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Asset Acquisition Loan

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  2. Asset Acquisition Loan

ASSET ACQUISITION LOAN ( FIC buys on behalf of the member).

 These are loans extended to FIC borrowers for the purposes of enabling them to acquire assets such as land, vehicles, property, machinery, etc.

  • A member identifies the asset of interest, negotiates the price, and commits to its due diligence.
  •  Deposit at least 25% of the asset’s worth with FIC
  •  FIC acquires the asset at the negotiated price on behalf of the member and immediately sells to the member at the negotiated price plus FIC’s applicable rate of return on investment.

 Eligibility Criteria                           

  1. Must have a stable source of income
  2. Must have a good repayment history
Maximum Loan amountNot more than 75% of the negotiated value of the Asset or
maximum amount approved by the Board from time to
time whichever is less.
Maximum Loan period60 months
Grace period1 month
Repayment frequencyMonthly/quarterly
Loan Interest18% Per annum
Interest calculation
method		Reducing balance amortized
Loan processing fee2% of the approved loan amount
Penalty fees1% of the amount in arrears 30 days and above
accrued monthly
Other feesInsurance fees according to insurance policy rates.
Applicable legal fees. Any other costs applicable to the contract.
SecurityAsset/ Savings/share capital/tangible collateral/
any other acceptable collateral.