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Faulu Kenya Loans Requirements , fastest loans in kenya loan interest rates


Faulu microfinance bank loans Kenya

You can achieve your goals by being empowered with a Faulu microfinance bank loan in Kenya. By launching the business you've always wanted, you can get quick and reasonable loans. Faulu is a poor-targeted loan initiative that has a long track record of impressive asset and loan growth.

As a microfinance bank, Faulu Kenya provides a variety of loan options to Kenyans, and we'll go over those options with you. 

Faulu Kenya is a deposit-taking microfinance company registered in Kenya and regulated by the Central Bank of Kenya under the Microfinance Act. Faulu began as a program of Food for the Hungry International (FHI), a Christian relief and development organization based in Phoenix, Arizona, and has since evolved into a microfinance institution (MFI) that serves millions of Kenyans with savings and credit.  
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What Are Faulu Kenya Loans? 

Faulu Kenya loans are credit products provided by the bank to assist people and businesses in meeting their financial obligations. The loans can be used for a variety of things, including starting or expanding a business, covering personal needs, and funding education. 

Types of loan you can get  

Mkopo Biashara loans 

This is a working capital loan for your business that will help you grow, expand, and enhance your company. It provides interest reduction for consumers who have a solid repayment history, as well as a top-up facility with a convenient payback plan. The loans start at Kshs 1,000 and go up from there. 

  • Daraja 1 - Kshs 20,000 with a repayment period of up to 12 months
  • Daraja 2 - Kshs 200, 000 with a repayment period of up to 24 months
  • Daraja 3 – Kshs 5,000,000 Repayment Period: Up to 60 Months  

SME Loan 

Individual and corporate loans of up to Ksh 50 million are available for the following purposes: Working Funds: To expand your business and provide capital for your operations.  

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  • LPO financing: To offer your company with short-term funding in order to complete projects that have been granted through a tender process or to sell goods and services.
  • Asset Financing: To assist you or your company in acquiring assets such as a personal car, light-duty commercial vehicles, tractors, and light-industry plant and machinery.
  • Import and export financing: To help you with your export and import operations by filling any finance gaps in your trade cycle.
  • Financing for Insurance Premiums: Allows you to pay for your insurance premiums. 

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Market traders might use this as a quick source of working money to take advantage of opportunities that arise in their business.

The following are some of the advantages:  

  • Application procedure is simple.
  • Rapid increase in working capital
  • Repayment terms that are convenient
  • Interest rates that are reasonable
  • Quick loan approval 

Asset Financing Loan Requirements include: 

  •  Hazina account to be opened 
  • 6 months Certified bank statements,3 month recent pay slips ,delivery receipts 
  •  Evidence of ability to raise applicable deposit 
  • A Proforma Invoice of the Asset being financed from a reputable dealer (for both New & Used)
  • A copy of logbook for the Motor Vehicle being financed for used cars
  • A valuation report from valuers in our panel to be obtained after preliminary appraisal for used Motor vehicles ONLY 
  •  Certified Loan statements where applicable
  • Latest management accounts as at the time of application for Loans above Kshs. 1.5 M where applicable
  •  3year Audited accounts for loans above Kshs. 1.5M where applicable
  • List of duly aged debtors and creditors for loans above 1.5 million 
  • 1 year Cash flow projections for Loans  above 1.5 M where applicable
  •  Certificate of Incorporation & Memorandum and Articles of Association 
  •  PIN Certificate / National I.D copy of the applicants of company directors
  • Copies of Trading License and other specialized licenses where applicable 

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