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BIASHARA LOAN

Biashara Loan

  1. Purpose of loan
  • Loan granted to Class-B Individual business Members who bank their business income regularly at FOSA
  1. Maximum Amount
  • Deposits multiplied by 3
  • Maximum 7,000,000
  1. Maximum period
  • 48 Months.
  1. Loan Security
  • At least five guarantors whose deposits adequately cover the loan applied.
  • Or acceptable tangible collateral or both.
  • The business should be legal and registered.
  1. Other Conditions
  • 15% Interest on loan Top up.
  • 15% interest on loan clearance.
  • 7.5% Insurance fee.
  • Contribute 1% of loan to deposits during term of the loan.
  1. Interest rate
  • 1.21% per Month (14.5% P.A)
  • Interest charged on reducing balance.