Tower Sacco Loans in Kenya

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Tower Sacco offers financial solutions in Kenya and beyond. Tower Sacco Loans in Kenya. It was registered on 15th September 1976. The purpose then was to serve primary school teachers by according them an opportunity to save regularly, borrow wisely and repay their loans promptly. The Sacco’s business started in the year 1977 when the first loans were given to the members.

Loans offered in Fosa

Fosa Loan

• Maximum repayment period is 96 months.
• Minimum salary if the loan is through check off system should be 1/3rd of the basic salary
• Requires 4 guarantors
• For top up, one must have repaid the loan for one year.
• 6 times your savings.

Fosa Flex Loan

• Maximum repayment period is 84 months.
• Minimum salary if the loan is through check off system should be 1/3rd of the basic salary
• Requires 4 guarantors
• For top up, one must have repaid the loan for one year.
• 5 times your savings

Fosa Emergency 24

• No maximum amount.
• Maximum repayment period is 36 months.
• Minimum salary is Kshs.3,000.

Fosa Premium Loan

• Loan is granted three times of the deposits
• Require 3 guarantors who must are members
• Repayment period is 36 months.
• Loan processed within 24 hrs.

Requirements

• 6 months regular savings contribution in the premium account.
• Cash deposits must have been in the account for at least 6 months
• Applicant must fill an affidavit form.

Premium emergency loan

• Loan is repayable within 12months.
• Three (3) guarantors.
• Processed the same day on application.
• Loans outstanding should not exceed three (3) times the member’s deposits.
• The loan has no maximum amount and depends on one’s ability to pay.

Vuka Loan

This loan will be available to all employees whose employers have signed an agreement to process and remit the monthly installments directly to the bank. They Include:

1. TSC employees.
2. County Government employees
3. National Government employees.
4. Mainstream Parastatal employees i.e. KFS, KWS, KARI, KARLO and KEFRI amongst Others.

Features:-

• The check off/MOU arrangements must be in place.
• Maximum loan repayments period of 84 Month depending with age to retire.
• Maximum loan amount of Ksh 3,500,000.
• Loan must be fully booked before disbursements.

Benefits:-

• Your salary and the MOU act as the security.
• Faster and friendly processing.

Requirements:-

• Member to open account and Buy shares of Ksh 10,000 and raise a Non withdrawable deposit of ksh 20,000.
• Check off loan application forms duly completed in triplicate.
• A 1/3 rule must be observed.
• Three (3) latest certified pay slips.
• Certified Account statements for the last (3) months.

Bima Loan in partnership with TOWER TECH

Premium financing provides a short term loan for businesses and individuals to use specifically to pay for asset insurance coverage.

• A member is required to have deposits.
• Loan is 3 times the deposits.
• Flexible financing terms for a period of up to 12 months

Group premium Loan

• Loan is granted to groups to purchase land
• The land should have free hold title deed
• Group members must be 6 and above
• Loan is granted 3 times each member deposits
• Secured by group deposits and title deed
• Repayable in 36 months

Boresha Mama

Women wish to own small business or own a business and wish to boost it, The member must have an active account OR must save for at least three months

• Must have an active and running business within the locality
• Normal appraisal will be done to the member applying for the loan to establish their ability, their residence and business sites must be visited.
• 3 Times member deposits
• Ksh.10,000 to Ksh.50,000
• Loan term to be a Maximum of 18 Months
• Own Deposits
• Minimum of 3 Guarantors
• Business stocks
• Acceptable Movable Chattels

Mkopo Mashinani

This is a product for members of registered self-help groups.

• Entrance fee is kshs. 350 per member
• Requires one to save regularly for six weeks in order to qualify for a loan
• Affordable minimum weekly deposits contribution of kshs. 100
• Loan granted is five times your deposits
• Maximum repayment period is 18 months
• Secured by guarantors and chattel mortgage
• Loan must be insured

Salary Advance

• Maximum amount is Kshs.50,000
• Maximum repayment period 12 months.
• Requirement of 1 pay slip.
• Minimum salary Kshs.1,200
• Minimum repayment period 1 month

Salary In Advance

• Maximum amount equivalent to one month’s salary
• Interest is loaded to the principal.
• Recovered immediately salary is received.

Farm Produce Advance

• Granted to members whose farm produce pass through FOSA
• Repayment period is 6 months
• Secured by guarantors

Dividend Advance

• Repayable by dividends
• Open to all members when board passes resolution to offer them.

Normal Loans

• The loan is granted to SACCO members (teachers & civil servants) who have deposits in BOSA.
• Loan granted should be 5 times the member’s deposits.
• Loan must be secured by 3 guarantors
• The maximum repayment period is 72 months
• Minimum salary if the loan is through check off system should be 1/3rd of the basic salary
• Loan is approved within 24 hours.

Emergency Loans

• Processed the same day on application.
• The loan has no maximum amount and depends on one’s ability to pay.
• Loan is repayable within 12months.
• Two (2) current payslips.
• Minimum salary Kshs.3,000 if the loan is serviced through FOSA standing order and 1/3rd of basic salary if through TSC check off.

School Fees Loan

• Supporting documents required (fees proforma)
• Loan repayable within 12 months.
• Minimum salary Kshs.3,000 if the loan is serviced through FOSA standing order and 1/3rd of basic salary if through TSC check off.
• Three (3) guarantors are required.
• Two recent pay slips and I.D. photocopy must be attached.
• Loan processed the same day on application.

Special Loan

• Granted to purchase products e.g. motor bikes, lap tops, water tanks, etc.
• Member can identify the products and supplier, the cheque is drawn in favour of the supplier.
• Maximum amount is Kshs.150,000.
• Repayable within 36 months.
• Two (2) recent pay slips
• Requires 3 guarantors
• Minimum salary Kshs.3,000 if the loan is serviced through FOSA standing order and 1/3rd of basic salary if through TSC check off.

Asset Financing

This a facility that enable our customers to own assets like vehicles, building both commercial and residential, land and other properties.  Finance both new and used property and vehicles.

• A member is required to raise non-withdrawable deposits of 20% for land and buildings, for vehicles (25% for trucks, tractors, pickups, personal car and 35% for matatus).
• Repayable within for land 72 months for land and buildings, trucks & tractors is 60 months and 36 months for vehicles.
• Security for the loan is the asset being purchased.
• The property purchased must be insured.
• Assets remain the property of Tower Sacco for the duration of the loan period. Ownership is transferred to you once the last payment has been made.
• Financing of second hand vehicles subject to meeting the society’s guidelines and condition.
• For Vehicle Purchase It Should Not Be More Than 12 Yrs From Manufacture.

Tower Sacco loan App 

At the moment there’s no tower Sacco app. Customers can just visit any nearest branch to seek for any help or call the office contacts below.

Tower Sacco login 

Members log in to their accounts on the tower Sacco website. This way they can see account details including savings balance and loans.

Tower Sacco Customer care Contacts

Tower Sacco Head Office location

OL’KALOU FOSA Building,

OL’Kalou/Nyahururu Road

P.O Box 259-20303,OL’KALOU;

TEL: 051-8000822, Fax 020-2071205

Email Addresses

info@towersacco.co.ke

customercare@towersacco.co.ke

Tower Sacco phone numbers

0723 836 421

0733 416 492

0731 638 930