Yingira Nyumba yo Loan
This product is exclusively for FIC members to complete their houses for occupying. It is specifically designed for house finishing and/or furnishing to make it habitable.
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 shares. |
| 2. | Maximum Loan period | 48 months |
| 3. | Grace period
|
Not more than 4 months (interest payable during the grace period) |
| 4. | Repayment frequency | Monthly |
| 5. | Loan Interest | At the prevailing rates 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 |
| 9. | Other fees | Loan application fee of 10,000/= and Insurance fees according to insurance policy rates. |
| 10 | Security | Savings/share capital/guarantors/business/tangible collateral, any other acceptable collateral. |