Personal Loan
TYPE
|
FEATURE
|
Description
|
Consumption
loan for individuals working for reputable companies. For general consumption
activities such as marriages, school fees, vehicles, household appliances,
furniture, education, health, etc. FMFB will enter into a formal MoU with the
employer organization to provide personal consumption loan to eligible
employees.
|
Currency
|
US
Dollar/AFA
|
Minimum
Amount
|
200 Dollars/AFA
14000
|
Maximum
Amount
|
5000
Dollars/AFA 350,000
|
Minimum
duration
|
6
months
|
Interest
Rate (Declining)
|
25%
|
Interest
Rate (Flat)
|
14%
|
Maximum
duration
|
36
months (3 Years )
|
Repayment
Frequency
|
Equal
monthly installments (Monthly installment should not be more than 40 % of the
monthly basic salary of the client)Repayment is made physically at Branch
teller counter, via M-Paisa facility
|
Grace
Period
|
N/A
|
Guarantees
|
MOU
with the organization Installment repayments will be deducted from the salary
of the employee
In
case of resignation the outstanding loans amount will be deducted from the
terminal benefits of the employee
Undertaking
by the employee regarding deduction of monthly repayments from the salary of
the employee and from his terminal benefits
|
Collateral
|
Salary
and terminal benefits of the employee, home appliances, furniture, car, and
other assets. Other collateral such as title deed of property (land, house
and shop)
|
Age
of the borrowers
|
Minimum
18 and at the time maturity (full repayment of the loan) the age should not
be more than 60
|
Comments