What is Faulu Micro Secured Loan?
Have you been operating a business for at least 1 year and are in need of cash to boost your Biashara to maybe finance LPOs, boost supplies to meet demand and meet business emergencies? Micro Loan is the ultimate solution for you.
What's in it for you?
- Multipurpose loan for small businesses/entrepreneurs
- You can get working capital, LPO financing and funding for business emergencies
- You can get a minimum of KES. 1M and a minimum of KES. 3M
- Response within 48 hours subject to credit approvals
- Credit Life Insurance can be negotiated through reputable companies
How does it work?
- Must have operated Hazina personal account(s) for at least 6 months consistently
- Must have operated business for a minimum of 1 year
- Sufficient account turn-overs to support repayment
- Clean credit history evidenced by a credit reference bureau report
- Demonstrated ability to repay
Want to know more about Faulu Micro Secured Loan?If you want to know more, we've put together some frequently asked questions for you.
- Business assets – machines
- Households Assets –TV, Fridges etc.
- Business stock - hypothecation
- Motor vehicles
- Land - title deeds
- Shares quoted at NSE
- Two (2) guarantors (indemnifiers) – with active Hazina account
- Three referees, e.g. a landlord, religious person, suppliers (NB: Refs should not be family members)
- The interest rate on the loan is a 21% R.B. flat rate
- Additional interest for account non-utilization and 3% per annum
- Automated standing orders from Faulu Business/Personal account to loan account
- The penalty of KES 150 for late instalments
- At the prevailing interest rate on the installments in arrears
Acceptable securities include Chattels mortgage on:
Conventional securities include:-
NB: For loans above KES. 500,000 securities pledged must include conventional security.