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.
- Must have a stable source of income
- Must have a good repayment history
|Maximum Loan amount
|Not 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 period
|18% Per annum
|Reducing balance amortized
|Loan processing fee
|2% of the approved loan amount
|1% of the amount in arrears 30 days and above
|Insurance fees according to insurance policy rates.
Applicable legal fees. Any other costs applicable to the contract.
|Asset/ Savings/share capital/tangible collateral/
any other acceptable collateral.