This is a special facility extended to FIC members to meet emergency needs that need urgent attention such as emergency medical costs, burial expenses, etc.
The qualification is upon the discretion of the Management Committee depending on the prevailing circumstances.
- Must have a stable source of income
- Must have a good repayment history
Terms and conditions
|Maximum Loan amount
|3 times total savings and share capital/IUS; but with a maximum amount approved by the Board from time to time.
NB: not less than a third of the minimum amount shall be in IUS.
|Maximum Loan period
|Monthly or lump sum
|Double the prevailing rate for normal loans
|Interest calculation method
|Reducing balance amortized
|Loan processing fee
|2% of the approved loan amount
|2% of the amount in arrears 30 days and above accrued monthly
|Loan application fee of 10,000/= and Insurance fees according to insurance policy rates.
|Savings/share capital/business/ tangible collateral etc.