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Fanikisha/Long Term/Normal Loan
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FANIKISHA LOAN
- Repayment period six months.
- Interest rate of 2% per month on reducing balance basis.
- Maximum amount of loan available per member is 500,000 shillings.
- A member must however retain 1/3 of their basic salary after all deductions are made.
- A member can qualify up-to 4 times their savings amount to a maximum of Ksh. 500,000.
- Disbursement should be within 24 hours after application submission and approval.
Long Term Loan
- Long-term loan will be repaid within a maximum 72 months.
- The society has set the ceiling amount a member can qualify to Kshs 5,000,000 with interest rate at 1.17% per month on reducing balance.
- A member is entitled to 4 times their total deposits.
- Members can consolidate all their loans by considering the long-term loan.
- This loan must however be fully guaranteed.
Normal Loan
- Normal loan will be repaid within a maximum 48 months.
- The society has set the ceiling amount a member can qualify to Kshs 5,000,000 (Five million) with interest rate at 1% per month on reducing balance.
- A member is entitled to 4 times their total deposits.
- The applicant must always remain with at least one third (1/3) of salary as NET PAY. This is after all deductions have been made.
- In case a member has other regular sources of income, evidence of the same
- should be tabled to the credit committee e.g. bank statements, pay slips from other employers etc.
- The loan has to be fully guaranteed.