UNIVISION GOLD PRODUCT
We are glad to introduce to you a new retirees’ product called Golden account. This product is
meant to provide a safe gap for you on retirement between date of retire and receipt of your pension.
Product Features:
1. Only retired members are eligible. These are members who are leaving employment due to
mandatory/voluntary retirement and whose age is above 55 or retirement on medical grounds.
2. The account to run for a maximum 24 months.
3. The 50% funds transferred to FOSA to earn 5% interest p.a. on monthly balances.
4. Utilise maximum 50% of the BOSA deposits net of all liabilities in the Sacco.
5. Open monthly standing order from the Golden account to Fosa savings account.
6. You can access Fosa advance against this deposit.
Requirements:
1. Discharge letter (retirement letter); and
2. You will be expected to provide the latest payslip and provide proof that the pension will be
channeled through Mwalimu Fosa.
The way it would work:
1. As you approach mandatory/voluntary retirement, engage Mwalimu on the amount you wish
to access from BOSA in a phased manner. This amount will be pegged at a maximum of 50% of
your deposits at the time.
2. The funds will be moved to a FOSA Golden Account from where a standing order is drawn.
3. The monthly standing order will transfer the agreed calculated amount to your FOSA Savings
Account on 1st of each month.
4. From the regular flow of this funds through the standing order, you are eligible to access ALL
the FOSA products that an ordinary salaried member would access.
FOSA PRODUCTS
FOSA instant credit (36 months)
▪ FOSA instant credit (36 months)
▪ Interest rate @ 1.5% per month on reducing balance
▪ Repayment period is 36 months.
▪ Maximum amount granted is your net pay or savings under (Save as You earn)S.A.Y.E x
20
FOSA instant credit (12 months)
▪ Interest rate is 1.25% Per month.
▪ Repayment period is 12 months.
▪ Maximum amount granted is your net salary x12.
▪ Maximum amount granted is your savings under S.A.Y.E x 12.
BOSA PRODUCTS
COLLATERAL-BASED-LOANS-GUIDE
You can use property or a motor vehicle instead of guarantors to access a loan from the Sacco.
Who is eligible for a loan at Univision Sacco?
• Must be a member of the Sacco.
• Must be active i.e., having saved consistently for the last 3 months.
• Must be a member in good standing i.e., has no defaulted loan.
• Open and maintain Sacco FOSA account.
What documents are required to access a loan using collateral?
1. Completed loan application form counter signed on each
2. Copy of National Identity Card
3. Copy of KRA Pin Certificate
4. Copies of Security Documents in this case title deed, certificate of lease, certificate of title or
conveyance or copy of logbook.
5. Three months recent pay slips/paystubs applicable to those in employment
6. Three months’ Salary Bank Statements
7. Letter of confirmation of employment for employed applicants.
8. Business registration certificates, Certificate of incorporation, Resolution to borrow by a
limited liability company applicable to registered entities.
STEPS FOR SECURED LENDING-USING LAND
1. Applicant provides all the documents as requested by the Branch Business Credit officer.
2. Credit Officer reviews, and if all documents are submitted, shares a list of valuers & lawyers
for members to select.
3. Member shares the selected valuer and lawyer after negotiating and agreeing on the expected
fees.
4. Univision Sacco officially instructs the Valuer to undertake the valuation and property
inspection/Due diligence on suitability for use as collateral.
5. Valuer submits the report to the Sacco credit officer.
6. Credit Sanction of terms and condition of the loan are issued to guide loan offer letter
drafting.
7. Sacco drafts and issues Loan offer letter to the member for execution and attestation for
lending purposes.
8. The member executes the offer letter notarizes the same and shares with the Sacco together
with the original title.
9. The credit team, upon receipt of the documents, forwards to Legal Team for charging
process to commence.
10. Univision Sacco Legal Team gives a go ahead to the credit team to proceed with
disbursement once charging is completed.
11. Credit team ensures insurance is in place there is a property, and all conditions are met as
set in the offer letter and disburses the loan to the member account.
Frequently Asked Questions
1. Why can’t the Sacco just appoint a valuer and a lawyer for the process? The cost of the
lawyer and the valuer is borne by the member hence the member has to negotiate the rate directly
for transparency.
2. I do not know any lawyers or valuers to enable me to choose from the list shared. What
do I do? The Sacco has an approved list of valuers and can assist by setting up a conference call
to enable conversations.
3. How long will it take for me to get the loan? The process takes a month due to the
securitization process and external parties involved.
4. What portion of the value of the land will be used to secure the loan? For a developed
property we take 75% of the valuation plus accumulated savings for the member. For vacant or
undeveloped land in urban areas we take 60% plus accumulated savings for the member. For
agricultural land we take 50% plus accumulated savings for the member.
5. What portion of the value of the Motor vehicle will be used to secure the loan? We take
60% of the valuation plus accumulated savings for the member, however where the application
falls under asset the percentage might be up to 90% depending on the condition of the car.
6. Does year of manufacture affect use of motor vehicle as security? Yes, it does as the
Sacco only allows motor vehicles within 12 years of year of manufacture to be used as security.
7. If using land as security that has property already built am I required to have the
house insured? Yes, a member will be required to provide proof of comprehensive insurance of
the property. The Sacco is also able to facilitate provision of the insurance at the member’s cost.
8. If using Motor Vehicle as security am I required to have it insured? Yes, proof of a
comprehensive insurance is required to be provided before loan is disbursed. The Sacco is also
able to facilitate provision of the insurance at the member’s cost.
9. Can I use a joint owned property or a third-party property as security? Yes, you can
and the same procedure for securitization will apply, save that the charge will contain additional
requirement for the co-joint owner to give his consent to the charge through an official affidavit
and Personal guarantee and Indemnity.
KENYA MORTGAGE REFINANCING LOAN PRODUCT- sign a deal with KMRC on how to incorporate the
product
Asset Finance Loan
Product Description
This facility enables members to purchase private quality cars through co-ownership with the
Sacco.
Product Features
• Loan issued at 3 times of one’s deposits.
• Repayment- 48 months
• Interest rate- 1%p.m on reducing balance
• Original logbook act as security.
• Financing between Kshs.300, 000- Kshs. 7,000,000. Max
• Age Limit of vehicle 9 Years
• Sacco finances up to 90% for new vehicles
• Sacco finances up 80% for used vehicles
• Valuation report, Transfer or Import documentation to be attached
• Disbursed within a Month
• Must be Comprehensive Insurance through appointed Insurance Agent by the Sacco
• Importation documents of the car
• Member must have saved for at least 6 Months (BOSA)
• KRA PIN for both seller and buyer.
• Dully signed Transfer forms, charges will apply according to prescribed KRA Rates
• Member to bear Logbook & Car Track Charges
Others
Make Charts for Fixed Deposits Accounts showing benefits for each period and
percentage
Make the Sacco Sharia Compliant to grow client base
✓ Normal Muslim Loan
i.e. *2 times deposits
* 48 months
* No interest
✓ Emergency Loan
*2 times deposits
*12 months
*No interest
* Processed within 24hrs
Loans repayment plan chart
AI for loans appraisal for non-salaried and businesses- Ai driven credit scoring model
One can do account transfer of money e.g., from salary to loan direct online without
visiting the branch.
Refer and earn Promotion- Kes 400 per referral-indicate your name as the recruiter on the
membership application form.