FAULU MICROFINANCE BANKING
Our services run deep and are backed by over ten years of experience.
Microfinance is defined as a type of banking service that is provided to low-income individuals or groups or unemployed. Faulu Microfinance banking company is a limited liability company duly incorporated in Kenya under the companies act. It is a Christian relief organization, loan scheme program that targeted the economically active poor in Mathare.
The following are the various types of loans offered in Faulu Microfinance bank.1. ASSET FINANCE LOANSThe loan caters for Chama groups, individuals and businessesFeaturesInterest rate is 9.5%It has a long loan repayment period of up to 60 monthsThe loan may be awarded to buy motor vehicles, personal cars and commercial vehicle such as matatu2. BIASHARA LOANS The loan is given to women with small and medium scaled businesses to access affordable financial services.RequirementsRequires groups of 15-30 members to begin withApplicants need to have security in the procuring of the loanLow monthly savingsFeaturesIt has flexible loan amountsThe loans issued are as low as Kshs 10,000It has flexible security requirementsThere is low processing fee
3. THE CHAMA LOANS It targets investment groups, family Chama’s and table banking groups.FeaturesThe amount of loan given is up to Kshs 350,000,000The duration of repaying the loan is 72 monthsInterest rate is 9.5%BUSINESS LOANSIt targets the small Sacco’s, land buying companies, investment groups, individuals and land buyersFeaturesThe amount of loan given is up to Kshs 350,000,000There are low interest ratesThe duration of repaying is 84 monthsEmergency business loans are issued4. MWAMBA LOANS It targets individual entrepreneurs with large scale businesses to access affordable financial services.RequirementsBank statements for the last six monthsTwo flexible collateralAn applicant must own a businessFeaturesAn individual can procure the loanThere are no guarantees requiredIt has flexible security and monthly repaymentThe processing of the loan is fast5. USHIRIKA LOANSIt targets the eligible groups such as self-help groups, Chama’s, the church, investment clubs and community basedFeaturesThe loan is awarded for development projectsIt has low loan interest rateThe duration of repaying the loan is 60 months
6. MWANGAZA LOANS It is used to enable medium and big scaled business women to access affordable financial services.RequirementsAn applicant requires security in procuring the loan7-10 members who are already engaged in a business to start withFeaturesThe loan processing is fastAn individual has access to business skills trainingFlexible loan amountsThe loan monthly repayment is 50,000 Kshs7. BUSINESS SME LOANSIt targets small micro-entrepreneursFeaturesThere is duration of paying the loan is 72 monthsInterest rate is 9.5%Distributors’ loansLand lord loans Business accounts with cheque books