Fanikisha Loan

This product is accessible to salary account holders and is meant to boost FOSA salary accounts especially in Telkom and address the need for long-term loans for members without sufficient shares. We have observed serious competition by Bank within Telkom; member loans are being cleared by the members going for long term loans:

Features

Repayment periods of up to 60 months.
Interest rate 1.25% monthly
Minimum applicable amount of Kshs. 700,000.
Eligibility is subject to repayment ability, shares multiplier not applicable.
Salary should pass through FOSA for at least 2 months to qualify.
Number of Guarantors is subject to amount applied.
Loan can be used to offset other facilities.
Member must contribute to BBF

Waiting Period 30 days subject to availability of funds

Requirements

Preprinted application forms,
Copies of Identification Document used in the member registration,
Most current original pay slips for salaried members
Identification copies of the guarantors.
Guarantors’ original pay slips if any