Everything You Need to Know About Faulu Kenya Loans

If you’re looking for a loan in Kenya, Faulu is one of the best options. But what exactly is Faulu microfinance bank, and how do their loans work? Here’s everything you need to know about Faulu Kenya loans.

Faulu Kenya is a microfinance institution that provides individuals and companies with financial services. These include banking, investments, savings, and insurance.

Faulu Kenya is regulated by the Central Bank of Kenya and is a member of the Kenya Bankers Association (KBA) and the Association of Microfinance Institutions (AMFI).

What Are Faulu Kenya Loans?

Faulu Kenya loans are credit products offered by the bank to help individuals and businesses with their financial needs. The loans can be used for various purposes, such as starting or expanding a business, meeting personal expenses, or paying for education.

List of Faulu Kenya Loans

Here are the various types of loans offered by Faulu Kenya. Faulu Kenya loans are divided into three major categories.

  1. Consumer/ retail loans
  2. Microloans
  3. Business/SME loans

Let’s look at each loan category in detail.

A)Consumer / retail loans

Faulu Kenya consumer loans are targeted at individual customers. These loan areas are listed below.

Corporate check off Loan

This is a salary-backed loan whose terms are dictated by Faulu bank’s agreement with the institution you are working for.

Features of this Loan include:

  • you can repay the corporate check off a loan for 84 months
  • One can access between Kshs 10,000 to Kshs 3,000,000

Tamba Imara Loan

If you work in institutions such as NGOs that Faulu Kenya does not have an MOU of understanding, you can still secure a loan from Faulu Kenya loans. The Tamba Imara Loan is the loan facility for you.

With this loan facility, you will experience affordable pricing and a flexible repayment period.

Check Off Loan

As part of Faulu Kenya, this loan facility is offered to TSC employees, disciplined forces, civil service, and parastatals.

Benefits of this LoanLoan

  • up to 84 months repayment period
  • You can top up your LoanLoan in case you need to
  • One can access between Kshs 10,000 to Kshs 3,000,000

Okoa Mteja Overdraft

Faulu Bank Kenya understands that it is inevitable to get money in emergencies. This loan facility is directed towards helping you face your money emergencies with ease.

Features

  • One does not need security to access this LoanLoan.
  • You can access up to 30% of your net salary as a loan amount
  • Repayment is made in one lump sum repayment
  • Processing is done instantly

B)Microloans

Microloans are available to small businesses as well as Chama groups. 

Under this Faulu Kenya loan category, there are various subcategories of loans.

Chama Loan

This loan facility is extended to both informal and informal groups. Its features include:

  • The repayment period is up to 72 months
  • One can access up to Ksh 300M from 50K
  • If you are a member of a group, you can access this loan facility alone

Group Business Loan

Self-help groups have this loan facility made explicitly for them.

Features

  • you can discuss collateral options.
  • The group can be able to access multiple loan facilities upon approval
  • The repayment period is between 3months and 24 months
  • Loans amounts range from Kshs 5,000 to Kshs 500,000

Nafaka Loan

If you are a farmer, this LoanLoan enables you to finance your farm inputs.

Features of this LoanLoan

  • The payment period is dictated by the crop cycle
  • One can borrow up to Kshs 3,000,000

Green gold

Green gold is a Faulu Kenya loan specifically made for tea farmers.

Benefits of this loan facility

  • Repayment periods are structured according to bonus payment periods
  • one can access up to 75% of the total amount of bonuses earned in 3 years
  • Tenure for this LoanLoan is up to 12 months

Maziwa Loan

If you are a dairy farmer and would like to purchase another one, Faulu Kenya has this LoanLoan.

Features

  • Repayment is based on the milk remittance cycle
  • The tenure for the LoanLoan is up to 36 months
  • You can access up to 3,000,000

C)Business/SME loans

Faulu Kenya Loans also include tailor-made business loans made specifically for business owners. These loans include,

Asset Finance

The asset finance loan is here to help you buy a motor vehicle, machinery, trailers, or trucks.

The top features of this LoanLoan include:

  • The turnaround time is speedy
  • One can access up to Kshs 100M
  • The repayment period for this LoanLoan is up to 60 months.
  • Individuals have access to this Loan as small and medium enterprises.

Faulu Landlord loan

Some of us have a piece of land that they have been looking to develop but lack the funds. This LoanLoan by Faulu Kenya is here to help you achieve this.

This LoanLoan has a flexible repayment period.

Biashara SME loan

If it’s about time for you to grow your business, then this is the LoanLoan for you to take. It has various trade finance solutions such as performance bonds, LPO financing, and bid bonds.

Insurance Premium financing

If you plan to take insurance covers for your SME, it seems too expensive. Faulu Kenya will finance your insurance premiums for you.

You can repay this LoanLoan within ten months, and one can access up to Kshs 500,000.

Ushirika Loan

Sometimes churches need financing to further the development of the work of God. If this is the case, Faulu Bank has a loan facility for them.

The features of this facility are:

  • Two months grace period
  • Can access up to Kshs 20M
  • Loan facility available to churches

Faulu Kenya Loans – Conclusion

As seen above, Faulu Kenya has a wide array of innovative loan products for its customers. If you have been looking for a place to secure a loan, check them out. I promise you will not be disappointed with their services.

Simon Mwangi
Simon Mwangi
As a freelance writer with a background in banking and accounting, Simon has the financial know-how to produce quality content on various topics. His experience gives him a strong foundation in understanding complex financial concepts and communicating them in an easy-to-understand way. Follow him on Linkedin

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