ABack Office Service Activity deals with non-withdraw able savings and allows members to borrow against their savings, at very competitive interest rates.

Back Office Service Activity (BOSA)

Normal Loan

-Loan shall not exceed three (3) times members’ deposits received by the Society.

-The rate of interest shall be 1% per month reducing balance.
-Repayment period shall not exceed 36 months (3 years).
-The nature of development must be clearly specified on the application form

Clear ‘n’ Refinance Loan

-This shall be used to clear all types of loans offered by the Society.
-Loan repayment period shall not exceed three (3) times members’ deposits received by the Society
-The interest rate applicable for this loan type shall be 1% per month on a reducing balance.
-A commission of not more than 10% shall be charged on the loan balance being cleared.
-Repayment period shall not exceed 36 months (3 years).

Refinance Loan

-The loan shall be repaid within the remaining period of the Normal/Clear ‘n’ Refinance Loan.
-The loan shall attract an interest rate of 1% per month on a reducing balance.

Special Loan

-Maximum repayment period is 24 months.

-Interest rate at 1% per month on reducing balance.
– Cheque to be drawn to the vendor where applicable. Requires a proforma invoice.

Education Loan

-The rate of interest shall be 1% per month on a reducing balance.
-Repayment period shall not exceed 12 months.
-The cheque shall be drawn to school/institution where applicable and necessary.

Short Term loan

-The maximum granted shall not exceed Ksh.100, 000 (One hundred thousand only)
-Repayment period shall not exceed five (5) months
-The rate of interest shall be 5% per month on a reducing balance.