Investment club/group loan

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.