum Kshs. 150,000.
Advance - It is repayable in 5 months. Maximum Kshs. 60,000 – two guarantors for non-KU members.
Short Period - It is repayable in 3 months. Maximum Kshs 20,000.
Karibu Loan - The loan is repayable in 6 months Maximum of kshs. 100,000. Can be granted even on the first month of the member joining the SACCO, only if he/her pay kshs, 3000 share capital and risk Kshs.300. interest rate 5% per month.
Jiinue Loan - The loan is repayable in 6 months Maximum of kshs. 60,000. interest rate 5% per month.
All are applied and granted within the same day.

Top-Ups

Members can apply for top-ups on all FOSA loans and emergency with a clearing fee of 4% on the balance.

Utility Loans

>Repayment period is 12 months.
>Interest rate 2 % per month.
The utility loans include:

1. Car Insurance
2. Hot point Appliances
3. AA Driving Lessons
4. Mobile phones
5. Mabati
6. Jikos & Solar products
7. Tanks

Payment Methods

Cheque

All cheques are payable to Kenversity Sacco Limited. Please indicate on the Cheque, your Membership Number/Id number and the allocation (e.g. to pay KES 60,000, indicate on the cheque, your membership Number- MNO.001-Deposit Kshs.10,000/-, Risk Management Fund Kshs.300/-, Normal Loan , KES 15,000/- and Super loan KES 34,800/-.

Bank

a. Co-operative Bank of Kenya Ltd Account Name: Kenversity Sacco Ltd Githurai Branch Account Number : 01120000563800

b. National Bank of Kenya Ltd Account Name: Kenversity Sacco Ltd Kenyatta University Branch Account Number : 01009059073700

c. M-pesa Paybill

Cash

A member can deposit his/her monies over the counter by cash or cheque at Kenversity offices at Kahawa office. Savings accounts:

1. Kenversity Savings Account (Kensa)
This is where your loan is channeled and withdrawal is made from this account. Requirement for opening Account:
A copy of Id
Two passport

2. Kenversity Holiday Savings Account ( Kenjunior)
This account enables members to save for their children under 18 years.
No minimum deposit amount
No withdrawal charges.
Ledger fee kshs. 20 per month.
A minimum Account Balance of Kshs.3000 earns interest at the end of each month.

3. Kenversity Education Savings Account (Kenhol)
This account allows members to take advantage of easy management of their holiday financing. No minimum deposit amount No withdrawal charges. Ledger fee kshs.20 per month. A minimum Account Balance of Kshs.3000 earns interest at the end of each month.

4. Kenversity Fixed Deposit Account ( Kenfix)
The account allows members to save for a certain period of time in order to earn interest. The membersdecides the period of savings, and after expiry the account holder can renew. The interest rate is determined by Board of Directors from time to time.

Top Ups

Members can apply for top-up on all FOSA Loans, Emergency Super, Normal Loans and will be charged a clearence fee of 5% on the outstanding balance. Members can also apply for kenversity loan to clear externals e.g. Bank Loans. A clearence fee at 5% will be charged.

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