16 Different Types of Faulu Kenya Loans

Faulu Kenya Loans
Faulu Kenya Loans

In this article, we are going to look at different types of Faulu Kenya loans. But before we do that, you need to know that Faulu Microfinance Bank limited, popularly known to many as Faulu Kenya, is one of the leading microfinance banks in Kenya.

The microfinance was founded in 1991 and is regulated by the Central Bank of Kenya.

Faulu Kenya also offers loans and today we are going to take a look at them.

Different Types of Faulu Kenya Loans

Retail/Consumer Loans

1. Check-off Loans

This type of loan is for TSC, people who have end month salaries, Civil servants and Parastatals among other selected corporates.

Features and Benefits

  • Minimum loan amount one can borrow is Ksh. 10,000 and maximum Ksh. 3,000,000.
  • Loan repayment period is up to 7 years (84 months).
  • Top-up feature is available.

2. Corporate Checkoff Loan

Enjoy salary backed credit facilities with terms of engagement dictated by a scheme arrangement between Faulu and your institution.

Features and Benefits

  • Minimum loan amount one can borrow is Ksh. 10,000 and maximum Ksh. 3,000,000.
  • Loan repayment period is up to 7 years (84 months).

3. Tambara Imara Loan

This type of loan is given to people who have a salary and are working with institutions or organizations where Faulu Kenya has not signed an MOU with them. Eg: NGOs, Local and International Agencies among others.

Features and Benefits

  • Loan repayment plan is very flexible. Pricing is affordable.

4. Okoa Mteja Temporary Overdraft Loan

This type of loan is given to people who need short term emergency loan.

Features and Benefits

  • Net salary is 30%.
  • Loan repayment plan is very flexible.
  • Security is not needed.
  • Processing of loan is instant.
  • One lump sum repayment

SME/Business Loan

5. Biashara SME Loan

This type of loan is given to entrepreneurs who want to grow or expand their business.

READ :  8 Types of (Kenya Women Finance Trust) KWFT Loans

Features and Benefits

  • Working Capital/Business Loans
  • Financing of trade
  • Access to top up feature.

6. Asset Finance Loan

This type of loan is given to members who want to purchase business or personal assets such as personal vehicles. It also entails financing of an Insurance premium that is affordable.

Features and Benefits

  • Support SMEs and Individuals purchase assets.
  • Loan amount of upto Ksh. 100 million.
  • Tenure of upto 5 years (60 months).
  • Turnaround time is quick.

7. Insurance Premium Financing Loan

This type of loan is given to individuals and SMEs to finance their Insurance Premium with well-known Insurance companies.

Features and Benefits

  • The minimum loan amount is Ksh. 3,000 and maximum Ksh. 500,000.
  • 10 months tenure.

8. Faulu Landlord Loan

This type of loan is given to landlords who want to develop their property or expand.

Features and Benefits

  • Loan repayment term is flexible.
  • It is given to Landlords who have properties that are well developed with stable rental income.

9. Ushirika Loan

This type of loan is for projects that are developed and also procurement of assets for both registered groups and churches.

Features and Benefits

  • Minimum loan amount is Ksh. 50,000 and maximum Ksh. 20 million.
  • 2 months is the grace period.

Micro Loans

10. Group Business Loan

This type of loan is given to self-help groups to expand and improve their businesses or hustles.

Features and Benefits

  • Collateral options are very flexible.
  • Smooth gain to multiple loans.
  • The minimum loan amount is Ksh. 5,000 and maximum Ksh. 500,000.
  • Minimum of 3 to 24 months tenure.

11. Micro Loan

This type of loan is given to small businesses and entrepreneurs suitable for LPO financing, working capital, and business emergencies.

Features and Benefits

  • Refinancing is available subject to appraisal when the existing loan is 75% paid from the 2nd Loan cycle
  • Upon top-up you will get an interest waiver.
  • The minimum loan amount is Ksh. 1 million and maximum Ksh. 3 million.
  • Minimum of 18 to 36 months tenure.

12. Chama Loan

This type of loan is given to formal and informal investment groups, popularly known to many as Chamas.

Features and Benefits

  • Individual loans can be given to members.
  • The minimum loan amount is Ksh. 500,000 and maximum Ksh. 300 million.
  • Tenure of up to 6 years.

13. Nafaka Loan

This type of loan is for to members to facilitate trading in cash crops such as wheat, maize, and sorghum.

Features and Benefits

The minimum loan amount is Ksh. 5,000 and maximum Ksh. 3 million.
Tenure of up to 3 to 12 months.
Repayment terms are very flexible.

14. Maziwa Loan

This type of loan is given to members who are farmers and want to purchase dairy cows that will give them milk and also improve farming.

Features and Benefits

  • Repayment terms are flexible based on the milk remittance cycle.
  • Loan amount of up to 3 million.
  • Tenure of up to 3 years.

15. Green Gold Loan

This type of loan is given to tea farmers for their financial needs.

Features and Benefits

  • Tea farmers can access loans up to 75% of the value of tea bonus obtained for the past 3 years.
  • Repayment of the loan is flexible.
  • Loan amount of up to Ksh. 500,000.
  • Tenure of up to 12 months.

16. Pesa Chap Chap Loan

This type of loan is given to Faulu Kenya self-help group clients to meet their short term emergency finance covered phone-based loan.

Features and Benefits

  • Disbursement of loan on phone is instant.
  • The minimum loan amount is Ksh. 300 and maximum Ksh. 10,000.

Faulu Kenya Contacts

Email: info@faulukenya.com
Phone number: +254 711 074 000 or +254 711 074 074

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