Lending to the Kenyan woman, Fanikisha loans from Equity Bank.

    September 18, 2014   No comments

The modern kenyan woman is more awake ad industrious than before.Majority of our mamas are in serious business,in and out of lending service providers offices not limited to comercial banks,looking for suitable loans to finance the expasion of their enterprises. Financial serie proiders should see this trend and start lending more to women than before.   
Since the Kenyan law allows females to own
properties under their own names,apart from Kenya Women Finance Trust (KWFT) which serves only women, the Equity Bank now offers a loan facility solely for women dubbed 'FANIKISHA LOANS'.
Though open to finance any personal activity, the fanikisha loans (because there are different levels) are best for business investments.There are five levels for this loan facility and they include, Fanikisha fedha loan,Fanikisha Imara loan,Fanikisha Dhahabu loan, Fanikisha Almasi loan and Fanikisha Platini loan.Apart from the specific features of each loan level, the general ones include;
.Fanikisha loans are available to only women in groups of about 7 to 30 members holding an active account with equity bank.
.The group or an individual can borrow from ksh1000 to ksh10million depending on the Fanikisha level that  one belongs to.Note that no borrower will exceed 10times their savings. 
.There are business improvement trainings and advisory services to group members.
.These loans allow a flexible repayment period ranging from 6 to 60 months.
.Loan processing and disbursement is fast provided all the necessary documents are available.This is because the bank already know the group's financial credibility.
.There is room to graduate to the next superior Fanikisha level if an individual meets the requirements.
Are you still with me? Let me now take you through specific fanikisha level features;
FANIKISHA FEDHA.
.Lending will be done to a women group of 7 to 10 members but never to individuals.
.Loan amount borrowed must not exceed ksh1million and to be repayed within 18months.
    
FANIKISHA IMARA.
.Lending to individuals is allowed.
.The loan amount borrowed must be within the range of ksh30000 to ksh500000 and to be repayed within 18months.
.Though flexible a collateral is required to be utilised in case of loan defaulting.
FANIKISHA DHAHABU.
.Lending is done to individual women in the group.
.Fanikisha dhahabu loan amounts range from ksh500000 to ksh3million to be repayed within 24months.
.In place is a flexible collateral requirement.No specific items are a must.
  
FANIKISHA ALMASI.
.Lending is done to individuals of the group.
.Borrowed loan amounts can vary from ksh3million to ksh10million and must be repayed within 36months.Items to be used as collateral must be included though not specific.
  
FANIKISHA PLATINI.
.Fanikisha Platini loans are given to individuals of the group.Though a collateral which is not specified must be included,members of this group level can borrow loan amounting to over ksh10million.The approved loanees have up to 60months to repay.
Are you a woman in business? Then, this is for you.Ask your personal query and I will be back to you soon.Otherwise, I wish you success as you apply for this loan.   
            
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Mwabaya Katana

Posted By Mwabaya Katana

Mwabaya Katana is a Personal Finance online writer.He is the founder of 'Loans Kenya' Blog.

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