FOSA LOAN

This facility enables salary account holders to access short-term loans, repayable over a period of 12 Months.

What is FOSA LOAN?


This facility enables salary account holders to access short-term loans, repayable over a period of 12 Months.




What are the Key Features if FOSA Loan?


  • Third rule apply.
  • Interest rate at 2% p.m. On reducing balance
  • Payable through FOSA salary accounts.




What happens to my Salary Account?


  • The member signs irrevocable instructions to have their salary pass through FOSA
  • Salary should have passed through FOSA for at least 3 months




Are my Shares Affected?


  • Fully guaranteed.
  • FOSA Loan is Not pegged on shares/savings but on salary.