This product targets members of the Franciscan community who belong to different groups/investment clubs engaged in economically viable activities.
Terms and conditions
|1.||Maximum Loan amount||3 times total savings and IUS.
NB: not less than a third of the minimum amount shall be in IUS.
|2||Minimum FIC membership||6 months|
|3.||Maximum Loan period||12 months (negotiable depending on club ability, cash flows, and collateral)|
|4.||Grace period||Not more than 5 working days|
|5.||Repayment frequency||Monthly/ quarterly/ bi-annually|
|6.||Loan Interest||At the prevailing rates approved by the AGM|
|7.||Interest calculation method||Reducing balance amortized|
|8.||Loan processing fee||2% of the approved loan amount|
|9.||Penalty fees||1% of the amount in arrears 30 days and above accrued monthly|
|10.||Other fees||Loan application fee of 10,000/= and Insurance fees|
|11||Security||Savings/IUS/guarantors/business/tangible collateral provided by individuals in the group or owned by the group
Where there is joint ownership, all members shall give written consent
Any other acceptable collateral by the Board.