Emergency Loan

Emergency Loan

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.

 

Eligibility Criteria

  1. Must have a stable source of income
  2. Must have a good repayment history

Terms and conditions

1. 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.

2. Maximum Loan period 3 months
3. Grace period Nil
4. Repayment frequency Monthly or lump sum
5. Loan Interest Double the prevailing rate for normal loans
6. Interest calculation method Reducing balance amortized
7. Loan processing fee 2% of the approved loan amount
8. Penalty fees 2% of the amount in arrears 30 days and above accrued monthly
9. Other fees Loan application fee of 10,000/= and Insurance fees according to insurance policy rates.
10 Security Savings/share capital/business/ tangible collateral etc.