Faulu Microfinance Bank Limited, commonly referred to as Faulu Kenya, is a microfinance bank based in Kenya. It is regulated by the Central Bank of Kenya. The word Faulu is Swahili for success. Types of Faulu Kenya Loans
History
Faulu Microfinance Bank is a limited liability company duly incorporated in Kenya under the Companies Act. The company changed its name to Faulu Kenya Deposit Taking Microfinance (DTM) Limited in 2008 as part of the requirements to obtain the Deposit-Taking Licence from the Central Bank of Kenya. In May 2009, Faulu became the first registered DTM in Kenya under the Micro-Finance Act and is regulated by the CBK. The bank has grown from one MFI office in 1991 to over 90 service outlets which include 27 banking branches in seven of the eight provinces in Kenya by end of 2011.
In April 2014, Old Mutual completed its acquisition of 67% of Faulu Kenya through a KSH 2.8 billion capital injection. The acquisition gave Old Mutual a greater market reach through the Faulu Kenya branches across Kenya and gave Faulu Kenya greater capital to meet statutory requirements.
Ownership
The stock of Faulu Kenya is privately held with Old Mutual being the largest shareholder with 67% of the issued capital.
From its humble roots as a loan scheme in 1991, Faulu is currently one of the top Micro Finance Banks in Kenya and has successfully developed a platform aimed at banking the previously unbanked through a variety of savings, credit, micro-insurance, and mobile banking solutions.
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.
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
- The minimum loan amount one can borrow is Ksh. 10,000 and maximum Ksh. 3,000,000.
- The loan repayment period is up to 7 years (84 months).
- The 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
- The minimum loan amount one can borrow is Ksh. 10,000 and maximum Ksh. 3,000,000.
- The 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
- The 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 loans.
Features and Benefits
- Net salary is 30%.
- The loan repayment plan is very flexible.
- Security is not needed.
- Processing of loans 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 businesses.
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 a 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 Premiums 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 and Locations
Head Office Address : Off Ngong Road, Along Ngong Lane
P.O. Box: 60240 – 00200, NAIROBI.
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Contact Centre: 0711 074 074, 0711 074 000
(Our Contact Centre is accessible 24/7)
Email: info@faulukenya.com
Phone number: +254 711 074 000 or +254 711 074 074
FAULU BRANCH MANAGERS’ CONTACT LIST
| BRANCH NAME | PHONE NUMBER |
| Bomet | 711074831 |
| Bungoma | 711074721 |
| Busia | 711074970 |
| Changamwe | 711074789 |
| Eldoret | 711074701 |
| Embu | 711074620 |
| Gikomba | 711074792 |
| Githurai | 711074590 |
| Homabay | 711074980 |
| Jeevanjee | 711074785 |
| Kabarnet | 711074741 |
| Kakamega | 711074902 |
| Kapenguria | 711074940 |
| Karatina | 711074685 |
| Kariobangi | 711074540 |
| Kawangware | 711074604 |
| Kayole | 711074550 |
| Kiambu | 711074570 |
| Kengeleni | 711074761 |
| Kibera | 711074560 |
| Kilifi | 711074755 |
| Kimathi St. | 711074510 |
| Kiserian | 711074520 |
| Kisumu | 711074715 |
| Kitale | 711074745 |
| Kitengela | 711074580 |
| Kitui | 711074810 |
| Limuru | 711074960 |
| Litein | 711074726 |
| Machakos | 711074675 |
| Malindi | 711074765 |
| Matuu | 711074661 |
| Maua | 711074665 |
| Meru | 711074640 |
| Migori | 711074735 |
| Moi Av. Mombasa | 711074751 |
| Molo | 711074695 |
| Mumias | 711074711 |
| Murang’a | 711074681 |
| Mwea | 711074671 |
| Mwingi | 711074911 |
| Naivasha | 711074651 |
| Nakuru | 711074655 |
| Nanyuki | 711074645 |
| Narok | 711074731 |
| Ngong Road | 711074500 |
| Nyahururu | 711074781 |
| Nyeri | 711074630 |
| OTC | 711074530 |
| Rongai | 711074691 |
| Thika | 711074610 |
| Ugunja | 711074920 |
| Ukunda | 711074771 |
| Voi | 711074950 |
