Bosa Products

This product is meant to empower Mwito members to engage in development projects e.g buying plots, building houses, farming, starting viable business e.t.c..

1. The rate of interest is 1% per month on the reducing balance(6.5% per annum).
2. The multiplier shall not exceed 4 times a contributors deposit.
3. The maximum limit is Kshs 5 million.
4. Repayment period shall not exceed 60 months.
5. Every member applying for a development loan must have completed repaying all other loans at the time of application; however outstanding loans of less than 50% of the new loan (inclusive of external effects and charges) may be offset from the new loan at a fee.
6. Any payment outside the check off to clear a loan or boost deposits may wait at least 1 month before accessing a new development Loan.
7. Clearing outstanding loans in cash/cheque outside check-off system shall attract an equivalent of 3 months’ interest on the outstanding loan.
8. Minimum monthly deposit contribution of ksh.2,000 or 5% of applicant’s basic salary.

Top Up loans are available to those servicing development loans.

The loan will be granted to any member who meets the following requirement

Emergencies include sudden hospitalization, funeral expenses, court matters, unforeseen calamities, but shall not include house rent due; or other Loans covered under this policy. In all cases emergency loan applications may have documentary evidence. The following conditions apply:

1. Every member shall be entitled to only one emergency loan not exceeding Kshs.300,000= at a time.
2. Repayment period shall be within 12 months.It attracts interest at the rate of 1% per month on the reducing balance(6.5% per annum).
3. Monthly deposit contribution will be a minimum of Shs 2,000= or 5% of applicants basic salary, whichever is higher.

School fee Loans may be granted to a member even though he/she may be servicing other loans subject to the following conditions:-

1. The total outstanding loans, including school fees, must never exceed 4 times the members’ deposits.
2. Repayment period shall be restricted to 12 months.
3. School fee loan cheques shall be sent direct to the School where applicable and necessary.
   It attracts interest at the rate of 1% per month on the reducing balance.
4. Monthly deposit contribution will be a minimum of Ksh. 2,000= or 5% of applicants basic salary, whichever is higher.
5. The maximum amount shall be Kshs 500,000

These loans will be granted to members to pay fees in colleges and universities both locally and overseas

1. The total outstanding loans, including this loan, must never exceed 4 times the members deposits.
2. Maximum repayment period shall be 36 months.
3. Payment (cheques) shall be sent direct to the colleges/universities where applicable.
4. It attracts interest at the rate of 1% per month on the reducing balance(6.5%per annum).
5. The maximum amount shall be kshs 1000,000.
6. Monthly deposit contribution will be a minimum of Shs. 2,000= or 5% of applicants basic salary, whichever is higher.

1. This will be granted even though the applicant is serving college fee 1.
2. The total outstanding loans, including this loan, must never exceed 4 times the members deposits.
   Maximum repayment period shall be 24 months.
3. Payment (cheques) shall be sent direct to the colleges/universities where applicable.
4. It attracts interest at the rate of 1.5% per month on the reducing balance(9.75% per annum).
5. The maximum amount shall be kshs 500,000.
6. Monthly deposit contribution will be a minimum of Shs. 2,000= or 5% of applicants basic salary, whichever is higher.

This will be accessed by newly employed officers who are less than 12 months old in employment (members) who require support to settle in their new employment. Its conditions are:-

1. Show proof of appointment (avail letter of appointment).
2. Must enroll as a member and pay share capital of at least ksh.5,000 .
3. Maximum loan shall be 300,000/=.
4. Interest rate will be 1% per month on reducing balance (6.5% per annum).
5. Repayment period shall not exceed 24 months.
6. Initial Deposits will be offset from the loan.
7. Must complete repayment to qualify for another loan.
8. Monthly deposit contribution will be a minimum of shs. 2,000= or 5% of applicants basic salary, whichever is higher.

This is an instant facility (hakuna maswali) whose conditions are as follows:-

1. Maximum amount shall be Shs. 100,000 /=.
2. The repayment period shall not exceed 12 months.
3. The rate of interest is 2% per month on reducing balance(13% PER ANNUM).
4. Monthly deposit contribution will be a minimum of Shs. 2,000= or 5% of applicants basic salary, whichever is higher.

This is a group facility whose conditions are as follows:-