School Fees Loan

School Fees Loan

This is a product extended to FIC members during the school/academic period to assist them in meeting educational expenses either for themselves or their dependents such as the tuition cost, stationery, uniform, and other related schooling expenses.

 

Eligibility Criteria

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

Terms and conditions

1. Maximum Loan amount 3 times total savings and share capital.

NB: not less than a third of the minimum amount shall be in IUS.

2. Maximum Loan period 12 months
3. Grace period Not more than 5 working days
4. Repayment frequency Monthly/ quarterly/ bi-annually
5. Loan Interest At the prevailing rate 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 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/IUS/guarantors/ tangible collateral

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