With Faulu microfinance bank loan Kenya, you can realize your dreams through getting empowered. Accessing quick and affordable loans by starting up that business you have always wished for. Faulu is a loan scheme program that targets the poor, it has also demonstrated a deep record of enviable growth in its assets and loan records.
About Faulu Microfinance
bank Kenya
The origins of Faulu
Microfinance Bank (Faulu) according to record, is traced back to 1991 when Food
for the Hungry International (a Christian relief organization) organized a loan
scheme, under the name Faulu, to help empower and give out loans to the
people.
Faulu Kenya as it is
popularly called has helped numerous citizens get short-term loans. In
addition, it has also opened opportunities for funds for small businesses
and farmers.
As a microfinance
bank, it offers different types of loans to Kenyans and we will take you through
the different types of loans Faulu Kenya offers.
Types of loans
offered by Faulu, their interest rates, minimum amount, and how to apply
There are three main
types of loans offered by Faulu, they are:
1. Retail Consumer
loans
2. Microloans
3. SME or business
loans.
Retail
Consumer Loans
These are loans
offered to retailers and small businesses. They include:
A.
Check-off Loans:
These are loans that
solve different purposes or Check-Off Loans for salaried employees, Civil
servants, Forces, County Governments, government, and corporate officers. It is
bound by an MOU.
Minimum Loan To
Collect
The minimum loan one can
access is Kes.10,000
Maximum Loan To
Collect
The maximum loan one can
apply for is Kes 3,000,000
Loan Term Repayment
Loan term of up to 84
Months
B.
Tamba Imara Check-off Loan
This category of
loan is offered to salaried individuals working with Institutions where Faulu
doesn’t have an MOU e.g. NGOs and International Agencies etc.
C.
Faulu Unsecured Salary Advance
It is Short term
emergency and immediate loan offered to customers with Faulu Salary
Account
Maximum Loan To
Collect
A maximum of 4 times
the net salary, which is approximately a maximum of ksh. 100,000. A monthly
written Standing Order from Faulu Salary Account to Loan Account.
Micro Loans
They are loans given to small businesses and
group of individuals to finance their business. The categories of loans under
this are:
A. Faulu Micro Loan
It is a multipurpose
loan that funds small businesses and entrepreneurs with enough Working or
LPO capital and financing.
Minimum Loan To
Collect
The minimum loan one can
access is Ksh. 1,000,000
Maximum Loan To
Collect
The maximum loan one can
apply for is Kes 3,000,000
Loan Term Repayment
Loan term of up to
18-36 months
Interest Rate
The interest rate is
based on refinancing which is available on appraisal. In other words, existing
loan is 75% paid from the 2nd Loan cycle.
B. Group Business
Loans
It is a funding solution
geared towards enhancing and helping groups grow and improve their businesses.
Minimum Loan To
Collect
The minimum loan one can
access is Ksh. 5,000
Maximum Loan To
Collect
The maximum loan one can
apply for is Ksh. 500,000
Loan Term Repayment
Loan term of up to 3
-24 Months
Interest Rate
The interest rate is
based on refinancing which is available on appraisal. In other words, existing
loan is 75% paid from the 2nd Loan cycle.
C. Faulu Chama
Loan
It is a loan given to
welfare groups and investment clubs in the formal or informal setting
that operate a Faulu Chama account
Features And
Benefits
- Favorable and affordable
- The repayment period is flexible
- MOU and LPO funds for groups, businesses,
opportunities, and contacts.
D. Pesa Chap Chap
It is a short-term emergency loan. It is
a loan given out based on urgency and immediate needs.
Minimum Loan To
Collect
The minimum loan one can
access is Ksh. 300
Maximum Loan To
Collect
The maximum loan one can
apply for is Max ksh.10,000
Loan Term Repayment
Loan term repayment of
up to 10 days
SME/Business
Loan
This is a type of loan given to businesses or
small and medium enterprises. They are:
A. Asset Finance
Loans
These categories of
loans target individuals, businesses, and Chama groups.
Maximum
Up to
kes.100,000,000.
Interest
Rate:
The interest rate is as
low as 9.5 %
B. Biashara Loans
This type of loan
requires groups made up of 15 – 30 members. The loan is meant to support women.
Women with small and medium scale businesses.
Maximum
Minimum of 10,000
Kenya shillings.
Interest Rate
They have interest
rates of 9.5 %.
Repayment Period
The cool repayment
duration of 72 months.
C. Insurance
Premium Financing (IPF)
They design this loan
towards supporting individuals and SMEs to pay Insurance Premium with reputable
Insurance companies.
Maximum
Maximum of KES 3,000 –
500,000
Repayment Period
Up to 10 Months
repayment period
D. Faulu Landlord
Loans
They make this loan
accessible to landlords with property in Kenyan cities to help finance, develop
and expand their property and incomes.
E. Ushirika Loans
It is a flexible
loan given to churches and para churches for their income generating
projects.
Minimum
The minimum amount to
access is ksh.50,000
Maximum
The maximum amount to
access is Ksh. 20M
Repayment Period
Up to 2 months
repayment period.
How to apply for
Faulu Kenya Loan
The following are
simple steps to getting a loan from Faulu microfinance bank Kenya:
- Be more than 18years.
- Identify the kind or type of loan you want
to apply for. Faulu Microfinance bank will not give you loans for
frivolities.
- Open an account with Faulu Kenya.
- Service the account and keep your M-pesa
history ready if need be.
- Visit the bank and ask for the required
documents.
- Get your documents ready
- Present a document or collateral if need
be.
- Sign the necessary documents
- Get your loan
How do I withdraw
from Faulu Kenya account/bank
Withdrawing from your
Faulu Kenya bank or account, take note of the following steps:
- Enter the 6-digit ATM Authorization Code
received via SMS on the ATM keyboard.
- Input your Safaricom mobile number
accurately
- Input the amount you need, click continue
to proceed.
- Get your cash instantly from the ATM and a
receipt.
How to Repay Faulu
Kenya Loan
Loan Repayment
Loan repayment differs
putting into consideration the different types of loans offered by Faulu
Kenya.
You can collect the
loan automatically by writing a monthly written or automated Standing Order
from Faulu account to your loan account.
About Faulu Kenya
loans
Visit the website
at https://www.faulukenya.com/ to
learn more.
Find them on Ngong
lane, off Ngong Road.
You can call them on
+254 711 074 000 or +254 711 074 074
You can also Email
them@ info@faulukenya.com
Conclusion
Faulu Kenya is a microfinance bank with a difference. They offer different types of loan which is easily accessible. You can easily access Agriculture and emergency loan to boost your business and fund your projects. NGOs are not left out, they can access the loan with a flexible interest rate and longer repayment period.
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