Applicants Must read the following Guide Lines and Conditions Before Completing the Loan Application form
(Part one) LOANING POLICY

1. Eligible Applicants must have been a member and a consistent contributor of savings for a minimum period of six months.
2. Members must have contributed the minimum deposit of Kshs. 1,000 for a minimum period of six months and have achieved the minimum share capital of Kshs. 10,000 to qualify for Bosa loan.
3. I/We understand that all loans shall follow the basic principles laid out in the credit policy and shall be granted based on the same policies.
4. A member shall not qualify for a new loan facility if they have a current facility that is defaulted.
   Lumpsum deposits for the purpose of forming basis of acquiring larger amount of loan shall be considered only if the deposits remain in the members account for at least three months.
5. A member will only be allowed to be a guarantor if he or she meets the criterion set out in the guarantor policy.
6. I/We understand that The Society may approve or decline an application for credit facility in its absolute discretion The Society is not obligated to disclose any reason for decline or approval of an application.
7. The funds for the loan approved will be issued net of the processing fee, appraisal fee, insurance premium, paid upfront form 300, refinancing costs, bank charges, excise duty and loan balances
   being offset. All costs are as per credit policy at the time.
8. The borrower shall pay for premium of Loan Cover (Member Participant Insurance Cover). The amount
   payable under this cover will be for clearing the outstanding loan or part thereof as a result of death or
   accident, depending on the extent of disability caused. You will make necessary prior arrangements to ensure that in the event of death or incapacitation, the matter is reported to the society without delay to facilitate lodging of a claim. Any claim made after 6 months from the date the accident /death will be time-barred and will not be honoured.
9. The minimum loan amount is Kshs. 5,000.
10. Any delay in repayment beyond agreed schedule shall earn compound interest.
11. The society shall give a written notice of demand upon non-repayment of sixty days beyond schedule.
12. The loan applied shall not exceed three times of the total savings or as specified by the Board of directors.
13. The law does not allow a borrower to withdraw, whole or part of his or her savings until all outstanding loans are repaid and also all loans guaranteed by him/her are cleared.
14. The interest rate will depend on the product given and on reducing balance.
15. All loans must be secured by applicants’ savings, guarantors’ savings and additional properties that can be attached if the borrower fails to honor repayment agreement.
16. Repayment of loans must be regular and in accordance with agreed repayment schedule.
17. In case of default, the society reserves the right at its discretion to;
    a) Recover outstanding loan balance from guarantors upon notification.
    b) Attach any property benefits or emoluments directly attributed to the member.
    c) Charge a defaulter for or any other amount incurred by the society or its agents in recovering the defaulted loan.
    d) Upon notification and subsequence lapse of the grace period, list the member with the Credit Reference Bureau.
    In the event of default, I hereby give authority to my present employer to deduct from my salary
    every month such a sum of money consisting of Principal loan repayment and interest as may be determined by the Society, until the loan is repaid in full and I hereby undertake to give similar authority to my future employers in the event that I should leave the services of my present employer before my loan is repaid in full.
18. In the event that legal opinion or other action is necessary in relation to your account or recovery of the debt, it is agreed that legal cost and all reasonable charges will be borne by the borrower.
19. The Borrower by accepting the above terms and conditions confirms that he/she has sought and obtained independent legal advice on the terms of this Loan Application Form and has fully understood and willingly accepted the implications and potential consequences of agreeing to these terms and conditions

I/We understand that the society my take any appropriate action against me if I default in repayment of the loan.