Home Development Loan
This product is designed for FIC members for home improvement/self-development. This could include household equipment, home renovations, etc. This product will also cover members acquiring plots in FIC villages and elsewhere for development.
Terms and Conditions
| 1. | Maximum Loan amount | 3 times total savings and IUS.
NB a percentage of the minimum amount shall be in shares as determined by the Board from time to time. For the case of members acquiring plots in FIC villages, the Board shall approve minimum requirements. |
| 2. | Maximum Loan period | 48 months |
| 3. | Grace period | Not more than 5 days |
| 4. | Repayment frequency | Monthly |
| 5. | Loan Interest | At the prevailing rates approved by the AGM |
| 6. | Interest calculation method | Reducing balance amortized |
| 7. | Loan processing fee | 2% of the approved loan amount |
| 8. | Penalty fees | 1% of the amount in arrears |
| 9. | Other fees | Loan application fee of 10,000/= and Insurance fees according to insurance policy rates. |
| 10 | Security | Savings/share capital/guarantors/business/ tangible collateral / any other acceptable collateral. |