Weekend Loan

Weekend Loan

This is a special facility extended to FIC members to meet short-term urgent needs such as travel expenses, event expenses, etc.

The qualification is upon the discretion of the Management Committee depending on the prevailing circumstances.

 

Eligibility Criteria

  • Must have a stable source of income
  • Must have a good repayment history

Terms and conditions

Maximum Loan amount 3 times total savings and share capital; but not exceeding 5 Million. Existing borrowers with good repayment record

do not require minimum requirements.

Maximum Loan period 2 months
Grace period Nil
Repayment frequency Monthly or lump sum
Loan Interest 2.5% per month
Interest calculation method Flat rate
Loan processing fee 2% of the approved loan amount
Penalty fees 2.5% of the amount in arrears 30 days and above accrued monthly
Other fees Loan application fee of 20,000/= and Insurance fees according to insurance policy rates.
Security Savings/share capital/tangible collateral etc.