Business Loans

Faulu Microfinance Bank Limited Micro fully Secured Loan Details

Rates available from as of 1st April 2021
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Faulu Microfinance Bank Limited

Fully Secured Micro Loan
Amount
Ksh1M - 3M
Duration
6 Months - 36 Months
Total Cost
25.2% annualized (year 1)
Business Permit Required
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Loan Cost

  • ‍‍Interest: 21%
  • Application Fee: 0
  • Processing Fee: 3%
  • Excise Duty: 20% of processing fee

Loan structure‍

  • Type: Secured
  • Interest structure: Reducing balance
  • Security needed: 2 guarantors with hazina accounts

Loan  Details‍

  • Loan size: SME
  • Minimum tenure: 6 Months
  • Max tenure: 36 Months
  • Minimum Amount: ksh1M
  • Max amount: ksh3M
  • Repayment Frequency: Monthly

Eligibility‍

  • Time in operation: 12 Months
  • Banking History: 6 Months

Documents‍

  • National ID
  • KRA Pin
  • Coloured Passport photograph
  • Open a Hazina account with the bank
  • T&C Link

Example Representative Pricing

  • Loan Amount: ksh100,000
  • Annual Interest Rate: 21%
  • Processing Fee: ksh3000
  • Excise Duty: ksh600
  • Loan duration: 12 months
  • Estimated Monthly repayment: ksh9,311
  • Estimated Total repayment amount: ksh111,737

This product is provided by Faulu Microfinance Bank. Faulu Microfinance Bank is a Deposit-taking Microfinance Bank licensed under the Microfinance Act No. 19 of 2006  and regulated by the Central Bank of Kenya.

Money254 Review

Pros

  • ‍‍Available to businesses without formal registration‍

Cons‍

  • Requires conventional security
  • Requires business to be in operation for 12 months


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How to Apply Faulu Microfinance Bank Micro Secured Loan, Structure, Repayment, Fees & Contacts

Faulu Microfinance Bank Micro Secured loan is a loan given to business people in need of cash to boost their Biashara or finance LPOs, boost supplies to meet demands, and business emergencies.

Who is Eligible for Faulu Microfinance Bank Micro Secured Loan?

Faulu Microfinance Bank Micro Secured Loan Security/Collateral

Faulu Microfinance Bank Micro Secured Loan limits and Interest rates

Other Fees

Faulu Microfinance Bank Micro Secured Loan Interest Structure

Faulu Microfinance Bank Micro Secured Loan Interest Structure

‍How to Make Faulu Microfinance Bank Micro Secured Loan Repayments‍

Contacts

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