Types Of Imarisha Sacco Loans: BOSA Loans

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Imarisha Sacco is a Kenyan Savings and Credit Cooperative Organization (SACCO) that offers various types of loans to its members. Imarisha Sacco aims to empower its members financially by offering various services to meet their financial needs While specific Imarisha Sacco Loans products may vary over time, here are some common types of loans that Imarisha Sacco may offer:

1. Development / Normal Loans

This product is open to all members.
A member can take a maximum loan of 3 times the deposits held.
Repayment period: 48 months.
Interest rate: 1% p.m on loan-reducing balance.

2. Premium loan

The Premium loan is open to all members.
A member can take a loan of up to 3 times the deposits held.
Repayment Period: 60 Months.
Interest rate: 1% p.m on loan-reducing balance.
It also attracts 1.5% premium interest recovered up-front

3. Re-Finance Loan

This loan is open to all members wishing to refinance their existing loans.
The repayment period is 48 months.
Interest rate: 1% p.m on loan-reducing balance.

4. Education / School Fees Loan

This loan is meant for secondary, college, or university fees.
A member can take a loan of up to 3 times the deposits held.
Repayment period: 20 months.
Interest rate: 1% p.m on loan-reducing balance.

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5. Emergency Loan

This loan is meant for unforeseen circumstances like burials, natural calamities, court orders, etc.
A member should have serviced all other loans.
The repayment period is capped at 12 months.
Interest rate: 1% p.m on loan-reducing balance.

6. Introductory Loan

This loan is available to new salaried members
A new member is eligible for a maximum loan of Kshs.200,000 where a third (1/3) is taken to the member’s deposits.
Interest rate: 1% p.m on loan-reducing balance.
Repayment period: 48 months.

7. Sky Loan

This product is open to all members.
Annual dividends and interests are used to repay the loan.
A member can take a maximum loan of 3 times the deposits held.
Repayment period: 72 months.
Interest rate: 1% p.m on loan-reducing balance.

8. Sky Poa Loan

A member earns dividends & interests
Must have minimum BOSA deposits of Kshs.300,000
A member can take a maximum loan of 3 times the deposits held.
Repayment period: 72 months.

9. Other BOSA Loans

–> Karibu Loan (12 mths)
–> Ideal Loan (84 mths)
–> Superior Loan (96 mths)
–> Take-Off Loan (84 mths)

In conclusion, Imarisha Sacco plays a vital role in providing financial services and empowering its members in Kenya. As a member-owned Savings and Credit Cooperative Organization, Imarisha Sacco offers a range of services including savings accounts, loans, investment opportunities, financial education, insurance services, and convenient banking options.

Through its savings accounts, Imarisha Sacco enables members to save money and earn competitive interest rates, fostering a culture of financial discipline and stability.

The availability of various loan types caters to the diverse needs of members, whether it’s addressing emergencies, supporting business ventures, financing education, or meeting personal financial requirements.

Imarisha Sacco’s commitment to financial education and training ensures that members are equipped with the knowledge and skills needed to make informed financial decisions, ultimately promoting financial literacy and empowerment.

The provision of insurance services offers members additional protection and peace of mind.