Solar Loan

Solar loan

This is meant for FIC members with a need for solar power for their homes or business.

Terms and conditions

1. Maximum Loan amount 3 times total savings and share capital/IUS or as determined by the Board from time to time.

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

2 Minimum FIC membership required 12 months
3. Maximum Loan period 12 months
4. Grace period Not more than 5 working days
5. Repayment frequency Monthly
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 according to insurance policy rates.
11 Security Savings/IUS/guarantors/

Tangible collateral/ solar equipment/ post dated cheques/ any other acceptable security.

12 Other requirements ●        Evidence of purchase transaction/ (LPO or Invoice)

●        Evidence of repayment source and supportive cash flows.

●        A member will be required to find his/her service provider from the FIC pre-qualified list of suppliers approved by the Board.

●        FIC will pay directly to the supplier on agreed terms with the member.