Personal Loan

 

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 organizationInstallment 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
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