SME Biashara Loan
This is a short to medium term loan granted to customers to finance Expansion and the growth of their business i.e. working capital and business expansion
Target Market
We target Small and Medium enterprises operating in: – Transport, Trade and Commerce, Construction, Manufacturing, Education, Health & other services sector.
Value range
Minimum kes100,000 – Maximum based on client ability to pay
Product features
- Secured by a combination of any acceptable tangible securities such as title deeds, log books, listed shares, cash cover etc.
- Interest rate as per CBK regulation
- Interest rate calculation payable in arrears on reducing balance or flat rate
- Method of loan repayment either EMI or as per the customer cash flows.
- Loan advanced both in Kenya shilling and foreign currency
- Overdraft limit to be advanced for a maximum period of one year renewable
- Trade loans i.e. invoice discounting, LPO, contract financing, certificate financing to be advanced for a maximum period of one year
Credit Conditions
- 12 months bank statement with Maximum EMI(Equated Monthly instalment) of 30% of MACAT(monthly Average Credit Account Turnovers)
- Provide documentary evidence of at least three year experience in the line of business
- Good credit history
- For limited companies Specific debenture over the asset being purchased
Eligibility Items
- KYC documents i.e. directors ID and PIN, Company PIN, MEMART and certificate of registration
- Business records
- Copy of security
- Dully completed loan application as per account mandate and appraisal form, resolution to borrow.
- Current Valuation Report from bank’s authorized valuers is required for used motor vehicles
- Complete security perfection after the approval.
- Detailed call report including photos and sketch maps